JinkoSolar shares surge on STAR Market debut

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Robot assembly at one of JinkoSolar’s production facilities. Image: JinkoSolar.

Shares in ‘Solar Module Super League’ (SMSL) member JinkoSolar’s operating subsidiary surged on the company’s Shanghai stock market debut, closing at more than double their listing price.

The company’s Jiangxi Jinko subsidiary listed on Shanghai’s Sci-Tech Innovation board, or STAR Market, today, with Jinko issuing 2 billion shares in the subsidiary at an opening price of RMB5 (US$0.79) each.

The listing therefore raised gross proceeds of around RMB10 billion (US$1.58 billion), which the manufacturer is set to invest in manufacturing and R&D facilities based in Haining, Zhejiang Province, China.

But the share price surged during Jinko’s opening day of trading, rising to a high of RMB11.95 (US$1.89) before closing at RMB10.55 (US$1.66), more than double Jinko’s opening price.

That closing price gives the subsidiary a market capitalisation, or value, of US$16.69 billion. By means of comparison, the market cap of JinkoSolar Holding, the entity listed on the New York Stock Exchange, currently stands at just under US$2 billion.  

Xiande Li, CEO at JinkoSolar, paid testament to the work of the company’s team in reaching the milestone “so efficiently”.

“As we continue to scale and grow, having access to capital will boost our competitiveness as we leverage our network and resources accumulated over the years to strengthen our leading position in the global PV industry,” he said.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

May 27, 2022
The CEO of US solar and energy storage developer Borrego has said the company’s project development business will be less capital constrained under the new ownership of investment firm ECP, following a deal announced earlier this week to spin off and sell the unit.
May 26, 2022
Leading solar manufacturers have implored governments to implement tax credits and other financial incentives to stimulate domestic PV manufacturing.
May 26, 2022
The Solar Media Podcast returns to discuss the continued rise of TOPCon PV modules and energy storage demand throughout Europe.
May 25, 2022
Module price increases, higher raw material costs and logistical challenges will pull down the return on equity (ROE) for 25GW of India solar projects, with 5GW of those at high risk given when they submitted their bids.
May 25, 2022
Supply chain woes, spiralling energy prices and the COVID-19 pandemic have reversed the downward trend in average business interruption (BI) claims for renewables developers, with sector-wide average business downtime days up by 38% on 2016.  
May 24, 2022
Canadian Solar has unveiled a new PV manufacturing strategy, bringing more upstream capacity inhouse to reduce its exposure to pricing volatility.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas