JinkoSolar has filed for an initial public offering with the U.S. Securities and Exchange Commission for up to US$100 million. The company said that proceeds would be used to expand the manufacturing capabilities, for research and development, and for working capital.
JinkoSolar posted revenue of 880 million yuan (US$128.9 million) in the nine months ended Sept. 30, 2009. This figure is down 42.8% from the same period the year before. It posted net income of 1.72 million yuan, compared with 179.2 million yuan a year ago. The company also posted a 36.5 million yuan loss on the fair value of derivatives in the nine months period, this is compared with a 204,000 yuan gain in the same period a year earlier.
The company did not disclose who out of its shareholders would be selling shares.