JinkoSolar Arm Raises $458 Mn Equity Financing for Listing on Shanghai Stock Market

Solar module manufacturer JinkoSolar Holding has raised RMB 3.1 billion (approx USD 458 million) equity financing through its principal operating subsidiary Jinko Solar Co., Ltd. (Jiangxi Jinko).

The equity financing was conducted to qualify Jiangxi Jinko for a listing on the Shanghai Stock Exchange’s Sci-Tech innovation board (STAR Market) and to raise additional capital to support its continuous expansion.

Commenting on the fund raising, Kangping Chen, Chief Executive Officer of JinkoSolar, said, “the successful completion of this fundraising marks an important milestone for us and takes us one step closer to the planned listing of Jiangxi Jinko in China. It also provides us with the capital to expand our capacity and further strengthen our leading position in R&D.”

The company said in a statement that soon after the closing, Chinese third-party investors including China Industrial Bank Group, CIIT Asset Management Co Ltd, YunShang Fund, Huaho Capital, and China Capital Management Co Ltd, China Securities Investment Co Ltd, together with the module maker’s founders and senior management personnel, directly or via their investment arms, collectively own approx 26.7 per cent equity interest in Jiangxi Jinko.

Following the closing of the transaction, the company will actively prepare for the planned STAR Market listing of Jiangxi Jinko pursuant to relevant laws and regulations in China, it added.

Moreover, the company assured that it will remain fully committed towards its shareholders and its NYSE listing and will remain the majority and controlling shareholder of Jiangxi Jinko after its STAR Market listing.

The company is one of the largest solar module manufacturers globally. It supplies its solar products, solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions.