Solar module manufacturer, Jinko Solar Co. raises US$458mn

By Georgia Wilson
In preparation for its listing on the STAR Market, solar module manufacturer - Jinko Solar Co. Ltd raises US$458mn...

In an announcement made by innovative solar module manufacturer - JinkoSolar Holding Co., Ltd. - the company announced the completion of its US$458mn equity financing by its principal operating subsidiary Jinko Solar Co., Ltd.

The equity financing was conducted by the company to qualify Jiangxi Jinko for a listing on the Shanghai Stock Exchange's Sci-Tech innovation board - STAR Market - and raise additional capital to continue its expansion.

"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. We are thankful for the strong support from our new investors and are committed to creating sustainable value for all our shareholders,” commented Mr. Kangping Chen, Chief Executive Officer of JinkoSolar.

After the closing, Chinese third-party investors - China Industrial Bank Group, CIIT Asset Management Co., Ltd., YunShang Fund, Huaho Capital, China Capital Management Co., Ltd., and China Securities Investment Co., Ltd., - alongside JinkoSolar's founders and senior management will own a 26.7% equity interest in Jiangxi Jinko. Following the closing, JinkoSolar will prepare for its listing of Jiangxi Jinko on the STAR Market, following relevant laws and regulations in China.

The company reports its continued commitment to its shareholders and its NYSE listing, as well as its plans to remain the majority and controlling shareholder of Jiangxi Jinko after its listing.

JinkoSolar has 7 production facilities around the world, as well as 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, and Australia.

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