SHANGRAO, China, Sept. 21, 2020 /PRNewswire/ -- JinkoSolar
Holding Co., Ltd. ("JinkoSolar") (NYSE: JKS), one of the largest
and most innovative solar module manufacturers in the world, today
announced that its board of directors has approved a strategic plan
to access China's capital markets
through its principal operating subsidiary Jinko Solar Co., Ltd.
("Jiangxi Jinko").
JinkoSolar is considering the opportunity to list Jiangxi Jinko,
after certain intragroup restructuring, on the Shanghai Stock
Exchange's Sci-Tech innovation board (the "STAR Market"), an
exchange intended to support innovative companies in China, within the next three years.
To qualify Jiangxi Jinko for a STAR Market listing and to raise
additional capital to support its continuous expansion, the board
has also approved an equity financing of Jiangxi Jinko, under which
certain China-based reputable
third-party investors, JinkoSolar's founders, Xiande Li, Kangping
Chen and Xianhua Li, and
senior management personnel have agreed to invest an aggregate of
RMB 3.1 billion (approximately US$
458 million) into Jiangxi Jinko for
an aggregate of 26.7% equity
interest in Jiangxi Jinko. The transaction has been negotiated at
arm's length at a pre-money valuation of Jiangxi Jinko's equity
value of RMB 8.5 billion
(approximately US$1.26 billion),
which is 15.6% higher than JinkoSolar's market capitalization on
September 18, 2020, and 45.4% higher
than JinkoSolar's average market capitalization for the 90 days
preceding September 18, 2020. The
transaction is subject to customary closing conditions and is
expected to be completed by the end of October 2020.
Mr. Kangping Chen, Chief
Executive Officer of JinkoSolar, commented, "Listing Jiangxi Jinko
on the STAR Market will enable it to access a new source of growth
capital, which we believe will ultimately strengthen our leading
position in the solar module industry and support our continuous
growth over the long run. We believe the listings of JinkoSolar on
the New York Stock Exchange and Jiangxi Jinko on the STAR Market
will raise our profile with investors both in China and globally and provide us with
additional opportunities to grow in the future."
Whether Jiangxi Jinko is able to be successfully listed on the
STAR Market, the timing of the listing, and its valuation upon
listing will depend on various factors, including but not limited
to capital market conditions in China and globally, the regulatory environment
for listed securities, Jiangxi Jinko's business and financial
performance and its fulfillment of the listing requirements in
China.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative
solar module manufacturers in the world. JinkoSolar distributes it
solar products and sells its 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.
JinkoSolar has built a vertically integrated solar product value
chain, with an integrated annual capacity of 17.5 GW for silicon
wafers, 10.6 GW for solar cells, and 16.0 GW for solar modules, as
of March 31, 2020.
JinkoSolar has 7 production facilities globally, and 14 overseas
subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United
States, Mexico,
Brazil, Chile, and Australia, and global sales teams in
China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi
Arabia, Tunisia,
Morocco, Kenya, South
Africa, Costa Rica,
Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri
Lanka, Thailand,
Vietnam, Poland, and Argentina.
To find out more, please see: www.jinkosolar.com
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends, "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
JinkoSolar's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Except as
required by law, the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Ms. Ripple
Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale,
Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE JinkoSolar Holding Co., Ltd.