JinkoSolar subsidiary proposes equity offering
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JinkoSolar’s (NYSE:JKS) subsidiary, Jinko Solar Co. (“Jiangxi Jinko”), has proposed to offer and list over 1B A shares in the form of Global Depositary Receipts (GDRs) on the Frankfurt Stock Exchange in Germany.
Each GDR represents ten shares. The GDRs will represent not more than 10% of the total share capital of Jiangxi Jinko, prior to this offering.
JinkoSolar currently owns around 58.59% equity interest in Jiangxi Jinko. Following the offering, it will own ~53.26% equity interest in the company.
The gross proceeds from the sales are expected to be not more than RMB4.5B, which, after deducting offering expenses, will be used for the construction and development of 1 GW High-efficiency Module Project in the U.S.; construction of Shanxi Phase II 14 GW Integrated Production Base Project for manufacturing of monocrystalline silicon pull rod, silicon wafer, high-efficiency solar cells and modules; and working capital or repayment of bank loans for Jiangxi Jinko.