JinkoSolar (NYSE:JKS) plans to raise funds by selling up to 300.2 million A shares of its principal operating subsidiary, Jiangxi Jinko, to qualified institutional investors.
The shares will be priced at no less than 70% of Jiangxi Jinko’s average trading price over the past 20 trading days, and the sale will depend on market conditions.
JinkoSolar currently owns around 58.59% equity interest in Jiangxi Jinko. Upon the completion of the sale, the company is expected to own ~55.59% equity interest in Jiangxi Jinko.
“We believe that the sale of A Shares will strengthen our cash flows, improve our cash position, support our ongoing business operations, and enhance our resilience to risks. Meanwhile, it allows us to preserve the capacity for future shareholder returns, reinforcing long-term shareholder value.” said Mr. Xiande Li, chairman and CEO of JinkoSolar.
