Chinese PV Industry Brief: JinkoSolar announces Jiangxi Jinko’s IPO pricing

Solar giant JinkoSolar yesterday announced it will offer up the 2 billion shares which will constitute the initial public offering of its Jinko Solar Co Ltd main business unit on the Shanghai Stock Exchange for RMB5 (US$0.785) per share to raise a gross RMB10 billion (US$1.57 billion). Some 600,000 shares will be directly placed with “cornerstone investors,” including eight public bodies, two entities which appear to be municipal-owned organizations, and the China Insurance Investment Fund, as well as the Jiangxi Jinko Asset Management Plans funded by the floated business’ management team and “core employees.” With 20% of the company’s stock to be floated on the Sci-Tech Innovation Board of the Shanghai exchange, Jinko said it would own 59% of the business after the float. The shares issuance and subscription is set to take place on Monday with allocations to be confirmed on Thursday.

Solar manufacturer Solargiga yesterday said its unaudited figures for last year showed a 16% year-on-year rise in revenue, from RMB6.05 billion (US$950 million) in 2020 to RMB7.03 billion (US$1.1 billion), with sales of its solar ingots, wafers and modules generating RMB6.99 billion, up from RMB6.03 billion (US$947 million) in 2020. Shipment volumes were up 8% from 2020, from 6,811MW of products to 7,343MW. Solargiga said its solar project engineering, procurement and construction services revenue almost trebled, from RMB17.1 million (US$2.69 million) in 2020 to RMB47.5 million (US$7.46 million).