On the evening of October 20th, JinkoSolar, a leading player in photovoltaic integration, announced its plan to list on the Frankfurt Stock Exchange in Germany by issuing Global Depositary Receipts (GDRs). Jinko Solar has become the second photovoltaic company to disclose its plan to issue GDRs for listing in Germany this week, following Sunac Power.
The announcement shows that JinkoSolar's total amount of funds raised from the GDR issuance this time will not exceed RMB 4.5 billion or its equivalent in foreign currency, and will mainly be used for the construction of 1GW high-efficiency component projects in the United States and the 14GW integrated production base project in Shanxi Phase II. The GDR issuance price shall be no less than 10% of the average closing price of A-shares in the 20 trading days prior to the pricing benchmark date, in accordance with regulations.
Industry insiders believe that this GDR issuance is an overseas issuance, which is beneficial for industry leaders to introduce international investors when the industry enters a low period of development. It will reserve sufficient overseas funds for JinkoSolar's global layout and better cope with industry competition and overseas market challenges.
JinkoSolar achieves high premium market share leadership through global layout. In the first half of this year, JinkoSolar shipped 43.8GW of components, continuing to rank first in the world; The overseas market shipment of component products accounts for about 65%, and the overseas revenue accounts for about 71%; During the same period, the net profit attributable to the parent company was 1.2 billion yuan.