Shangrao, China, October 21, 2024 – JinkoSolar Holding Co., Ltd. (NYSE: JKS), a global leader in solar module manufacturing, announced that its principal subsidiary, Jiangxi Jinko, is set to issue up to 1 billion A shares in the form of Global Depositary Receipts (GDRs) on the Frankfurt Stock Exchange.

This move marks a significant step in the company’s efforts to expand its global reach and raise capital for future projects.

Each GDR will represent 10 A shares, with the offering expected to generate gross proceeds of up to RMB 4.5 billion (approximately USD 615 million). The funds raised will be directed toward several key initiatives, including the construction of a 1GW high-efficiency solar module project in the U.S., the development of the second phase of a 14GW integrated production base in Shanxi, and repayment of bank loans.

Currently, JinkoSolar holds a 58.59% stake in Jiangxi Jinko, which will decrease to 53.26% after the GDR offering, assuming all shares are issued. The offering size and timeline will be determined by market conditions and are contingent upon approvals from Jiangxi Jinko’s shareholders, as well as regulatory authorities in both China and Germany.

Jiangxi Jinko’s GDR issuance is subject to approvals from the Shanghai Stock Exchange, Frankfurt Stock Exchange, the German Federal Financial Supervisory Authority, and the China Securities Regulatory Commission.

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