JinkoSolar has revealed plans to concern world depositary receipts (GDRs) on the Frankfurt Stock Exchange to lift €580 million ($627.6 million).
JinkoSolar’s board authorised a proposal to concern GDRs on the Frankfurt Stock Exchange. The GDRs, backed by China’s newly issued A-shares, mark a major step within the firm’s abroad enlargement.
The funds, capped at CNY 4.5 billion, will help a number of tasks. JinkoSolar plans to speculate CNY 500 million in a 1 GW superior photo voltaic module manufacturing facility in Florida. It will use one other CNY 2.74 billion to finance the second section of its 56 GW built-in manufacturing mission in Shanxi province, China, which features a 14 GW module manufacturing plant. The remaining CNY 1.26 billion will go to working capital and debt reimbursement.
The Shanxi mission, introduced in May 2023, is the most important built-in photo voltaic manufacturing base on the earth, with 56 GW of capability and a complete funding of CNY 56 billion. It will mix wafer, cell, and module manufacturing, with a deal with n-type photo voltaic know-how.
The GDR issuance plan has handed JinkoSolar’s board, however nonetheless wants approval from shareholders, the Shanghai Stock Exchange, the China Securities Regulatory Commission (CSRC), and German regulators, together with the Frankfurt Stock Exchange. and the Federal Financial Supervisory Authority (BaFin).
JinkoSolar stated the brand new A-shares represented by GDRs won’t exceed 10% of its complete share capital earlier than the issuance. The firm additionally warned that the issuance might dilute earnings per share and return on fairness within the quick time period.
If profitable, JinkoSolar would be the first Chinese photo voltaic firm to be listed on inventory exchanges in China, the United States, and Germany, setting a brand new commonplace within the world photo voltaic business.
This announcement follows the same transfer by Sungrow, a Chinese photo voltaic inverter producer, which plans to concern GDRs in Frankfurt to lift CNY 4.88 billion to help its vitality storage enterprise and inverter manufacturing.
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