What’s new: Shares of New York-listed JinkoSolar Holding Co. Ltd. have gone up since China’s securities regulator announced that it had agreed to the plan of the Chinese solar panel manufacturer’s major subsidiary for a listing on Shanghai’s STAR Market.
Following the China Securities Regulatory Commission’s announcement (link in Chinese) on Tuesday evening Beijing time, JinkoSolar Holding’s shares jumped 4.6% on the day in the U.S., before giving back 1.8% Wednesday to close at $43.30.
Background: JinkoSolar Holding’s major subsidiary, Jinko Solar Co. Ltd., filed the IPO application in June and got the green light from the Shanghai bourse in late September.
In its prospectus, Jinko Solar said the listing will help address a funding shortage that has already hurt its expansion plans and profitability.
For the first three quarters of 2021, JinkoSolar Holding’s net profit fell 9.5% year-on-year.
From 2016 to 2019, JinkoSolar ranked first in the world by solar photovoltaic module shipments. In the first half of 2021, it fell to fourth place behind three domestic peers, PV InfoLink data show.
Related: Chinese Solar Giants Seek Sunnier Valuations With Home Listings
Contact reporter Manyun Zou (manyunzou@caixin.com) and editor Michael Bellart (michaelbellart@caixin.com)
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