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Benzinga

Business

Anusuya Lahiri

Why Are JinkoSolar Shares Trading Higher Premarket?

JinkoSolar JKS NYSE

JinkoSolar Holding Co Ltd's (NYSE:JKS) principal operating subsidiary, Jinko Solar Co., Ltd. (Jiangxi Jinko), has completed its initial public offering process and started trading on the Shanghai Stock Exchange's Sci-Tech innovation board on January 26, 2022.
Jiangxi Jinko has issued 2 billion shares representing 20% of the total 10 billion shares outstanding after the IPO.
Jiangxi Jinko issued the shares at RMB5.00 per share fetching gross proceeds of RMB10.00 billion.
After the IPO, JinkoSolar owns 58.62% of Jiangxi Jinko.
JinkoSolar is one of the largest solar module manufacturers globally.
Price Action: JKS shares traded higher by 12.6% at $46.21 in the premarket session on the last check Wednesday.

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