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					</table><p>Chinese solar cell and module manufacturer <a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">Jinko Solar</a> has announced that its majority-owned subsidiary, Jiangxi Jinko, has entered into an agreement for the sale of its complete equity interest in Xinjiang Jinko for a consideration of RMB 4.3 billion ($622 million).</p>
<p>The equity transfer agreement is with Ziyang Major Industry Equity Investment Fund, backed by authorities in the southwestern province of Sichuan, and Dong Shihong, chairman of Suzhou Shijing Environmental Technology.</p>
<p>Jinko Solar holds approximately 58.62% equity interest in Jiangxi Jinko.</p>
<p>Jiangxi Jinko is the principal operating arm of Jinko Solar, primarily dealing with solar manufacturing and exports</p>
<p>Upon the completion of this transaction, Jiangxi Jinko will divest its entire equity interest in Xinjiang Jinko, effectively ending its ownership of the subsidiary.</p>
<p>The agreement, which has been negotiated on fair and customary commercial terms, is expected to reduce operational costs, enhance production efficiency, and optimize its facility mix.</p>
<p>To finalize the disposal, customary closing conditions need to be met, including obtaining the necessary antitrust regulatory approval and the payment of the agreed consideration.</p>
<p>JinkoSolar has 14 production facilities globally and 24 overseas subsidiaries.</p>
<p>Recently, Jinko Solar’s majority-owned subsidiary, Jiangxi Jinko Solar, <a href="https://www.mercomindia.com/jinko-solars-subsidiary-solar-manufacturing-unit" target="_blank" rel="noopener">proposed</a> plans for production lines with an annual capacity of 56 GW to manufacture monocrystalline silicon pull rods, silicon wafers, high-efficiency solar cells, and modules.</p>
<p>The cell and module manufacturer has entered into an investment framework agreement with the Transformation Comprehensive Reform Demonstration Zone of Shanxi Province in China.</p>
<p>For the first quarter of the financial year 2023, Jinko Solar‘s net income<a href="https://www.mercomindia.com/jinko-profit-higher-module-shipments" target="_blank" rel="noopener"> surged</a> 155% year-on-year to RMB 836.4 million ($121.8 million), primarily on higher module shipments.</p>
<p>The company’s module shipments for the January-March quarter increased 62.3% to over 13 GW compared to about 8 GW YoY.</p>
<p>Jinko Solar emerged as the leading module supplier in Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2023-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2023</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Jinko Solar to Sell Unit for $622 Million to Enhance Operational Efficiency

<p><a href="https://www.jinkosolar.com/en" target="_blank" rel="noopener noreferrer">JinkoSolar</a>, <strong>a solar module manufacturer, </strong>announced that its operating subsidiary, Jinko Solar Company Limited (Jiangxi Jinko), has raised RMB 3.1 billion (~$458 million) through equity financing.</p>
<p>As per the company’s statement, the equity financing was to help Jiangxi Jinko qualify for a listing on the Shanghai Stock Exchange&#8217;s sci-tech innovation board (STAR Market) and raise the necessary capital for its expansion plans.</p>
<p>Last month, JinkoSolar&#8217;s board of directors had <a href="https://mercomindia.com/daily-news-wrap-up-jinkosolar-subsidiary/" target="_blank" rel="noopener noreferrer">approved</a><strong> a strategic plan to access China&#8217;s capital market through its principal operating subsidiary Jiangxi Jinko.</strong></p>
<p>Speaking on the development, Kanping Chen, CEO of JinkoSolar, said, &#8220;The successful completion of this fundraising marks an important milestone for us and takes us one step closer to the planned listing of Jiangxi Jinko in China. It also provides us with the capital to expand our capacity and further strengthen our leading position in research and development. We are thankful for the strong support from our new investors and are committed to creating sustainable value for all our shareholders.&#8221;</p>
<p>The recently released <a href="https://mercomcapital.com/product/9m-q3-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">report</a> by Mercom Capital Group on Q3 2020 solar funding and M&amp;A, public market financing into the solar sector globally came to $1.3 billion in four deals in Q3 2020, 75% higher compared to Q2 2020.</p>
<p>It is expected that after the completion of this transaction, JinkoSolar will prepare actively for the listing of Jiangxi Solar on the STAR Market, in line with the relevant laws and regulations in China.</p>
<p>After the deal&#8217;s closing, the Chinese third-party investors, including China Industrial Bank Group, CIIT Asset Management Company, YunShang Fund, Huaho Capital, and China Capital Management Company, China Securities Investment Company, along with JinkoSolar founders will own approximately 26.7% equity share in the subsidiary.</p>
<p>Earlier, JinkoSolar <a href="https://mercomindia.com/jinko-solar-revenue-up-by-over/" target="_blank" rel="noopener noreferrer">announced</a> the unaudited financial results for the second quarter (Q2) 2020. According to the financial statement, the company&#8217;s total revenue in Q2 2020 was $1.2 billion (~₹88.49 billion), a decrease of 0.4% compared to $1.24 billion (~₹91.4 billion) in Q1 2020.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener noreferrer"><strong>here</strong></a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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JinkoSolar’s Operating Subsidiary Raises $458 Million in Equity Financing

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