JinkoSolar Holding Co., Ltd. (NYSE: JKS) shares were positive Friday. The Shangrao, China-based company, one of the largest and most innovative solar module manufacturers in the world, announced that, in order to raise funds for its business operations, the Company intends to sell up to 300,156,075 A shares of Jinko Solar Co., Ltd.
The Sale of A Shares will be conducted through an inquiry transfer and placement pursuant to the rules of the Shanghai Stock Exchange. The purchase price per A share for the Inquiry Transfer and Placement will be no less than 70% of the average trading price of the A shares of Jiangxi Jinko for the 20 consecutive trading days prior to the date of a subscription invitation sent to potential investors, in compliance with the rules of the Shanghai Stock Exchange. The completion of the Sale of A Shares is subject to market conditions.
According to CEO Xiande Li, "We believe that the sale of A Shares will strengthen our cash flows, improve our cash position, support our ongoing business operations, and enhance our resilience to risks. Meanwhile, it allows us to preserve the capacity for future shareholder returns, reinforcing long-term shareholder value.”
JKS shares grabbed $1.23, or 5.2%, to $24.83.
