JinkoSolar unit to issue up to CNY 10bn in convertible bonds
Source: Shanghai Stock Exchange
July 28 (Renewables Now) - The majority-owned principal operating unit of Chinese photovoltaics (PV) maker JinkoSolar Holding Co Ltd (NYSE:JKS) plans to issue convertible bonds of up to CNY 10 billion (USD 1.48bn/EUR 1.46bn).
Jinko Solar Co Ltd, also referred to as Jiangxi Jinko, will be resorting to this issuance in order to raise proceeds to support the construction and development of certain solar cell and module production capacities and for working capital, according to the announcement.
The bonds will have a term of six years and will be convertible into Jiangxi Jinko's ordinary shares. They will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, subject to receiving clearance from the bourse for the issuance.
JinkoSolar currently has a 58.62% stake in Jiangxi Jinko and has special preemptive rights to subscribe to a portion of the bonds. The parent company operates 12 factories around the world with an integrated annual capacity of 40 GW for mono wafers, 40 GW for cells and 50 GW for modules, as of March 31, 2022.