JinkoSolar preparations STAR listing, eyes R&D boost after US$ 458m equity financing
- Leading solar manufacturer JinkoSolar has claimed it is now "actively preparing" to detail its Jiangxi subsidiary on China's STAR market after it increased around US$ 458 million through an equity funding round.
The Solar Module Super League (SMSL) participant verified late the other day that the equity financing, arranged by its major operating subsidiary Jiangxi Jinko, had elevated the funding in order to qualify it to note on the Shanghai Stock Exchange's Sci-Tech Innovation Board, extra generally referred to as the STAR Market.
Additional proceeds from the raising are to be made use of to support its ongoing expansion, the business said.
Capitalists to participate in the equity raise include China Industrial Bank Group, CIIT Asset Management, YunShang Fund, Huaho Capital, China Capital Management and China Securities Investment.
Together with the company's founders as well as elderly monitoring team, that tranche of capitalists will collectively have an equity interest of a 26.7% stake in the subsidiary.
News of a potential listing on the STAR market first emerged late last month, when it claimed it was taking into consideration the potential listing in order to fuel brand-new development as well as tempt future investment from a more comprehensive geographical base.
Kangping Chen, CEO at JinkoSolar, said the conclusion of the fundraising noted an "vital turning point", taking the company "one step better" to the planned listing.
" It additionally provides us with the funding to broaden our capability as well as additional reinforce our leading position in R&D. We are glad for the strong assistance from our brand-new capitalists and are devoted to developing lasting worth for all our shareholders."