Jinkosolar Launches Follow-on Offering of 3.6 Million American Depositary Shares

JinkoSolar is a global leader in the solar industry. The company distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan and other regions.

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Jinko Solar, a global leader in the solar PV industry, announced the commencement of the follow-on offering of 3,6m American depositary shares, which could raise about US$73m based on the company's closing price of US$20.35.

There is a greenshoe of 15 percent of the base deal size. The deal will price before the US market opens today.

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Concurrently, Xiande Li, chairman of the company, and Kangping Chen, chief executive officer of the company, has agreed to purchase US$35m of shares through a private placement.

The NYSE-listed company plans to use the proceeds for general corporate purposes. Barclays and Credit Suisse are the joint bookrunners.

JinkoSolar is a global leader in the solar industry. The company distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions.