Mainland photovoltaic product manufacturer Jinko Solar (002459.SZ) today submitted an application for H-share listing to the Stock Exchange. Joint sponsors are CITIC SEC and China International Capital Corporation.
According to Frost & Sullivan, the group ranked third globally in terms of photovoltaic module shipment volume last year, with a market share of 12.3%, and has been among the top four in the world in photovoltaic module shipments for the past ten years since 2015. As of December 31, 2024, its products cover 178 countries and regions globally, and it has established 16 overseas sales companies, including seven regional operation centers in various parts of the world. During the historical performance period, more than half of its sales came from overseas markets.
The group’s revenue decreased by 14% year-on-year to 70.12 billion yuan, turning from profit to a loss of 4.656 billion yuan, compared to a profit of 7.039 billion yuan in the previous fiscal year.
The proceeds from the H-share listing are intended to be used to expand overseas production capacity and strengthen global marketing; support global research and development projects and technological transformation; enhance digital and AI capabilities; repay bank loans with interest rates of 3.5% to 3.8% that mature after May this year; and also for working capital and other general corporate purposes.
