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Jan. 13, 2022, 6:53 a.m. EST

JinkoSolar stock gains as IPO of Jiangxi Jinko subsidiary in Shanghai expected to raise about $1.6 billion

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By Tomi Kilgore

Shares of JinkoSolar Holding Co. Ltd. /zigman2/quotes/207601099/composite JKS -2.09% gained 0.6% in premarket trading Thursday, after the China-based solar company said it could raise about $1.6 billion from the listing of its principal operating subsidiary on a Shanghai exchange. The company said it is applying for an initial public offering of Jinko Solar Co. Ltd., known as Jiangxi Jinko, on the Shanghai Stock Exchange's Sci-Tech innovation board. The company plans to offer 2 billion shares in the IPO, representing about 20% of the shares outstanding. The proposes pricing is RMB5.00 per share, for estimated gross proceeds of RMB10.00 billion ($1.57 billion). After the IPO, JinkoSolar will own 58.6% of Jiangxi Jinko. JinkoSolar's stock has dropped 12.5% over the past three months through Wednesday, while the iShares MSCI China ETF /zigman2/quotes/206267952/composite MCHI +0.48% has lost 7.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.47% has gained 8.3%.

/zigman2/quotes/207601099/composite
US : U.S.: NYSE
$ 58.94
-1.26 -2.09%
Volume: 885,398
May 27, 2022 4:00p
P/E Ratio
66.55
Dividend Yield
N/A
Market Cap
$2.88 billion
Rev. per Employee
$239,814
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/zigman2/quotes/206267952/composite
US : U.S.: Nasdaq
$ 50.21
+0.24 +0.48%
Volume: 3.71M
May 27, 2022 4:15p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,158.24
+100.40 +2.47%
Volume: 2.17B
May 27, 2022 5:49p
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