According to EnergyTrend，Jinko Solar released an announcement on June 12, disclosing the latest progress of capital increase and share expansion for its holding subsidiary Jinko Solar (Haining) Co., Ltd. (hereinafter referred to as Jinko Haining) via the introduction of strategic investors. Three bank-affiliated strategic investors have contributed a total of 2 billion yuan in cash.
The announcement confirmed that all internal approval procedures for this capital increase have been completed. Prior to the capital injection, considering Jinko Haining's market competitiveness and interim profit and loss, its equity was valued at 9.157 billion yuan. The originally planned maximum capital increase was no more than 3 billion yuan, and the final actual capital increase reached 2 billion yuan.
The introduced strategic investors are all financial asset investment platforms backed by banks, namely Industrial Bank Financial Asset Investment Co., Ltd., China Post Financial Asset Investment Co., Ltd. and China Merchants Financial Asset Investment Co., Ltd. All three parties made cash contributions of 389.87 million yuan, 805.07 million yuan and 805.07 million yuan respectively, totaling 2 billion yuan, and collectively obtained a 17.9260% equity stake in Jinko Haining after the capital increase.
After the completion of the capital increase, the registered capital of Jinko Haining increased to 4.349731353 billion yuan.
In terms of equity structure, Jinko Solar holds 20.6909% of shares directly and 42.1865% indirectly through Jiaxing Kelian Investment Partnership (Limited Partnership), with a combined shareholding of 75.0045%. Jinko Haining remains a holding subsidiary of Jinko Solar and will continue to be included in the company's consolidated financial statements.
As stated in the announcement, the proceeds from this capital increase will be specially used by Jinko Haining to repay financial liabilities and operating liabilities. As a core business entity of Jinko Solar, Jinko Haining is principally engaged in the R&D, production and sales of solar cells and modules. This capital increase will effectively optimize its capital structure, cut down liabilities and improve financial status. It will also enhance the subsidiary's capital strength and risk resistance capability, providing solid support for the stable operation of its subsequent business.
Source：EnergyTrend