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NYSE-listed JinkoSolar gets green light for second listing in China

October 1, 2021 0:11 am

Chinese solar module manufacturer JinkoSolar announced on Thursday that it has got the green light for its second listing in Shanghai.

Details:

The company, which will be listed on Shanghai Stock Exchange's STAR board, aims to raise 6 billion yuan to fuel the construction of its battery-related programs.

Jinko went public in New York Stock Exchange on May 14, 2010 under the symbol "JKS."

As the US tightens the import of solar panels from China, Jinko, along with other US-listed Chinese solar panel manufacturers, is feeling the pain. Jiangsu-headquartered Canadian Solar is also planning for the second listing in mainland China.

Meanwhile, a group of anonymous American solar manufacturers recently submitted a petition to the Biden government, asking the Ministry of Commerce to impose taxes on Southeast Asian producers to combat "unfair competition" from China.

After the US raised import tariffs on China-made solar panels in 2012, some Chinese manufacturers moved part of their production to Southeast Asia to avoid anti-dumping tariffs.

Context:

China is the dominant player in the solar panel sector, and about 80% of the world’s solar manufacturing supply chain runs through the country. 

Also, the country has made huge progress in developing solar projects and pledged to invest 2.5 trillion yuan ($367 billion) in renewable power generation, including solar, wind, hydro, and nuclear, from 2017 to 2020.