Jinko Solar intends to issue convertible bonds in the principal amount of up to RMB10 billion. The Convertible Bonds, which will be listed on the Shanghai Stock Exchange’s Sci-Tech Innovation Board, have a term of six years and are convertible into Jiangxi Jinko’s ordinary shares.
Jinko Solar said it will use the net proceeds from the Convertible Bond Issuance for construction and development of certain solar cell and module production projects by Jiangxi Jinko, and working capital for Jiangxi Jinko.
The completion of the Convertible Bond Issuance is subject to the review process by the Shanghai Stock Exchange and the registration process by the China Securities Regulatory Commission.
The company currently owns approximately 58.62 percent equity interest in Jiangxi Jinko and has special preemptive rights to subscribe for a portion of the Convertible Bonds.