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

Economy, Finance

Shares of JinkoSolar Holding Co. Ltd. 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 has lost 7.2% and the S&P 500 has gained 8.3%.

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