16 February 2022
Carey Olsen advises on JinkoSolar's STAR Market IPO
Carey Olsen's corporate team in Hong Kong SAR has advised JinkoSolar Co. Ltd., the main operating subsidiary of one of China's largest solar module manufacturers, JinkoSolar Holding Co Ltd (JinkoSolar), on its initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech innovation board (STAR Market).
The IPO, which raised gross proceeds of US$1.58 billion, will support JinkoSolar's plans for expansion, particularly in relation to its manufacturing, and research and development facilities in Haining, Zhejiang Province, China.
Working alongside onshore counsel KWM Shanghai, the Carey Olsen team advising JinkoSolar on all British Virgin Islands and Cayman Islands legal and regulatory aspects of the STAR Market listing was led by partner Michael Padarin, assisted by legal manager Eason Huang.
Michael said: "We are delighted to have been involved in JinkoSolar's Shanghai stock market debut. The STAR Market is growing in popularity all the time and is a perfect fit for high-tech companies such as JinkoSolar with long research and development cycles."
JinkoSolar distributes its solar products, solution and services to a diversified utility, commercial and residential customer base in more than 160 countries, including the likes of China, the US, Japan, Germany, the UK, Chile, South Africa, India, Mexico, Brazil, Italy, Spain, France and the United Arab Emirates.
As of 30 September 2021, the company had built a vertically integrated solar product value chain, with an integrated annual capacity of 31 gigawatts (GW) for mono wafers, 19 GW for solar cells, and 36 GW for solar modules.