JinkoSolar Holding Co., Ltd. has announced that it closed the follow-on offering of 3,600,000 American depositary shares (the “ADSs”), each representing four ordinary shares of the Company, par value US$0.00002 per share (the “ADS Offering”), at US$18.15 per ADS.
Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are acting as the joint bookrunners for the ADS Offering. The Company has granted Credit Suisse Securities (USA) LLC and Barclays Capital Inc. a 30-day option to purchase up to 540,000 additional ADSs to cover over-allotments.
Concurrently with the completion of the ADS Offering, the Company closed the separate private placement with Tanka International Limited, an exempted company incorporated in the Cayman Islands held by Mr. Xiande Li, chairman of the Company, and Mr. Kangping Chen, chief executive officer of the Company, of its purchase of US$35 million of ordinary shares of the Company at a price per share equal to the price of the ADS Offering adjusted to reflect the ADS-to-ordinary share ratio (the “Concurrent Private Placement”). The sale of these shares will not be registered under the Securities Act of 1933, as amended. Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are acting as the joint placement agents for the Concurrent Private Placement.
JinkoSolar intends to use the net proceeds from the ADS Offering and the Concurrent Private Placement for general corporate purposes, including capital expenditures for the capacity expansion and upgrade including the construction and operation of our manufacturing facility in the United States, and working capital.
The ADS Offering has been made pursuant to the Company’s shelf registration statement on a Form F-3 filed with the Securities and Exchange Commission (the “SEC”) on August 11, 2017, which became effective on August 22, 2017. A prospectus supplement dated February 8, 2018 and a related base prospectus (included in the Company’s shelf registration statement on Form F-3) related to the ADS Offering have been filed with the SEC and are available at the SEC website at: www.sec.gov. A copy of the prospectus supplement and the related base prospectus may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY, 10010, by phone at (800) 221-1037, or by e-mail at email@example.com; and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by phone toll free at 1-888-603-5847, or by email at firstname.lastname@example.org.