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PT_BR 
Solar panel maker Jinko Solar has revealed that it is considering listing its main operating subsidiary on Shanghai's STAR market.
In a statement released this Monday (21), the manufacturer reported that its board approved a plan to include Jiangxi Jinko, the group's main operating company, in the Shanghai Stock Exchange's Sci-Tech innovation board, also known as STAR Market, over the next three years.
Equity financing was sought to support the listing, with Jinko Solar founders Xiande Li, Kangping Chen and Xianhua Li agreeing to invest around RMB 3.1 billion (US$ 458 million) in exchange for an equity stake of 26.7%.
The manufacturer also stated that the transaction was negotiated at arm's length with a valuation of RMB 8.5 billion (US$ 1.26 billion), about 15.6% higher than Jinko's market capitalization at the previous close last week. .
The transaction, subject to customary closing conditions, is expected to close at the end of next month.
Kangpin Chen, chief executive of Jinko Solar, said listing the subsidiary on the STAR Market, while maintaining the manufacturer's existing listing on the New York Stock Exchange, would allow the company to raise its profile with investors in China and globally.
“Listing Jiangxi Jinko on the STAR Market will allow it to access a new source of growth capital, which we believe will strengthen our leadership position in the solar module industry and support our continued long-term growth,” Chen said.
News of the plan comes just months after Jinko's project development subsidiary Jinko Power Technology was listed on the Shanghai Stock Exchange, raising around US$$366 million in the process.
