JinkoSolar to Announce up to US$100 Million Share Repurchase Program
JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its Board of Directors approved a share repurchase program on March 12, 2020, which authorizes the Company to repurchase up to US$100 million of its ordinary shares represented by American depositary shares (“ADSs”) within twelve months. Purchases may be made from time to time on the open market at prevailing market prices in open-market transactions, privately negotiated transactions or block trades, and/or through other legally permissible means, depending on market conditions and in accordance with the applicable rules and regulations. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Exchange Act, as well as JinkoSolar’s insider trading policy. JinkoSolar plans to use its existing funds to fund repurchases made under the share repurchase program.
Mr. Kangping Chen, Chief Executive Officer of JinkoSolar, commented,
“This share repurchase program authorized by the Board of Directors reflects our confidence in our future growth prospects. We are convinced that our technological transformation, industry-leading cost structure and expanding mono capacity have ideally positioned us to benefit from the enormous growth opportunities this sector continues to generate.”
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