SHANGRAO, China, Dec. 10,
2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd.
("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and
most innovative solar module manufacturers in the world, today
announced that its board of directors ("Board") has approved the
upsizing and extension of its existing share repurchase program
("Existing Share Repurchase Program").
As previously announced, the Company launched a share repurchase
program in July 2022, whereby the
Company was authorized to repurchase up to US$200 million of its Class A ordinary shares
represented by American depositary shares ("ADSs"). In December 2023, the Company extended the share
repurchase program by 18 months through June
30, 2025. As of the date of this press release, the Company
had repurchased approximately US$134.5
million of the ADSs authorized under the Existing Share
Repurchase Program.
On December 10, 2024, the Board
has approved to upsize the Existing Share Repurchase Program by
increasing the aggregate value of Class A ordinary shares
represented by ADSs that may be repurchased from US$200 million to US$350
million. In addition, the Board has also approved to extend
the Existing Share Repurchase Program for an additional 12-month
period through June 30, 2026 (the
"Extended Share Repurchase Program"). Under the Extended Share
Repurchase Program, the Company may repurchase up to approximately
US$215.5 million of its Class A
ordinary shares represented by the ADSs through June 30, 2026.
The Company's proposed repurchases 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 the Company's insider trading policy. The
Company plans to use its existing funds and external financing to
fund repurchases made under the Extended Share Repurchase Program.
The Board will review the Extended Repurchase Program periodically
and may authorize adjustment of its terms and size.
Mr. Xiande Li, JinkoSolar's
Chairman of the Board and Chief Executive Officer, commented, "The
upsizing and extension of the Existing Share Repurchase Program
further reflect our continued confidence in our long-term business
growth. The competitive advantage of our N-type TOPCon technology,
extensive global operation network, and advanced integrated
capacity structure have ideally positioned us to capture the growth
opportunities this sector continues to generate. We remain fully
committed to creating sustainable value for our shareholders."
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative
solar module manufacturers in the world. JinkoSolar distributes its
solar products and sells its solutions and services to a
diversified international utility, commercial and residential
customer base in China,
the United States, Japan, Germany, the United
Kingdom, Chile,
South Africa, India, Mexico, Brazil, the United
Arab Emirates, Italy,
Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar had over 10 productions facilities globally, over 20
overseas subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the
United States, Mexico,
Brazil, Chile, Australia, Canada, Malaysia, the United
Arab Emirates, Denmark,
Indonesia, Nigeria and Saudi
Arabia, and a global sales network with sales teams in
China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan,
the United Arab Emirates,
Netherlands, Vietnam and India, as of September
30, 2024.
To find out more, please see: www.jinkosolar.com
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Among other things, the quotations from management in
this press release and the Company's operations and business
outlook, contain forward-looking statements. Such statements
involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Further information regarding these and other risks is
included in JinkoSolar's filings with the U.S.
Securities and Exchange Commission, including its annual report on
Form 20-F. Except as required by law, the Company does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For investor and media inquiries, please contact:
In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale,
Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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SOURCE JinkoSolar Holding Co., Ltd.