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On October 20th, JinkoSolar, the world's largest integrated photovoltaic company, announced its plan to list on the Frankfurt Stock Exchange in Germany by issuing Global Depositary Receipts (GDRs). If approved, JinkoSolar will become the first Sci Tech Innovation Board company to enter the German capital market through GDR, which is expected to promote cooperation between China and Europe in sustainable finance and carbon neutrality to new heights.
Recently, another A-share inverter and energy storage leader, Sunac Power, also announced plans to go public in Germany by issuing GDRs. The collective official announcement of the two leading enterprises, the Shanghai Stock Exchange and the Shenzhen Stock Exchange, marks the acceleration of the implementation of a series of consensuses reached by both sides at the third China Germany High level Financial Dialogue in October last year, such as "increasing support for more enterprises to issue GDRs and continuously improving the level of interconnection between the Chinese and German capital markets".
According to the announcement, JinkoSolar's GDR issuance price will not be lower than 10% of the average closing price of A-shares in the 20 trading days before the pricing benchmark date, and the total amount of funds raised will not exceed RMB 4.5 billion or its equivalent in foreign currency. The funds will mainly be used for the 1GW high-efficiency component project in the United States and the 14GW integrated production base construction project in Shanxi Phase II. JinkoSolar stated that this GDR issuance will help the company consolidate its leading position in N-type and enhance its profitability, flexibly respond to international trade barriers, optimize its capital structure, and strengthen its ability to resist risks.
Globalization upgrade, differentiation breakthrough

Photovoltaics is one of the "new three" business cards for China's exports, and JinkoSolar is one of the samples for photovoltaic companies to go global. According to JinkoSolar's 2024 semi annual report, the company's overseas sales accounted for 65% and overseas revenue accounted for over 70%, ranking ahead among the top photovoltaic companies. In addition to a high proportion of overseas sales, the company also has the industry's largest overseas integrated production capacity and thousands of overseas employees, and has achieved international integration in various fields such as research and development, branding, ESG, etc.
This search for overseas listing is a reflection of JinkoSolar's global capability upgrade.
The implementation of this fundraising project will help further enhance JinkoSolar's localization manufacturing capabilities in key global markets, achieving local manufacturing, local consumption, and local supply. After the completion of the 1GW high-efficiency component fundraising project in the United States, JinkoSolar's total component production capacity in the United States will reach 3GW. In the strong demand for clean energy installation generated by the wave of artificial intelligence, companies will be able to consolidate stable shipments in the high priced market, while more calmly dealing with trade policy uncertainties, thereby achieving better profit levels.
The Shanxi Phase II 14GW integrated fundraising project was officially announced in May last year. This project will centralize crystal pulling, slicing, batteries, and components in the same base, which can effectively reduce labor, logistics, and other costs. Meanwhile, through the deep application of digital technology, efficient traceability of production carbon footprint and supply chain can be achieved, better meeting the diversified needs of overseas customers in green manufacturing, supply chain compliance, and other aspects.
The listing location of this time is Germany, which is the largest single photovoltaic market in Europe. In April 2024, JinkoSolar delivered over 1.1 million new N-type modules to One of Germany's largest photovoltaic power plants, The Witznitz Solar Park. The Frankfurt Stock Exchange is the second largest securities exchange in Europe. If successfully issued and listed, it will further enhance JinkoSolar's visibility in the German and European markets, and help promote the healthy development of the company's overseas business and financing channels.
[align center] Attract more international long-term investors

After about two years of deep adjustment, the valuation level of the photovoltaic industry has approached historical lows. Goldman Sachs once pointed out in a recent report that the current downward cycle of the photovoltaic industry is coming to an end and may reach a cyclical bottom in 2025. The sustainability of demand will drive the recovery of capacity utilization in 2025 and beyond.
On October 14th, the China Photovoltaic Industry Association organized an industry "anti involution" symposium in Shanghai. The attending entrepreneurs had in-depth exchanges and reached consensus on "strengthening industry self-discipline, preventing vicious competition, enhancing market survival of the fittest, and smoothing the exit channels of backward production capacity", bringing a glimmer of hope for the industry to clear up and return to the growth track as soon as possible.
In the long run, under the consensus of global development of green energy and low-carbon economy, photovoltaic power generation, as the cleanest, most economical, and most intelligent form of energy, still has huge room for improvement in penetration rate. According to Bloomberg New Energy's forecast, the global new installed photovoltaic capacity will reach 592GW by 2024, while the general view is that this number will exceed 1000GW around 2030.
In the process of industry recovery, leading enterprises with technological, market, and scale advantages are often favored by international long-term capital. Jingke Energy and Sunac Power, as leading companies in the photovoltaic module and inverter sectors, are the first batch of companies to plan to go public in Germany after the acceleration and expansion of GDR issuance in 2022. They are also the first batch of companies to carry out overseas financing after the new GDR regulations in 2023. Two companies announced their overseas financing plans in the same week that they reached a consensus on the industry's "anti internal competition" in the photovoltaic industry, which seems to indicate the beginning of a new cycle of high-quality development in the photovoltaic industry.
If successfully listed on the Frankfurt Stock Exchange, JinkoSolar will become the first photovoltaic company to be listed in China, the United States, and Europe, further enhancing its international capital operation capabilities. Market analysis suggests that by introducing international long-term investors during industry downturns, JinkoSolar will strengthen its capital reserves, optimize its debt ratio and financing costs, and enhance its sustainable development and risk resistance capabilities. As a leader in global market share, its long-term investment value will also be fully demonstrated. &Amp; quot;
Tags： Attractingforeigni leadingcompanies andphotovoltaics
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