JinkoSolar Holding Up 8% After Subsidiary Completes IPO Process

Shares of solar module manufacturer JinkoSolar Holding Co., Ltd. (JKS) are up 8 percent on Wednesday's trading after the company announced that its principal operating subsidiary, Jinko Solar Co., Ltd. has completed its initial public offering or IPO process and begun trading on the Shanghai Stock Exchange's Sci-Tech innovation board from Wednesday.

Jiangxi Jinko issued 2 billion shares representing around 20 percent of the total 10 billion shares outstanding after the IPO. The shares were issued at a public offering price of RMB5.00 per share and the total gross proceeds of the IPO are approximately RMB10.00 billion. After the IPO, JinkoSolar owns approximately 58.62 percent of Jiangxi Jinko.

Currently at $43.90, the stock has traded between $28.39 and $76.53 during the past 52 weeks.

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