NYSE-listed JinkoSolar Holding Co Ltd, one of the largest solar module manufacturers, has announced that its board of directors approved a share repurchase scheme on March 12, 2020, which authorises the company to repurchase up to $100m of its ordinary shares represented by American depositary shares 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.
According JinkoSolar, it plans to use its existing funds to fund repurchases made under the share repurchase programme.
Kangping Chen, CEO, JinkoSolar, commented: “This share repurchase programme authorised 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.”
JinkoSolar has over 15,000 employees across its seven production facilities globally. The company distributes it solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, USA, Japan, Germany, UK, Chile, South Africa, India, Mexico, Brazil, UAE, Italy, Spain, France and Belgium.