Jinko Solar Begins Trading $JKS
Three months ago, Jinko Solar (JKS) withdrew plans for an IPO due to poor marketconditions. The IPO market has certainly improved, but I don’t see anyimprovement in market conditions. That didn’t stop the company fromgoing ahead and opening for trading today on the NYSE with sharespricing at $11 which was at the low end of the expected range. Sharesaren’t doing much today, down just a bit at $10.90. Perhaps they seethe market getting worse and wanted to raise cash before the IPO marketdries up again. The stock trades under the ticker JKS and we’ll begincovering any news and add it to the solar tracking table soon.
Financially, Jinko has struggled as much as any other solarcompany has at least according to what they provided in the prospectusregarding their 2008/2009 results. Revenues declines 42% year overyear, but the company managed to squeeze out a small profit. I’ll havemore on their 2010 results next week and take a closer look.
At the end of last year they had a production capacity of 300MW foringots and wafers, 150MW for solar cells and 150MW for modules and didaround $150 million in revenues in 2009, so certainly one of thesmallest publicly traded China solar names.
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