SMM9 March 22: recently, Jingke Energy announced that it is considering an internal restructuring to make its main subsidiary Jiangxi Jingke listed on the Shanghai Jiaotong Stock Exchange in the next three years. In order to make Jiangxi Jingke qualified for listing and financing in Science and Technology Innovation Board, the board of directors also approved equity financing for Jiangxi Jingke, domestic third-party investment institutions, and Jingke Energy founders Li Xiande, Chen Kangping and Li Xianhua. And the company's senior management will invest a total of 3.1 billion yuan ($458 million) in Jiangxi Jingke, accounting for 26.7 percent of Jiangxi Jingke's stake.
Chen Kangping, CEO of Jingke Energy, said that Jiangxi Jingke's listing in Science and Technology Innovation Board will enable it to obtain new growth capital, which we believe will strengthen our leading position in the photovoltaic industry and support our long-term business growth. We believe that the listing of Jingke Energy on the New York Stock Exchange and the listing of Jiangxi Jingke on Science and Technology Innovation Board will enhance our visibility among Chinese and global investors and bring long-term sustainable returns to our shareholders.
Jingke Energy is one of the leading solar photovoltaic enterprises in the world. As of March 31, 2020, the production capacity of monocrystalline silicon wafers has reached about 17.5 gigawatts, the production capacity of battery wafers has reached about 10.6 gigawatts, and the module production capacity has reached about 16 gigawatts. On the performance side, revenue in the first quarter was 8.484 billion yuan ($1.198 billion), exceeding market expectations by 16.31 per cent and up 45.72 per cent from 5.822 billion yuan in the same period last year.
Jingke Energy expects that the total shipments of solar modules in 2020 will achieve 18GW-20GW. By the end of 2020, the annual production capacity of single wafers, solar cells and solar modules will reach 20GW, 11GW (including 9 million kilowatt n-type cells) and 25GW, respectively.
It is reported that as the world's largest supplier of photovoltaic modules, Jingke Energy has made great efforts to expand production, and plans to invest 11 billion yuan, 13.5 billion yuan and 10.5 billion yuan respectively in three production bases in Yiwu, Jiangxi Shangrao, and Haining, Zhejiang Province. it is used to expand the production capacity of silicon wafers, batteries and components.
Appendix: Jingke Energy subsidiary returns to domestic Internal Medicine Entrepreneurship Board announcement