Jinko Solar stock listed in Shanghai in a massive IPO
- JinkoSolar had a massive IPO in Shanghai.
- The company raised over $1 billion in the IPO.
- As a result, JinkoSolar stock soared in intraday trading.
Jinko Solar Co Ltd (SHA:688223), a subsidiary of JinkoSolar Holding Co Ltd (NYSE:JKS), concluded its first public offering (IPO) in Shanghai yesterday. This initial public offering raised about 10 billion Yuan ($1.58 billion) in gross proceeds.
JinkoSolar is a vertically integrated solar product value chain that produces solar modules worldwide. The company is in fact the world’s second-largest solar module manufacturer, second only to LG Solar. JinkoSolar has a yearly; mono wafer capacity of 31 gigawatt (GW).
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In addition, the company has a 19 GW annual solar cell capacity and a 36 GW yearly panel capacity. JinkoSolar also operates nine manufacturing facilities worldwide.
JinkoSolar technical analysis
Source – TradingView
As a result of JinkoSolar listing in the Shanghai Stock Exchange, shares of Jinko spiked over 13.3% on Wednesday. However, the shares of the company slightly fell later during intraday trading. Irrespective of this intraday dip; the stock closed the trading day still up over 7.5%.
In the overview technical analysis, Jinko is currently trading in the middle of its 52-week range. This is similar to the S&P 500 Index, which is also currently trading in the center of its 52-week range. In addition, Jinko has a volume of 1,203,290 on average; this is a positive sign, as having a liquid stock is always desirable to many investors.
What next for JinkoSolar after the IPO?
Jinko is the most recent Chinese solar manufacturer to see its stock price soar. Chinese investors may be more optimistic about the sector’s future because China is the world leader in both producing and installing solar panels, as the world seeks to do away with fossil energy and usher in clean energy.
Additionally, after raising more than $1 billion in the IPO, the company now has more funds to spend on innovation and the development of new technologies that will give it an edge over its competitors.
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