(JinkoSolar, 5.Feb.2024) — JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced that between 20 Dec. 2023 and 2 Feb. 2024, the company repurchased 400,000 American depositary shares of the company (the “ADSs”) in an aggregate amount of approximately US$11.8mn in the open market under its previously announced extended share repurchase program.
On 6 Jul. 2022, the company announced a share repurchase program, which authorizes the company to repurchase up to US$200mn of its ordinary shares represented by ADSs for an 18-month period. On 20 Dec. 2023, the company extended this share repurchase program for an additional 18-month period through 30 Jun. 2025. As of the date of this press release, approximately US$179.1mn of the Company’s ordinary shares represented by the ADSs under the extended share repurchase program had not been utilized.
The Company may continue to repurchase its ADSs through open-market transactions, privately negotiated transactions or block trades, and/or 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 the company’s insider trading policy.
Mr. Xiande Li, JinkoSolar’s Chairman of the Board and Chief Executive Officer, commented, “Leveraging the competitive advantage of our N-type TOPCon technology, extensive global operation network, and advanced integrated capacity structure, we are confident in our ability to navigate through cyclical volatility, achieve healthy and sustainable profitability, and increase shareholder value. We will continue to repurchase our shares and fulfill our commitment to our shareholders.”
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