SHANGHAI, Oct. 11, 2016 /PRNewswire-FirstCall/
-- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the
"Company"), a global leader in the photovoltaic industry, today
announced that Wide Wealth Group Holding Limited, a 55%-owned
indirect subsidiary of the Company, has entered into a Share
Purchase Agreement (the "SPA") with Shangrao Kangsheng Technology
Co., Ltd. (the "Buyer"), a company incorporated with limited
liability under the laws of the People's
Republic of China, formed by a buyer consortium led by Mr.
Xiande Li, chairman of the board of
directors of the Company (the "Board").
Subject to satisfaction or waiver of the SPA's terms and
conditions, the Buyer will acquire all of the 55% equity interest
indirectly held by JinkoSolar in Jiangxi JinkoSolar Engineering
Co., Ltd., a developer and operator of solar power projects in
the People's Republic of China,
for a total consideration of US$250
million in cash (the "Purchase Price"). Through this
transaction, JinkoSolar will spin off all its downstream business
of Jinko Power and get US$250 million in cash. The transaction is
currently expected to close during the fourth quarter of 2016.
The Buyer intends to fund the Purchase Price with personal funds
and debt financing.
The Board, acting upon unanimous recommendation of a committee
of independent directors established by the Board (the "Special
Committee"), unanimously approved the SPA and the transactions
contemplated thereby. The Special Committee, which is composed
solely of independent and disinterested directors, negotiated the
terms of the SPA with the assistance of its financial and legal
advisors.
In connection with the execution of the SPA and the performance
of the transactions contemplated thereby, Duff & Phelps, LLC is
serving as financial advisor to the Special Committee; Cleary Gottlieb Steen & Hamilton LLP is
serving as U.S. legal advisor to the Special Committee; and Jun He
Law Offices is serving as PRC legal advisor to the Special
Committee. Credit Suisse (Hong
Kong) Limited is serving as financial advisor to the Buyer;
and Troutman Sanders LLP is serving as U.S. legal advisor to the
Buyer.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar
industry. JinkoSolar distributes its solar products and
sells its solutions and services to a diversified international
utility, commercial and residential customer base
in China, the United States, Japan, Germany,
the United Kingdom, Chile, South
Africa, India, Mexico, Brazil, the United Arab
Emirates, Italy, Spain, France, Belgium, and other countries and
regions. JinkoSolar has built a vertically integrated
solar product value chain, with an integrated annual capacity of
3.5 GW for silicon ingots and wafers, 3.5 GW for solar cells, and
6.5 GW for solar modules, as of June 30,
2016. JinkoSolar also sells electricity in China,
and had connected approximately 1,130 MW of solar power projects to
the grid, as of June 30, 2016.
JinkoSolar has over 15,000 employees across its 6
productions facilities in Jiangxi, Zhejiang and Xinjiang
Provinces, China, Malaysia, Portugal and South
Africa, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, Spain, United
States, Canada,
Mexico, Brazil, Chile, Australia and South
Africa. 18 global sales offices in China (2) ,United
Kingdom, Bulgaria,
Greece, Romania, United Arab
Emirates, Jordan,
Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya,
Costa Rica, Colombia, Brazil and Mexico.
To find out more, please see: www.jinkosolar.com
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends, "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
JinkoSolar's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Except as
required by law, the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com
Mr. Christian Arnell
Christensen, Beijing
Tel: +86 10 5900 2940
Email: carnell@christensenir.com
In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale,
Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE JinkoSolar Holding Co., Ltd.