JinkoSolar approves USD-100m share buyback programme

The board of Chinese solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS) has authorised a programme to repurchase up to USD 100 million (EUR 89.5m) of its ordinary shares represented by American depositary shares (ADSs) within 12 months.

JinkoSolar said in a statement on Thursday that it plans to use its existing funds to finance repurchases on the open market at prevailing market prices. This could be done in open-market transactions, privately negotiated deals or block trades, and/or through other legally permissible means.

CEO Kangping Chen commented that this new programme shows the company’s confidence in its future growth prospects.

“We are convinced that our technological transformation, industry-leading cost structure and expanding mono capacity have ideally positioned us to benefit from the enormous growth opportunities this sector continues to generate," Chen said.

Earlier this week, the company lifted its shipments forecast for the last quarter of 2019 and the full year, and guided for an increase in 2020.

(USD 1.0 = EUR 0.895)

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