JinkoSolar (NYSE:JKS) stock is soaring higher on Wednesday after the solar panel company went public in China.
Let’s take a look at everything potential JKS stock investors need to know about that news below!
- Jinko Solar, the principal operating subsidiary of JinkoSolar, has completed its initial public offering (IPO) in the country.
- This has shares of the company’s stock trading on the Shanghai Stock Exchange.
- The IPO saw Jinko Solar issuing 2 million shares, which represent 20% of its 10 million shares outstanding after the offering.
- The shares were listed for a price of 5 yuan each, which translates to total gross proceeds of 10 billion yuan from the IPO.
- It’s also worth noting that following the IPO, JinkoSolar continues to hold a 58.62% in its Chinese subsidiary.
- The first day of trading was also a boon to the company’s Chinese stock, which saw a 111% gain from its IPO price when markets closed.
Xiande Li, chairman and CEO of JinkoSolar, said the following about the IPO news boosting JKS stock higher today.
“As we continue to scale and grow, having access to capital will boost our competitiveness as we leverage our network and resources accumulated over the years to strengthen our leading position in the global PV industry. Looking ahead, we are confident to achieve continuous growth and are committed to creating sustainable value for all our shareholders both in China and globally.”
JKS stock is also experiencing heavy trading today following the completion of its IPO in China. This has some 3 million shares on the move as of this writing. That’s above its daily average trading volume of around 1.2 million shares.
JKS stock is up 9.4% as of noon Wednesday.
There’s more stock market news below for traders to dive into!
InvestorPlace offers daily coverage of the stock market and today is no different. A few examples for Wednesday include what’s going on with Tesla (NASDAQ:TSLA) stock today, the upgrade news sending DraftKings (NASDAQ:DKNG) stock higher, as well as what to expect from the Federal Reserve meeting. We’ve got all of that and more at the links below!
More Wednesday Stock Market News
- Elon Musk Thinks the Cybertruck Will Be Tesla Stock’s New Driver
- DKNG Stock Price Prediction: Why Morgan Stanley Thinks DraftKings Is a Big Opportunity
- Fed Meeting Today: 13 Things That Have Investors on Edge Ahead of the FOMC Meeting
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.