JinkoSolar Announces Strategic Financing Agreement with Bank of China
SHANGHAI, Jan. 26, 2011 /PRNewswire-Asia-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a fast-growing vertically integrated solar product manufacturer with low-cost operations based in China, announced today that Jinko Solar Co., Ltd. ("Jiangxi Jinko"), one of the Company's wholly owned subsidiaries, has entered into a strategic cooperation agreement with the Bank of China ("BOC"), one of China's big four state-owned commercial banks, which contemplates potential credit facilities in the aggregate maximum amount of RMB50 billion to be granted to Jiangxi Jinko over a five-year period to support the Company's long-term growth and corporate development plans.
Detailed terms of the credit facilities and related credit agreements are subject to BOC's internal risk management requirements and operational regulations and will need to be negotiated before the relevant credit facilities may be granted.
"We are pleased to have the support of BOC as we look to capitalize on opportunities that will further strengthen our position as a leading solar product manufacturer," said Mr. Longgen Zhang, chief financial officer of JinkoSolar. "Following the successful registration of RMB600 million financing bonds with Industrial Bank, our strategic agreement with BOC reiterates JinkoSolar's successes and strong financial performance and highlights the confidence of Chinese financial institutions in our ability to continue delivering positive results. With the long-term financial support of BOC, we are confident we will deliver excellent results in 2011 as well as meet our long-term growth targets."
About JinkoSolar Holding Co., Ltd.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a fast-growing vertically integrated solar power product manufacturer with low-cost operations, based in Jiangxi Province and Zhejiang Province in China. JinkoSolar has built a vertically integrated solar product value chain from recovered silicon materials to solar modules. JinkoSolar's principal products are solar modules, silicon wafers and solar cells. As of June 30, 2010, JinkoSolar had an aggregate of approximately 300 customers for its solar modules, solar cells and silicon wafers from China, Germany, Hong Kong, India, Italy and other countries or regions. For more information about JinkoSolar, please visit http://www.jinkosolar.com.
Forward Looking Statements
This press release may contain 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 involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's registration statement on Form F-1, as amended. All information provided in this press release is as of January 26, 2011. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
For investor and media inquiries please contact:
JinkoSolar Holding Co., Ltd.
Ogilvy Financial, Beijing
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
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