JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced that its principal operating subsidiary, Jinko Solar Co., Ltd. (Jiangxi Jinko), has successfully completed its initial public offering registration process with China Securities Regulatory Commission.
JinkoSolar engages in the design, development, production and marketing of photovoltaic products and solar system integration services. Shares of the company gained 4.6% on Tuesday to close at $44.10.
As a next step, Jiangxi Jinko will be entering the issuance process for its IPO on the Shanghai Stock Exchange’s Sci-Tech innovation board.
The Chairman of the Board of Directors and CEO of JinkoSolar, Xiande Li, said, “We are very pleased that Jiangxi Jinko will soon enter the issuance process for its IPO and gain access to the fast-growing capital market in China, which we believe will further strengthen our leadership in the PV industry.”
2021 marked a great year for IPOs on a global level, with the same trend expected to continue in 2022 as well. Some of the promising lined-up IPOs for 2022 include companies such as Instacart, Reddit and Discord.
Wall Street’s Take
In early December, Roth Capital analyst Philip Shen reiterated a Hold rating on the stock with a price target of $51 (15.7% upside potential from current levels).
Consensus among analysts is a Strong Buy based on 2 Buys, 1 Hold and 1 Sell. The JinkoSolar price target of $53.40 implies upside potential of 21.1% to current levels.
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on JinkoSolar, with 1.6% of investors on TipRanks decreasing their exposure to JKS stock over the past 30 days.