June 7 (Bloomberg) -- JinkoSolar Holding Co., a Chinese solar manufacturer, rose the most in more than two weeks as expanding sales in Japan helped boost first-quarter shipments 36 percent.
Jinko’s American depositary receipts climbed 8.6 percent to $9.20 at the close in New York, the most since May 20. The Shangrao, China-based company’s ADRs are each worth four ordinary shares.
Shipments of solar panels, cells and wafers reached 338.6 megawatts in the quarter, up from 249 megawatts a year earlier, Jinko said today in a statement. Sales increased 9.7 percent to 1.16 billion yuan ($190 million).
Part of that came from Japan, where demand for solar panels may triple this year. Jinko opened a local office there in March and has already signed “a few large contracts,” according to the statement. The company expects Japan to make up 15 percent of its shipments “in the coming quarters.”
“We continue to expand and diversify our geographic presence in emerging solar markets such as China, Japan, U.S., South Africa and India,” Chen Kangping, chief executive officer, said today on a call with analysts.
Solar installations in Japan may reach 9,400 megawatts this year, up from almost 2,500 last year, according to data compiled by Bloomberg. The government is promoting wider use of renewable energy after closing nuclear reactors in response to the March 2011 nuclear disaster in Fukushima.
Jinko’s net loss in the quarter narrowed 64 percent to 128.7 million yuan from a year earlier.
The company is taking measures “to reduce our exposure and historical reliance on the European market,” which announced import tariffs on Chinese solar products June 4, Chen said. Once the largest market for solar panels, JinkoSolar expects sales in Europe to account for less than 20 percent of its shipments in coming quarters, he said.
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