JinkoSolar Surges After Raising $61.75 Million in Third ADR Sale
JinkoSolar Holding Co. (JKS), the only Chinese solar manufacturer that posted a profit in the second quarter, gained the most in more than two weeks after raising $61.75 million in its third offering of American depositary receipts.
JinkoSolar’s ADRs gained 14 percent to $18.71 at 10:53 a.m. in New York after rising as much as 15 percent, the most intraday since Sept. 3. The Shangrao, China-based company’s ADRs are each worth four ordinary shares.
The company sold 3.8 million ADRs for $16.25 each, according to a statement yesterday. Underwriters have a 30-day option to purchase as many as 570,000 additional ADRs.
JinkoSolar reported second-quarter net income of 49 million yuan ($8 million) Aug. 14, its first profit since 2011. It was the only profitable Chinese manufacturer in the 15-member Bloomberg Industries Large Solar Index in the second quarter.
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