JinkoSolar Surges After Raising $61.8 Million in ADR SaleJustin Doom
JinkoSolar Holding Co., the only Chinese solar manufacturer that posted a profit in the second quarter, rose after raising $61.75 million in its third offering of American depositary receipts.
JinkoSolar’s ADRs gained 5.3 percent to $17.36 at the close in New York, the most in a week. 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.