JinkoSolar offering 3.5 million American Depositary Shares

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China’s JinkoSolar on Monday announced it was offering 3.5 million American Depositary Shares (ADS) valued at some $244 million.

Each ADS represents four of the company’s ordinary shares, currently trading in New York at around $17.40. Foreign corporations can use ADS to list ordinary equity on American stock exchanges.

JinkoSolar said in its SEC filing that it may use the net proceeds from the offering to expand manufacturing capacity and the development of solar power projects.

Credit Suisse Securities, J.P. Morgan Securities and Jefferies will act as joint bookrunners for the offering.

JinkoSolar announced last week that it had surpassed the 100 MW mark in grid connections in China. The company said its 20 MW PV plant in Shaya, Xinjiang Province, and the 10 MW solar project in Gonghe, Qinghai Province, had passed the acceptance inspection conducted by the national grid, bringing its total domestic grid connections more than 100 MW.

Commenting on the milestone last week, JinkoSolar CEO Kangping Chen said this year the country’s domestic solar industry had "experienced a surge in development as a result of the support and guidelines issued by the Chinese government and the implementation of feed-in-tariffs."

He added that China’s downstream market was gradually maturing "as developers, investors and financial institutions are increasingly concerned about the quality, performance and reliability of the PV power plants, especially large-scale PV power plant projects that require heavy capital investment. Only quality and sustainable long-term output of the power can ensure the future return on the investment."