Jinko Solar Co. rose more than double on its first day of trading in Shanghai, offering a huge premium to its parent’s listing in the US, according to a report by Bloomberg on Wednesday.
- Jinko, the world’s second-biggest solar module manufacturer, expanded to nearly 11.95 yuan a share ($1.89) before ending 111% higher than its initial offer price and signaling a market cap of around $16.7 billion.
- The increase for the day was the most significant surge in a debut since October 2020 for any company listing in mainland China after raising over $1B.
- Wang Chen, a Shanghai-based partner of XuFunds Investment Management Co., stated that Jinko Solar is a high-quality firm in this area.
- Jinko is the latest Chinese solar company to post a valuation surge in its domestic country. Chinese investors may be hopeful about the future of the solar sector.
Meanwhile, foreign investors are cautious about political and trade disputes relating to China and the US, and more disclosure requirements could trigger delistings. JKS up +13.26%, Pre-market trading