May 19, 2020 (China Knowledge) - Jinko Power Technology (601778) to start trading on the Shanghai Stock Exchange - Main Board today, at a public offering price of RMB 4.37 per share, raising RMB 2.6 bln. Its initial listing shares account for 21.50% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 16.58.
China Securities acted as the lead underwriter and sponsor for the IPO.
Earlier, Jinko Power Technology said its IPO was 461 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.
Jinko Power Technology Co Ltd is a China-based company that mainly provides clean energy. The Company's main businesses include photovoltaic power plant operation, photovoltaic power plant transfer and photovoltaic power plant engineering procurement construction (EPC). The businesses are involved in the development, investment, construction, operation and management, transfer and others for solar photovoltaic power plant, as well as photovoltaic power plant EPC project, power plant operation comprehensive service solutions.
In financial year 2019, Jinko Power Technology garnered a total revenue of RMB 5.34 bln, down 24% YoY. In terms of net income, it achieved RMB 735 mln, down 19% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 9.24% and 2.42% respectively, earning per share (EPS) of 0.34 RMB.
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