JinkoSolar Announces Changes to Senior Management

Rhea-AI Summary

JinkoSolar (NYSE: JKS) announced significant changes to its senior management team to comply with the Shanghai Stock Exchange's requirements for its subsidiary's proposed listing. Key executives, including the CEO and COO, have resigned to assume roles at Jiangxi Jinko. Xiande Li has been appointed as the new CEO of JinkoSolar. The company believes these management changes will not materially impact its operations. JinkoSolar remains a leading solar module manufacturer with a robust global presence and substantial production capacity.

Positive

• Appointment of Xiande Li as new CEO may provide fresh leadership.
• Maintains strong global operational capacity with 20 GW mono wafer, 11 GW solar cells, and 25 GW module production.

Negative

• Resignations of key executives could lead to instability during the transition.

SHANGRAO, China, Dec. 15, 2020 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced changes to its senior management team, in order to comply with certain business operations and independence requirements of the Shanghai Stock Exchange Science and Technology Innovation Board (the "STAR Market"), in relation to the proposed listing of its principal operating subsidiary, Jinko Solar Co., Ltd. ("Jiangxi Jinko") on the STAR Market.

Mr. Kangping Chen, Mr. Gener Miao, Dr. Jiun-Hua Allen Guo, Mr. Shaoguo Ji and Dr. Hao Jin have resigned as chief executive officer, chief marketing officer, chief operating officer, chief human resources officer and chief technology officer of the Company, respectively, effective immediately, and will carry out their respective responsibilities at Jiangxi Jinko. Mr. Xiande Li, Chairman of JinkoSolar, has been appointed as chief executive officer of the Company, effective immediately. The Company does not believe these changes in its senior management team will have any material impact on its business operations.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 20 GW for mono wafers, 11 GW for solar cells, and 25 GW for solar modules, as of September 30, 2020.

JinkoSolar has 9 productions facilities globally, 21 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, Australia, Portugal, Canada, Malaysia, UAE, Kenya, Hong Kong, Denmark, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina, as of September 30, 2020.

To find out more, please see: www.jinkosolar.com.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com

Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-changes-to-senior-management-301192707.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What management changes were announced by JinkoSolar on December 15, 2020?

JinkoSolar announced the resignation of several key executives and the appointment of Xiande Li as the new CEO.

How will the management changes impact JinkoSolar's stock performance?

The company believes the management changes will not materially impact its business operations, but investor confidence may be affected by the transition.

What is the production capacity of JinkoSolar as of September 30, 2020?

JinkoSolar has an integrated annual production capacity of 20 GW for mono wafers, 11 GW for solar cells, and 25 GW for solar modules.

What is the significance of the changes to JinkoSolar's management?

The changes are in compliance with Shanghai Stock Exchange requirements for the listing of its subsidiary Jiangxi Jinko on the STAR Market.