SHANGRAO, China - JinkoSolar (NYSE:JKS) Holding Co., Ltd. (NYSE: JKS), a global solar module manufacturer, has repurchased approximately $104.1 million of its American Depositary Shares (ADSs) under its share repurchase program. The company, recognized for its significant presence in the solar industry, has bought back a total of 4,203,178 ADSs through open market transactions.
The share repurchase initiative, which began in July 2022, was extended on December 20, 2023, for an additional 18 months, with the program now set to continue until June 30, 2025. As of today, there is still around $95.9 million available for further repurchases under this program.
JinkoSolar's repurchase strategy may include open-market transactions, privately negotiated deals, or block trades. The company has stated that any future repurchases will be conducted in compliance with the Securities Exchange Act of 1934, specifically Rule 10b-18 and Rule 10b5-1, as well as the company's own insider trading policy.
JinkoSolar operates on a global scale, with 14 production facilities and 26 overseas subsidiaries. Its reach extends across various countries and regions, including the United States, Europe, Asia, and Latin America, catering to a diverse range of customers from residential to utility-scale projects.
The company's actions reflect a common corporate practice of share repurchases, which can potentially signal confidence in the business's value and future prospects. Still, the company's forward-looking statements contained in the press release are subject to risks and uncertainties that could cause actual results to differ from expectations.
This buyback announcement is based on a press release statement and does not necessarily reflect broader market trends or the potential impact on the solar industry as a whole. JinkoSolar's stock performance and further corporate developments will continue to be observed by investors and market analysts.
InvestingPro Insights
As JinkoSolar Holding Co., Ltd. (NYSE: JKS) continues its share repurchase program, InvestingPro data provides a deeper look into the company's financial health and market performance. With a market capitalization of $1.28 billion and an attractive P/E ratio of just 2.87, JinkoSolar stands out in the Semiconductors & Semiconductor Equipment industry. The company's P/E ratio has remained consistent, with a slight increase to 2.95 over the last twelve months as of Q4 2023.
InvestingPro Tips highlight that JinkoSolar operates with a significant debt burden, which is an important consideration for investors. On the other hand, management's aggressive share buybacks demonstrate their confidence in the company's value.
Moreover, JinkoSolar is trading at a low Price / Book multiple of 0.46, suggesting that the stock may be undervalued relative to the company's book value. The company's revenue has seen robust growth, with a 42.77% increase over the last twelve months as of Q4 2023.
For investors seeking more insights, there are over 10 additional InvestingPro Tips available at https://www.investing.com/pro/JKS. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further in-depth analysis and data to inform their investment decisions.
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