SHANGRAO, China - JinkoSolar (NYSE:JKS) Holding Co., Ltd. (NYSE: JKS), a global solar module manufacturer, announced today that it has repurchased approximately $134.5 million worth of its American Depositary Shares (ADSs) under its share repurchase program. The program, initially unveiled in July 2022 and extended in December 2023, has seen the company buy back 5,596,739 ADSs to date.
The extension of the buyback initiative, which will continue through June 30, 2025, leaves an unused balance of approximately $65.5 million worth of shares. The company's future repurchases may occur through open market transactions, privately negotiated deals, or block trades, subject to market conditions and regulatory requirements.
JinkoSolar's repurchase strategy is subject to the Securities Exchange Act of 1934's Rule 10b-18 and Rule 10b5-1, as well as the company's insider trading policy. The repurchase program is part of JinkoSolar's efforts to manage its capital and return value to shareholders.
With a diverse international customer base, JinkoSolar serves various sectors, including utility, commercial, and residential. As of June 30, 2024, the company has established a significant global presence, with over 10 production facilities and more than 20 overseas subsidiaries.
The company's forward-looking statements in the press release are subject to risks and uncertainties that could cause actual results to differ materially from expectations. These statements are governed by the U.S. Private Securities Litigation Reform Act of 1995.
The information provided in this article is based on a press release statement from JinkoSolar Holding Co., Ltd.
In other recent news, JinkoSolar Holding Co., Ltd. has made several major announcements. The company reported a 53.3% increase in module shipments in the first quarter of 2024, reaching net income of $84.4 million. JinkoSolar also declared a cash dividend of $0.375 per ordinary share, totaling around $79 million in distribution.
In addition, JinkoSolar has made significant strides in its board of directors. The company welcomed Mr. Gang Chu as an independent director, replacing Mr. Yingqiu Liu. Chu, a former chief operating officer at China International Capital Corporation Limited, brings extensive financial sector experience to the role.
In terms of technical advancements, JinkoSolar achieved a new record for solar cell conversion efficiency at 33.24% with its N-type TOPCon-based perovskite tandem solar cell. The company also completed a repurchase of its American Depositary Shares for approximately $110.7 million.
JinkoSolar also announced a partnership with kIEFER to supply Athens International Airport with a large-scale battery storage system, SunTera, as part of the airport's goal to reach Net Zero Carbon Emissions by 2025. These recent developments reflect JinkoSolar's ongoing commitment to growth and shareholder value.
InvestingPro Insights
JinkoSolar Holding Co., Ltd. (NYSE: JKS) continues to demonstrate its commitment to shareholder value through its ADS repurchase program. As the company navigates market conditions, it's important for investors to consider key financial metrics and analyst insights. According to InvestingPro data, JinkoSolar has a market capitalization of approximately $962.1 million, reflecting its standing in the industry. The company's Price/Earnings (P/E) ratio stands at an attractive 2.87, with an even lower adjusted P/E ratio for the last twelve months as of Q1 2024 at 2.32, suggesting that the stock may be undervalued.
Moreover, the company's Price/Book ratio for the same period is 0.33, which, according to an InvestingPro Tip, indicates that JinkoSolar is trading at a low Price/Book multiple. This could be a signal to value investors that the company's assets are potentially priced conservatively relative to its market valuation. Additionally, JinkoSolar's revenue has grown by 29.12% over the last twelve months as of Q1 2024, showcasing its ability to expand its financial top line amid challenging market dynamics.
In terms of shareholder returns, JinkoSolar offers a significant dividend yield of 16.35%, which is particularly noteworthy for income-focused investors. This aligns with another InvestingPro Tip pointing out that JinkoSolar pays a significant dividend to shareholders, reinforcing the company's commitment to returning value to its investors.
For those seeking more comprehensive analysis, there are additional InvestingPro Tips available that provide deeper insights into JinkoSolar's financial health and market position. These tips include observations on the company's cash burn rate, gross profit margins, and industry standing, among others. Interested readers can explore further by visiting the dedicated InvestingPro page for JinkoSolar at https://www.investing.com/pro/JKS, where a total of 15 InvestingPro Tips are listed to guide investment decisions.
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