Jinko Solar announces share buyback for $200 million

Chinese solar group Jinko Solar Holding Co. Ltd. has announced a $200 million share repurchase program. According to a statement, the board of directors has authorized the company to buy up American depositary shares (ADS) in a corresponding volume over a period of 18 months.
The buyback is to take place »from time to time« on the open market, in the form of privately negotiated transactions or as a purchase of blocks of shares. Jinko Solar plans to use existing funds for this purpose. The program »reflects our strong confidence in our future prospects,« said Xiande Li, chairman of the board and CEO. The company did not give specific reasons for its plans. According to the latest quarterly report (Q1 2022), the profit attributable to shareholders fell significantly while business was good overall, so a share buyback could serve to increase dividends.
© PHOTON

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