Why JinkoSolar Stock Jumped 24.9% Today
Shares of solar manufacturer JinkoSolar Holding Co (NYSE: JKS) jumped as much as 24.9% in trading on Monday after announcing the application for an IPO of one of its subsidiaries. Shares were still up 22.4% at 1:20 p.m. EDT.
JinkoSolar Holding announced that a subsidiary called Jinko Solar Co, also known as Jiangxi Jinko, has submitted an application for an initial public offering (IPO) on China's STAR market. The company plans to sell up to 2.67 billion shares, or up to 25% of its shares outstanding. Prior to the IPO, JinkoSolar Holding owned 73.28% of the company and will hold 54.96% of the company if it sells 2.67 billion shares.
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Source Fool.com
