Analysis of the Reasons for Jinko Solar's Delayed H-Share Listing: Superposition of PV Industry Winter and Financial Distress

Based on the information I collected, the main reasons for

involve multiple factors such as the company’s internal financial status, industry environment, and legacy issues. Below is a detailed analysis:

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Time Node	Event
February 21, 2025	Jinko Solar announced the launch of its H-share issuance plan
April 28, 2025	Submitted an application for the issuance of overseas listed foreign shares (H-shares) to the Hong Kong Stock Exchange [1]
Around October 28, 2025	Prospectus expired (upon the expiry of the 6-month validity period) [1]
November 2025	Formulated multiple systems and rules such as the Information Disclosure Management System (applicable after H-share listing) [1]

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The PV industry is trapped in severe overcapacity and a price war:

• Supply-Demand Imbalance
  : In 2024, global module capacity reached approximately 700GW, but new installed capacity was only 300GW, resulting in a supply-demand ratio of 2.3:1 [2]
• Sharp Price Drop
  : Since the peak in 2020, the average price of mainstream models in all segments has dropped by
  66.4% to 89.6%
  [3]
• Collective Industry Losses
  : In the first quarter of 2025, 31 A-share listed PV main industry chain enterprises recorded an overall net loss of RMB 12.58 billion, a year-on-year increase of 274.3% [3]

Financial Indicator	2024	2025 (Estimated)
Net Profit Attributable to Shareholders	-RMB 4.656 billion	-RMB 4.5 billion to 4.8 billion
Net Profit after Deducting Non-Recurring Items	-RMB 4.269 billion	-RMB 4.8 billion to 5.1 billion
Asset Impairment	RMB 3.329 billion	-
Asset-Liability Ratio	Approximately 75%	-

:

• In 2024, the asset impairment amount accounted for
  71.49%
  of the net loss [1]
• The domestic gross profit margin dropped from 15.98% in 2022 to
  -4.61%
  in H1 2025 [1]
• The net operating cash flow in 2024 was RMB 3.347 billion, a
  significant year-on-year decline of 73.04%
  [2]

The performance of A-share fundraising projects has raised market concerns about the efficiency of fund use for the Hong Kong listing [2]:

• Baotou 20GW Wafer Pulling and Slicing Project
  : Originally scheduled for completion in 2023, it was delayed to June 2025, extending the construction period from 2 years to 4 years
• Multiple Delays
  : Several fundraising projects have been delayed due to “capacity planning adjustments” and industry supply-demand imbalances
• Questionable Capital Use Efficiency
  : A total of RMB 26.66 billion was raised from 2020 to 2023, but high debt and profit pressure have not been alleviated

Jinko Solar was privatized and delisted from Nasdaq in 2018, during which it was involved in a

with Hong Kong investors [4]. This history may affect the trust of overseas investors in the company.

• The U.S. Inflation Reduction Act restricts Chinese PV products
• EU anti-circumvention investigation
• The company sold its U.S. PV module manufacturing base to an independent third party in 2025 [1]

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Nevertheless, Jinko Solar still plans to use the funds raised from the Hong Kong listing for:

• Oman 6GW cell and 3GW module project (RMB 3.96 billion)
• Egypt 2GW cell and 2GW module factory (approximately USD 213 million)
• R&D investment, digital upgrading, debt optimization, and supplementary working capital

However,

. Against the backdrop of current huge losses and the industry winter, if the company cannot provide a clear path to profit recovery, it may be difficult to obtain a high valuation [2].

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The delay of Jinko Solar’s H-share listing is the result of

:

1. Industry Level: PV overcapacity, fierce price wars, and intensified trade barriers
2. Company Level: Huge losses, high debt, and low efficiency of historical fundraising projects
3. Market Level: Hong Kong investors have higher requirements for profitability and financial stability

To successfully advance the H-share listing, the company needs to

. Otherwise, the Hong Kong IPO may become a trigger for financial pressure [2].

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[1] “Jinko Solar: Expected Loss Exceeds RMB 4 Billion in 2025, Multiple Refinancing Projects Fail to Meet Expectations Yet Raise Funds for New Plants”, JinZheng Research, https://m.sohu.com/a/976649957_639898
[2] “Jinko Solar’s Hong Kong IPO: Trapped in Huge Losses and Debt Quagmire, the Road to Global Breakthrough is Rough”, Caizhong Society, https://news.qq.com/rain/a/20250507A02X6Q00
[3] “Jinko Solar’s Full-Year Expected Loss Reaches Nearly RMB 5 Billion, How Long Will the Winter for PV Leaders Last?”, 36Kr, https://www.36kr.com/p/3639339123110660
[4] “Why is Jinko Solar Seeking a Hong Kong Listing?”, Sina Finance, https://finance.sina.com.cn/roll/2025-06-04/doc-ineyxtzs9952264.shtml