On 29 September 2014, the Company entered into a share subscription agreement (the “Jade Sino Subscription Agreement”) with CDBIH and Jade Sino, pursuant to which the Company and CDBIH agreed to subscribe for 11,904 and 13,096 ordinary shares of Jade Sino, representing approximately 23.81% and 26.19% of the enlarged issued share capital of Jade Sino respectively.
In 2014, Jade Sino contributed an aggregate of US$105 million to subscribe for preferred shares issued by JinkoSolar Power Engineering Group Limited (“JinkoSolar Power”). As a result of the subsequent reorganization of JinkoSolar Power’s assets and the introduction of new investors, Jade Sino held 15.01% of the ordinary shares of Jinko Power. In May 2020, Jinko Power completed the initial public offering of 594,592,922 A shares (“A Shares”) on the Shanghai Stock Exchange with the issue price of RMB4.37 per A share for a total offering size of approximately RMB2.60 billion under stock code 601778. As at 30 June 2022, Jade Sino directly held approximately 8.35% equity interest in Jinko Power.
During the Period, the business income performance of Jinko Power was similar as compared with that at the beginning of 2021, with the major sources of its income including sales of electricity and design, procurement and construction. The Company expects that the performance of Jinko Power in 2022 will be generally in line with our expectations and it is expected that Jinko Power can make a significant contribution to the Company’s performance afterward.