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.
The principal asset of Jade Sino was the 13,404 preferred shares of JinkoSolar Power Engineering Group Limited (“JinkoSolar Power”) out of the total 26,809 preferred shares subscribed on 11 August 2014 by CDBIH. Upon completion of Jade Sino Subscription Agreement, Jade Sino applied the amount of US$52.50 million (equivalent to approximately HK$409.50 million) contributed by the Company and CDBIH to completing the subscription of the remaining 13,405 preferred shares of JinkoSolar Power. The subscription of the remaining 13,405 preferred shares of JinkoSolar Power by Jade Sino was completed on 13 November 2014. In May 2020, Jinko Power completed its initial public offering of 594,592,922 A shares (“A Shares”) on the Shanghai Stock Exchange with the issue price of RMB$4.37 per A share for a total offering size of approximately RMB2.60 billion. The A Shares listed and commenced trading on the Shanghai Stock Exchange on 19 May 2020, under stock code 601778.
During the Period, the performance of Jinko Power was similar as compared with that at the end of 2019, with the major sources of its income including sales of electricity and engineering, procurement and construction. The Company expects that the performance of Jinko Power in the second half of 2020 will be generally in line with our expectations and expects Jinko Power can made a significant contribution to the Company’s performance after its listing.