Chinese solar company Jinko Solar Holding Co. filed for an initial public offering (IPO) on Wednesday, according to Reuters report.
Th company, which produces silicon wafers, solar cells and solar modules hopes to raise up to $100 million to expand manufacturing, increase research and development and provide working capital.
The company intends to list on the New York Stock Exchange (NYSE) with the symbol "JKS."
In September 2009, Jinko Solar signed a strategic cooperation agreement with Upsolar to sell Jinko Solar modules in North America over the next three years, with a general volume of 175 megawatts (MW).
Reuters reports that Jinko Solar’s revenue and income have been down significantly in the last year. The company announced revenue of 880 million yuan ($128.9 million) in the nine months ended Sept. 30–a decrease of 42.8% from the same period a year ago– and net income of 1.72 million yuan, compared with 179.2 million yuan a year ago.
Earlier this month China’s Daqo New Energy Corp–a producer of polysilicon for the solar industry–also filed for an IPO on the NYSE.
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