JinkoSolar Holding Co., Ltd. Files Annual Report on Form 20-F

TL;DR

<b>JinkoSolar Holding Co., Ltd. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

JinkoSolar Holding Co., Ltd. (JKS) filed a Foreign Annual Report (20-F) with the SEC on April 25, 2024. JinkoSolar Holding Co., Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 1 Yingbin Road, Shangrao Economic Development Zone, Jiangxi Province, China. The SIC code for JinkoSolar is 3674 (Semiconductors & Related Devices). The filing was made on April 25, 2024.

Why It Matters

For investors and stakeholders tracking JinkoSolar Holding Co., Ltd., this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of JinkoSolar's financial health, operational activities, and strategic direction for the fiscal year 2023. As a major player in the solar module manufacturing industry, JinkoSolar's annual report is crucial for understanding market trends, competitive positioning, and potential risks within the renewable energy sector.

Risk Assessment

Risk Level: medium — JinkoSolar Holding Co., Ltd. shows moderate risk based on this filing. The company operates in the highly competitive and capital-intensive solar energy industry, subject to fluctuating raw material costs, government policies, and technological advancements, which could impact its financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F filing to assess JinkoSolar's performance and future prospects in the dynamic renewable energy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period)
• 2024-04-25 — Filing Date (The date the 20-F was filed with the SEC)
• 001-34615 — SEC File Number (JinkoSolar's SEC file number)
• 0001481513 — Central Index Key (JinkoSolar's SEC CIK number)

Key Players & Entities

• JinkoSolar Holding Co., Ltd. (company) — Filer of the 20-F report
• 20-F (filing) — Form type filed by JinkoSolar
• 2023-12-31 (date) — Fiscal year end date
• 2024-04-25 (date) — Filing date
• 3674 (industry) — Standard Industrial Classification for Semiconductors & Related Devices
• 1 Yingbin Road, Shangrao Economic Development Zone, Jiangxi Province (location) — Business and mailing address

FAQ

Risk Factors

• Market Competition [medium — market]: The solar industry is highly competitive, with numerous manufacturers, which could lead to price pressures and affect profitability.
• Fluctuations in Raw Material Prices [medium — financial]: The cost of key raw materials, such as polysilicon, can fluctuate significantly, impacting production costs and margins.
• Government Policies and Regulations [medium — regulatory]: Changes in government policies, subsidies, and trade regulations related to renewable energy can impact demand and operational costs.

Key Dates

• 2024-04-25: Filing of 20-F — Annual report submission for fiscal year 2023

Key Financial Figures

• $0.00002 — ting four ordinary shares, par value US$0.00002 per share JKS New York Stock Exchan
• $ — its selected applicable standards; "US$," "dollars" or "U.S. dollars" refers to
• $1 — t were made at a rate of RMB7.0999 to US$1.00, the noon buying rate in effect as o
• $1.00 — deral Reserve Board, was RMB7.2403 to US$1.00. Safe Harbor We make "forward-lookin

Filing Documents

• jks-20231231x20f.htm (20-F) — 6615KB
• jks-20231231xex8d1.htm (EX-8.1) — 244KB
• jks-20231231xex12d1.htm (EX-12.1) — 12KB
• jks-20231231xex12d2.htm (EX-12.2) — 13KB
• jks-20231231xex13d1.htm (EX-13.1) — 6KB
• jks-20231231xex13d2.htm (EX-13.2) — 6KB
• jks-20231231xex15d1.htm (EX-15.1) — 10KB
• jks-20231231xex15d2.htm (EX-15.2) — 4KB
• jks-20231231xex15d3.htm (EX-15.3) — 2KB
• jks-20231231xex97.htm (EX-97) — 53KB
• jks-20231231x20f001.gif (GRAPHIC) — 1KB
• jks-20231231x20f002.gif (GRAPHIC) — 1KB
• jks-20231231x20f003.gif (GRAPHIC) — 1KB
• jks-20231231xex15d1001.jpg (GRAPHIC) — 7KB
• jks-20231231xex15d1002.jpg (GRAPHIC) — 42KB
• jks-20231231xex15d2001.jpg (GRAPHIC) — 18KB
• jks-20231231xex15d2002.jpg (GRAPHIC) — 21KB
• 0001104659-24-051665.txt (&nbsp;) — 29414KB
• jks-20231231_def.xml (EX-101.DEF) — 847KB
• jks-20231231_lab.xml (EX-101.LAB) — 1602KB
• jks-20231231_pre.xml (EX-101.PRE) — 1262KB
• jks-20231231.xsd (EX-101.SCH) — 215KB
• jks-20231231_cal.xml (EX-101.CAL) — 175KB
• jks-20231231x20f_htm.xml (XML) — 5840KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents TABLE OF CONT ENTS PAGE PART I 5 Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5 Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5 Item 3. KEY INFORMATION 5 Item 4. INFORMATION ON THE COMPANY 62 Item 4A. UNRESOLVED STAFF COMMENTS 96 Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 96 Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 119 Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 130 Item 8. FINANCIAL INFORMATION 133 Item 9. THE OFFER AND LISTING 141 Item 10. ADDITIONAL INFORMATION 142 Item 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 150 Item 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 152 PART II 154 Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 154 Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 154 Item 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 155 Item 16. 155 Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT 155 Item 16B. CODE OF ETHICS 156 Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 156 Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 156 Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 157 Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 157 Item 16G. CORPORATE GOVERNANCE 158 Item 16H. MINE SAFETY DISCLOSURE 158 Item 16I . DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 158 Item 16J. INSIDER TRADING POLICIES 159 Item 16K. CYBERSECURITY 159 PART III 160 Item 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 160 Item 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 160 Item 19. EXHIBITS 161 - i- Table of Contents CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT Unless otherwise indicated and except where the context otherwise requires, references in this annual report on Form 20-F to: "Company" refers to JinkoSolar Holding Co., Ltd., a Cayman Islands holding company; "we," "us," "our company," "our" or "JinkoSolar" refers to JinkoSolar Holding Co., Ltd. and its consolidated subsidiaries; in the context of describing activities, "we," "us," "our company," "our" or "JinkoSolar" refers to the consolidated subsidiaries of JinkoSolar Holding Co., Ltd.; "2009 Long Term Incentive Plan" refers to the 2009 Long Term Incentive Plan adopted on July 10, 2009, which was subsequently amended and restated; "2014 Equity Incentive Plan" refers to the 2014 Equity Incentive Plan adopted on August 18, 2014; "2021", "2022" and "2023" refers to our fiscal years ended December 31, 2021, 2022 and 2023, respectively; "2021 Equity Incentive Plan" refers to the 2021 Equity Incentive Plan adopted on March 5, 2021; "2022 Equity Incentive Plan" refers to the 2022 Equity Incentive Plan adopted on February 14, 2022; "2023 Equity Incentive Plan" refers to the 2023 Equity Incentive Plan adopted on January 5 , 2023; "ADSs" refers to American depositary shares issued by JinkoSolar Holding Co., Ltd., and "ADRs" refers to the American depositary receipts evidencing the ADSs; "CE" refers to CE certification, a verification of electromagnetic compatibility (EMC) compliance issued by SGS Taiwan Ltd. certifying compliance with the principal protection requirement of Directive 2004/108/EC of the European Union and EN 61000-6-3:2001+A11:2004 and EN 61000-6-1:2001 standards; "CQC" refers to the certificate issued by China Quality Certification Centre certifying that our solar modules comply with IEC 61215:2005 and IEC 617302:2004 standards; "DG projects" refers to distributed generation solar power projects, including ground-moun

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not Applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION Our Holding Company Structure The Company is not a Chinese operating company but a Cayman Islands holding company with operations primarily conducted by its subsidiaries based in China. Investors in the ADSs are purchasing equity interest in the Cayman Islands holding company. See "—D. Risk Factors—Risks Related to Our Business and Industry—We rely principally on dividends and other distributions on equity paid by our principal operating subsidiary, and limitations on their ability to pay dividends to us could have a material adverse effect on our business and results of operations." In addition, we face various legal and operational risks and uncertainties related to doing business in mainland China. A significant part of our business operations in China are conducted through our subsidiaries in the PRC, and we and our subsidiaries are subject to complex and evolving PRC laws and regulations. For example, we and our subsidiaries in the PRC face risks associated with regulatory approvals on offshore offerings, which may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchange. These risks could result in a material adverse change in our operations and the value of the ADSs, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline in value. In addition, we are subject to risks arising from China's regulatory environment, including the complexity and uncertainty in the interpretation of the PRC laws and regulations. See "—Implications of Being a Foreign Private Issuer and a China-based Company" and "—The Holding Foreign Companies Accountable Act." Recently, Chinese regulators have announced regulatory actions targeting certain sectors of China's economy. Although the solar power industry has not been directly affected, we cannot guarantee that the Chinese government wi

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View this 20-F filing on SEC EDGAR