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Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. 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font-family: 'times new roman', times;">The short-term bank borrowings outstanding as of December 31, 2014 and 2015 carried a weighted average interest rate of <font>4.78</font>% and <font>5.08</font>% per annum, respectively. 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white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">1) Long-term bank borrowings</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In 2015, the Group entered into a loan agreement with Financial Investment Management Center of Jiangxi Province for a <font>three</font>-year loan in the principle amount of RMB<font>20,000,000</font>. The borrowing was collateralized on stock rights of Jiangxi Jinko, held by Jinko Technology.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Borrowings of RMB<font>383,122,400</font> were guaranteed by Zhejiang Jinko, and Jinko Holding.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px; font-stretch: normal;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In 2013, 2014 and 2015, the Group entered into loan agreements for an aggregate principle amount of RMB<font>2,301.4</font> million for the term of <font>15</font> years with China Development Bank to develop power plant projects, which was repayable in installments from May 2013 to April 2032. As of December 31, 2015, the balance of these borrowings was RMB<font>2,156,500,000</font>, including <font>106,000,000</font> which will due in 2016. The loan carries a variable interest rate that is determined with reference to the prevailing base lending rate set by People's Bank of China. The effective interest rate of the borrowing was <font>6.03</font>% as of December 31, 2015. Interest is payable quarterly. The borrowing was collateralized on certain of the Group's solar power project assets, accounts receivable, and also guaranteed by a Shareholder, Jinko Power Co., Ltd. and a subsidiary of Jinkosolar Holding. The net book value of solar power project assets and accounts receivable collateralized were RMB <font>3,560,574,593</font> and RMB <font>322,275,258</font>, respectively, as of December 31, 2015. The borrowing was also collateralized on the equity interests of certain of the Group's subsidiaries of which the total net assets were RMB<font>686,909,010</font>.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">2) Long-term borrowings with embedded warrants</b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"></b><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In July 2015, JinkoSolar Power entered into a loan agreement with Credit Suisse and <font>6</font> other financial institutions for an <font>eighteen</font> months loan in the principle amount of USD150,000,000 to develop power plant projects. The interest rate is <font>6</font>% plus <font>LIBOR</font> per annum, and accrued interest is due and payable at the end of every <font>six</font> months. Total debt issuance cost of USD<font>4,000,000</font> was deducted from the proceeds directly. The loan shall become immediately due and payable upon the occurrence of an IPO of JinkoSolar Power or change of control of JinkoSolar Holding, or any unlawful matter occurs. This financing was guaranteed by Canton Best BVI, Jinko Power Co., Ltd., and a subsidiary of Jinkosolar Holding.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In conjunction with the loan agreement, JinkoSolar Power issued <font>6,750</font> warrants or entitlement of <font>0.675</font>% of JinkoSolar Power's fully diluted share capital to these <font>7</font> financial institutions to acquire JinkoSolar Power's fully-paid ordinary shares.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The warrant holders can purchase ordinary shares anytime during the term of the above loan at exercise price which is the Par Value of US$0.0000001. The entitlement of shares expressed as a percentage of JinkoSolar Power's fully diluted share capital is adjusted based on the time when IPO occurs, as: a) <font>0.675</font>% if an IPO occurs within 6 months from July 24, 2015 (&#147;Utilisation Date&#148;); b) <font>1.425</font>% if an IPO occurs after 6 months and within 12 months Utilisation Date; and c) <font>2.10</font>% if an IPO occurs after 12 months of the Utilisation Date. The entitlement of the shares is also subject to adjustment in the case of a non-qualifying IPO event of JinkoSolar Power. Warrant holders can elect for net cash settlement if IPO of JinkoSolar Power occurs.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The warrant holders have the put rights to request JinkoSolar Power to purchase all or part of its outstanding warrants in case of a put event, where a) an IPO occurs prior to the Final Maturity Date of the loan (January 10, 2017); b) an IPO has not occurred as at the Final Maturity Date; c) all of the Loan is repaid, or becomes due and payable, prior to the Final Maturity Date of the loan facility; or d) an event of default occurs and (if the Loan is then outstanding) there is an acceleration of the loan prior to the Final Maturity Date. The repurchase price is equal to the aggregate of: (a) an amount that would give an internal rate of return of <font>10</font>% on the aggregate principal amount of the loan, calculated from the Utilisation Date until the later of (i) the date of full repayment of the loan and (ii) the date that falls twelve months after the Utilisation Date; less the aggregate principal amount of the loan which has been repaid and all interest paid by JinkoSolar Power at the time of a warrant holder's exercise of the warrant put rights.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In accordance with ASC subtopic 480, the warrants are legally detachable and separately exercisable from the loan and thus accounted for as a freestanding instrument. As the warrant holder can either exercise the warrant to subscribe for fully-paid ordinary shares, or elect for net cash settlement upon the exercise of the warrants, which falls within the scope of ASC 480. Accordingly, the warrants are liability derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period end. The fair value gain or loss arising from the re-measurement is recognized in the consolidated statements of operations and comprehensive income.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Therefore, the loan proceeds are allocated first to the warrants based on their fair value, and the residual is allocated to the base loan facility and creating a discount on debt. The discount on debt resulted from the allocation of the proceeds to warrants and transactions fees allocated to the loan are accounted for under the effective interest method.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The fair value of the warrants at the issuance date of July 24, 2015 was US$<font>10,190,000</font> (RMB <font>62,331,211</font>), and the residual allocated to the loan was US$<font>139,810,000</font> (RMB <font>855,203,789</font>). Total transaction cost was US$ <font>4,358,118</font> (RMB <font>26,658,170</font>), among which US$ <font>296,061</font> (RMB <font>1,810,978</font>) allocated to warrants were charged to financial costs as incurred during the year ended December 31, 2015, and US$ <font>4,062,057</font> (RMB <font>24,847,192</font>) allocated to the loan were recorded as debt discount as the Group has early adopted ASU 2015-03 in 2015.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The fair value of the warrants at December 31, 2015 was US$ <font>10,530,000</font> (RMB <font>68,377,608</font>) and the fair value change of US$ <font>340,000</font> (RMB <font>2,096,024</font>) was recorded in the Company's consolidated statements of operations and comprehensive income. The effective interest rate of the loan was <font>13.95</font>% per annum. Total interest cost associated with the loan incurred during the year ended December 31, 2015 was US$ <font>8,017,525</font> (RMB <font>49,954,794</font>). The carrying value of the loan as of December 31, 2015 was US$ <font>139,453,836</font> (RMB <font>905,557,426</font>) due to debt discount amortization of US$ <font>3,705,892</font> (RMB <font>24,064,580</font>).</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">3) Financings associated with failed sale-lease back transactions</b></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"></b><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In 2015, certain subsidiaries of JinkoSolar Power (&#147;seller-lessee&#148;) sold <font>317</font>MW self-built solar projects (&#147;leased assets&#148;) with carrying amount of RMB <font>1,276,496,254</font> to different domestic financial leasing companies (&#147;buyer-lessors&#148;) for cash consideration of RMB<font>2,033,000,000</font> and simultaneously entered into the contracts to lease back the leased assets from the buyer-lessors for <font>5</font> to <font>12</font> years. As of December 31, 2015, the seller-lessee received RMB<font>1,589,704,880</font> proceeds in total netting off the transaction costs of RMB <font>53,295,120</font>. Pursuant to the terms of the agreements, seller-lessee is required to pay to the buyer-lessors lease payment over the lease period and is entitled to obtain the ownership of these equipment at a nominal price upon the expiration of the lease.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">As the leased assets are considered integral with real estate under ASC 360, the sale-leaseback rules related to real estate are applied. The lease transactions do not qualify as a sale-leaseback transaction as these solar projects are initially invested and build up by seller-lessee with expected useful life of <font>20</font> years, and are continuingly maintained by seller-lessee. Seller-lessee has an obligation to repurchase the leased assets upon the expiry of the lease. In addition, after the lease period, seller-lessee will keep using the assets and has no plans to sell or early-disposal. Accordingly, these transactions are accounted for as financing transactions in accordance with ASC 840. Internal rate of return is used in the computation of interest cost.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">As of December 31, 2015, the Company recorded RMB<font>1,268,724,225</font> under long-term borrowings and RMB <font>149,481,917</font> as current portion. The weighted average effective interest rate of the financing was <font>6.55</font>% and interest costs incurred during the year ended December 31, 2015 were RMB <font>9,813,448</font>. These sale-leaseback financings were collateralized by each seller-lessee's solar power project assets, equity interests, accounts receivable, and also guaranteed by a shareholder, Jinko Power Co., Ltd., and Jiangxi Jinko. The net book value of solar power project assets, equity interest and accounts receivable collateralized were RMB<font>1,276,496,254</font>, RMB <font>862,082,542</font> and RMB <font>98,147,637</font> respectively, as of December 31, 2015.</p> </div> </div> </div> </div></div> <div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div class="CursorPointer"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';" nowrap="nowrap"></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td> <td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31,</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td> <td style="padding-bottom: 1pt; 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Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, the purchase price allocation with respect to business combinations, impairment of long-lived assets, the economic useful lives of property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements of share-based compensation and financial instruments, legal contingencies, income taxes and related deferred tax valuation allowance.</p> </div> <div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>b. 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When the available-for-sale investment is sold, the cumulative fair value adjustments previously recognized in accumulated other comprehensive income are recognized in the statement of operations. The Group evaluates the investments periodically for possible other-than temporary impairment. When other-than-temporary impairment has occurred for an available-for-sale debt security and the Group intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, an impairment loss is recognized in earnings equal to the difference between the investment's amortized cost basis and its fair value at the balance sheet date. The new cost basis will not be changed for subsequent recoveries in fair value. 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TiandeSolar received the judgement notice on September 15, 2015. Management believed that some important evidences were omitted in the first instance judge and the claims were without merit. On September 28, 2015, Tiande Solar appealed to a Superior Court against the first judgement. 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white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Company began developing solar power plant projects in 2011. Prior to connecting the solar power plants to local power grids, the Group's solar power plants obtained the relevant approvals from the authorities mainly including (i) the approval for the solar power plant issued by National Development and Reform Commission (&#147;NDRC&#148;) or its local branches; (ii) the grid connection approval and grid connection agreement from local grid companies; and (iii) notice for electricity price from NDRC, which includes both the basic portion and government subsidy portion.<br/><br/>Electricity generation revenue represents sales of electricity produced by the solar power plants. Electricity revenue consists of basic portion and government subsidy portion. The basic portion of electricity revenue is borne by the local grid companies and the government subsidy portion of electricity revenue is funded by the China Ministry of Finance (&#147;MOF&#148;). Local grid companies pay government subsidy portion to the Company after their receipt of funds from MOF.<br/></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Before July 1, 2013, the Company did not recognise the government subsidy portion as revenue from solar projects due to the lack of detailed government guidelines and uncertainty over the timing of subsidy payment. During the third quarter of 2013, the Chinese government announced a series of policies aimed at streamlining and standardizing government subsidy payments for electricity revenues for solar projects in China as well as expanding the amount invested in renewable energy. In addition, the Company received the government subsidy portion of electricity revenue for certain solar projects for the year 2012 during the third quarter of 2013. As a result of the increased policy clarity and payment certainty, the Company began to accrue the government subsidy portion of electricity revenue starting July 1, 2013. For the electricity revenues recognized in the year ended December 31, 2013, RMB<font>2,125,076</font>&#160;and RMB<font>52,700,759</font> was related to the government subsidy portion of electricity revenue in 2012 and 2013, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">For the electricity revenues recognized in the years ended December 31, 2014 and 2015, RMB<font>161,778,511</font> and&#160;RMB<font>407,967,079</font>&#160;<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">were related to the government subsidy portion of electricity revenues in 2014 and 2015, respectively.<br/><br/>The Group's solar power plants receive government subsidies after completing certain administrative procedures with MOF, NDRC, and National Energy Administration (&#147;NEA&#148;) to be listed in the Subsidy Catalog. The administrative procedures require the solar power plants to submit the application documents which include NDRC's approval for the solar power plant and NDRC's notice for the electricity price, which each power plant has already obtained before connecting to the local power grid.<br/></font></font></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Since June 2012, a total of five batches of Subsidy Catalog were issued and the most recent batch of Subsidy Catalog was issued on August 21, 2014, or 5th batch catalog. The Group's power plants connected to the power grids prior to August 2013 have all been listed in the Subsidy Catalog and, has been receiving the subsidy portion of electricity revenue generated on regular basis.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">On January 25, 2016, MOF, NDRC and NEA jointly announced a guidance about the implementation of the application process for 6th batch catalog. Solar power plants that were completed and connected to power grids prior to February 28, 2015 and were not included in the previous catalog are expected to be included in the 6th batch catalog. The Group has submitted all the required documents by the due date, February 29, 2016. The amount of subsidy portion of electricity revenue generated by the Group's power plants to be listed in the 6th batch catalog was RMB <font>500,587,260</font>, which includes subsidy revenue recognised in 2013, 2014 and 2015 of RMB <font>5,718,481</font>, RMB <font>172,737,780</font> and RMB <font>322,130,999</font>, respectively. Given the delay in launching the application process for 6th batch catalog, the government subsidy portion of revenue generated by the Group's power plants which were connected to the power grids subsequent to August 2013, have not been received (Note 8).<br/><br/></p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Although there has been delay in the collection of the subsidy portion of electricity revenue, management is of the view that the collectability of such receivable is reasonably assured. The registration in the Subsidy Catalog is an administrative procedure and the Group's power plants are expected to be registered in the Subsidy Catalog in due course. The accrued revenue related to the government subsidy portion are fully recoverable since there has been no bad debt experience with the state grid companies in the past and the subsidy portion of revenue is fully funded by the China central government.</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">&#160;</p> <p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Before the third quarter of 2014, the Company received government subsidy portion of electricity revenue from local grid companies without being requested to issue value-added tax invoices, and the Company recognized <font>100%</font> of the government subsidy portion as revenue, which was consistent with the relevant PRC tax regulations. During the third quarter of 2014, the Company's operating subsidiaries were requested by the State Grid Corporation of China to issue value-added tax invoices for government subsidy portion as a condition for the grid company to pay the government subsidy to the Company. By issuing the value-added tax invoices, an operating subsidiary would be subject to value-added tax liability on the government subsidy portion of electricity generation revenue. As a result of such change, the Company recorded a cumulative value-added tax payable and a reduction of revenue in 2014 for the amount of RMB<font>7.7</font> million related to previous years. 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JinkoSolar Household , is the holding company of the Group's household sold project business. Canton Best BVI is a wholly owned subsidiary of JinkoSolar Power, and Wide Wealth Hong Kong is a wholly owned subsidiary of Canton Best BVI. Wide Wealth Hong Kong holds 100% equity interests in Jinko Engineering which further holds 83.56% equity interests in Jinko Power Co., Ltd. (Zhejiang). Jinko Power Co., Ltd. (Zhejiang) holds 93 solar power project entities in the PRC. Elimination refers to (1) the elimination of revenue and profit from the sale of solar modules from the manufacturing segment to the solar project segment; (2) the elimination of unsettled receivables of the manufacturing segment and unsettled payables of the solar projects segment resulting from the above sales of solar modules. In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds 21% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank. JinkoSolar Household HongKong has 8 subsidiaries in the PRC.