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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of December, 2020

Commission File Number: 001-34615

JinkoSolar Holding Co., Ltd.

(Translation of registrant’s name into English)

1 Jingke Road

Shangrao Economic Development Zone

Jiangxi Province, 334100

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F                        Form 40-F 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes                      No 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes                      No  

EXHIBIT INDEX

Exhibit Number

    

Description of Document

99.1

Management’s Discussion and Analysis of Financial Condition and Results of Operations and Recent Developments

99.2

Unaudited Condensed Consolidated Financial Statements

101.INS

Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

JinkoSolar Holding Co., Ltd.

By:

/s/ Xiande Li

Name: 

Xiande Li

Title:

Chairman of the board of directors

 

Date: December 16, 2020

Exhibit 99.1

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Discussion and analysis below are limited to the operations of JinkoSolar Holding Co., Ltd. (“we” or “us”).

Summary Consolidated Financial and Operating Data

The summary unaudited interim consolidated financial information for the nine months ended September 30, 2019 and 2020 and as of September 30, 2020 has been derived from our unaudited interim condensed consolidated financial statements as of and for the nine months ended September 30, 2020 included in this current report. Our unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with our audited consolidated financial statements. The summary consolidated balance sheet data as of December 31, 2019 has been derived from our audited consolidated financial statements included in our annual report on Form 20-F for the year ended December 31, 2019 filed with the SEC on April 24, 2020 (our “2019 annual report”). The summary consolidated financial data should be read in conjunction with those financial statements and the accompanying notes and “Item 5. Operating and Financial Review and Prospects” included in our 2019 annual report.

Summary Unaudited Consolidated Statements of Operations Information

Nine months ended September 30,

2019

2020

    

RMB’000

    

RMB’000

    

US$’000

Revenues from third parties

    

20,063,090

    

25,648,308

    

3,777,587

Revenues from related parties

153,740

56,573

8,332

Total revenues

20,216,829

25,704,880

3,785,919

Cost of revenues

(16,514,869)

(21,040,132)

(3,098,877)

Gross profit

3,701,960

4,664,749

687,042

Total operating expenses

(2,567,137)

(2,951,378)

(434,691)

Income from operations

1,134,823

1,713,371

252,351

Interest expense, net

(307,756)

(344,073)

(50,676)

Subsidy income

48,651

82,279

12,118

Exchange gain/(loss), net

22,811

(113,084)

(16,655)

Other income/(loss), net

16,442

(1,469)

(216)

Change in fair value of foreign exchange forward contracts

(170,172)

12,057

1,776

Change in fair value of foreign exchange options

(331)

Change in fair value of interest rate swap

(94,440)

(78,878)

(11,617)

Change in fair value of convertible senior notes and call option

37,862

(298,167)

(43,915)

Convertible senior notes issuance costs

(18,646)

Income before income taxes

669,245

972,035

143,166

Income tax expenses

(56,986)

(201,499)

(29,678)

Equity in loss of affiliated companies

(80,635)

(72,612)

(10,695)

Net income

531,624

697,923

102,793


Summary Condensed Consolidated Balance Sheet Data

As of December 31,

As of September 30,

2019

2020

    

RMB’000

    

RMB’000

    

US$’000

Total current assets

    

31,688,247

    

32,318,138

    

4,759,947

Total noncurrent assets

16,156,471

17,694,753

2,606,155

Total current liabilities

31,277,229

31,079,541

4,577,522

Total non-current liabilities

4,126,462

6,623,983

975,607

Total current assets less current liabilities

411,018

1,238,600

182,426

Net assets

12,441,027

12,309,368

1,812,974

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

9,303,318

9,871,335

1,453,891

Summary Unaudited Statement of Cash Flows

Nine months ended September 30,

2019

2020

RMB’000

    

RMB’000

    

US$’000

Net cash provided by/(used in) operating activities

    

123,534

    

(1,684,799)

    

(248,144)

Net cash used in investing activities

 

(5,093,843)

(2,162,960)

(318,570)

Net cash provided by financing activities

 

5,661,130

4,012,682

591,004

Effect of foreign exchange rate changes on cash and cash equivalents

 

25,696

(34,039)

(5,013)

Net increase in cash and cash equivalents

 

716,517

130,884

19,277

Cash and cash equivalents, beginning of period

 

3,482,028

6,273,958

924,054

Cash and cash equivalents, end of period

 

4,198,545

6,404,842

943,331

Operating Data

Nine months ended 

September 30,

2019

    

2020

Sales volume:

    

    

  

Silicon wafers (MW)

 

9,682.3

12,997.0

Solar cells (MW)

 

1,205.0

1,184.2

Solar modules (MW)

 

281.9

446.1

As of September 30,

    

2019

    

2020

Production capacity:

    

  

    

  

Silicon wafers (GW)

14.5

23.5

Solar cells (GW)

9.2

11.0

Solar modules (GW)

15.0

25.0

Results of Operations

Revenues

Total revenues in the nine months ended September 30, 2020 were RMB25.70 billion (US$3.79 billion), representing a 27.1% increase from RMB20.22 billion in the same period of 2019.

In March 2020, we sold to an independent third party two solar power plants in Mexico that were constructed with the intent to sell with a combined capacity of 155 MW, and recognized revenue and cost of sales of RMB1.20 billion (US$176.4 million) and RMB979.7 million (US$144.3 million), respectively. Excluding the impact from the sale of these two solar power plants in Mexico, our total revenues were RMB24.51 billion (US$3.61 billion), a 21.2% increase

2


from RMB20.22 billion in the same period of 2019. This increase was mainly attributable to an increase in the shipment of solar modules, which was partially offset by a decline in the average selling price of solar modules.

Cost of Revenues

Our cost of revenues increased by 27.4% from RMB16.51 billion in the nine months ended September 30, 2019 to RMB21.04 billion (US$3.10 billion) in the same period of 2020. Excluding the impact from the sale of the two solar power plants in Mexico and the impact from the countervailing duty (“CVD”) and anti-dumping duty (“ADD”) reversal benefit of RMB 212.0 million (US$31.2million), our cost of revenue was RMB20.06 billion (US$2.95 billion), a 19.9% increase from RMB16.73 billion in the same period of 2019, primarily due to an increase in the shipment of solar modules.

Gross Profit and Gross Margin

Our gross profit in the nine months ended September 30, 2020 was RMB4.66 billion (US$687.0 million), representing a 26.0% increase from RMB3.70 billion in the same period of 2019.

Excluding the impact from the sale of two solar power plants in Mexico, and the impact from the CVD and ADD reversal benefit, our gross profit was RMB4.45 billion (US$654.90 billion), a 27.4% increase from RMB3.49 billion in the same period of 2019. The increase was mainly attributable to (i) an increase in the shipment of solar modules, (ii) an increase in self-produced production volume, which is increasingly shifting toward the production of integrated mono-based high-efficiency products, and (iii) the continued reduction of integrated production costs resulting from our industry-leading integrated cost structure, which was partially offset by a decline in the average selling price of solar modules.

Our gross margin was 18.1% in the nine months ended September 30, 2020, compared with 18.3% in the same period of 2019.

Excluding the impact from the sale of the two solar power plants in Mexico, and the impact from the CVD and ADD reversal benefit, our gross margin was 18.1% in the nine months ended September 30, 2020, compared with 17.3% in the same period of 2019. The increase was mainly attributable to (i) an increase in self-produced production volume, which is increasingly shifting toward the production of integrated mono-based high-efficiency products, and (ii) the continued reduction of integrated production costs resulting from our industry-leading integrated cost structure, which was partially offset by a decline in the average selling price of solar modules.

Operating Expenses

Our operating expenses increased by 15.0% from RMB2.57 billion in the nine months ended September 30, 2019 to RMB2.95 billion (US$434.7 million) in the same period of 2020, primarily due to (i) an increase in shipping costs from RMB1.05 billion in the nine months ended September 30, 2019 to RMB1.23 billion (US$181.5 million) in the same period of 2020 in line with an increase in shipment of solar modules, (ii) an increase in disposal loss on property, plant and equipment in relation to our automation upgrade from RMB51.0 million in the nine months ended September 30, 2019 to RMB198.1 million (US$29.2 million) in the same period of 2020, and (iii) a change from reversal of provision for allowance of doubtful accounts of RMB2.0 million in the nine months ended September 30, 2019 to provision for allowance of doubtful accounts of RMB43.6 million (US$6.4 million) in the same period of 2020 ,which was mainly attributable to an increase in aged accounts receivable as well as the consideration of future economic conditions. The increase in our operating expense was partially offset by an increase in reversal of our warranty cost from RMB91.3 million in the nine months ended September 30, 2019 to RMB167.8 million (US$24.7million) in the same period of 2020, which was mainly due to the compensation from a supplier for the historical additional warranty cost as related to a specific batch of raw material purchase from this supplier.

3


Income from Operations and Operating Margin

Our income from operations in the nine months ended September 30, 2020 was RMB1.71 billion (US$252.4 million), representing a 51.0% increase from RMB1.13 billion in the same period of 2019.

Our operating margin was 6.7% in the nine months ended September 30, 2020, compared with 5.6% in the same period of 2019.

Our total operating expenses accounted for 11.5% of our total revenues in the nine months ended September 30, 2020, compared to 12.7% in the same period of 2019.

Interest Expense, Net

Our net interest expense in the nine months ended September 30, 2020 was RMB344.1 million (US$50.7 million), an 11.8% increase from RMB307.8 million in the same period of 2019. The increase was mainly attributable to an increase in interest expense due to an increase of our interest-bearing debts.

Subsidy Income.

Our subsidy income increased from RMB48.7 million in the nine months ended September 30, 2019 to RMB82.3 million (US$12.1 million) in the same period of 2020, primarily due to subsidy income that a new subsidiary received from the local government in the nine months ended September 30, 2020.

Exchange Gain/(Loss), Net

We had a net exchange loss of RMB113.1 million (US$16.7 million) in the nine months ended September 30, 2020, compared to a net exchange gain of RMB22.8 million in the same period of 2019. The exchange loss in the nine months ended September 30, 2020 was primarily attributable to the depreciation of the U.S. dollar against the RMB in the nine months ended September 30, 2020. The exchange gain in the nine months ended September 30, 2019 was primarily attributable to the appreciation of the U.S. dollar against the RMB in the nine months ended September 30, 2019.

Other Income/(Loss), Net

We had a net other loss of RMB1.5 million (US$0.2 million) in the nine months ended September 30, 2020, compared with a net other income of RMB16.4 million in the same period of 2019. The change was primarily attributable to an increase in our charitable donations in view of the outbreak of COVID-19 in 2020.

Change in Fair Value of Foreign Exchange Forward Contracts

We recognized gain from the change in fair value of foreign exchange forward contracts of RMB12.1 million (US$1.8 million) in the nine months ended September 30, 2020, compared to a loss of RMB170.2 million in the same period of 2019. The gain in the nine months ended September 30, 2020 was mainly due to the depreciation of the U.S. dollar against the RMB in the nine months ended September 30, 2020. We entered into forward contracts with several banks to manage our risks associated with foreign-exchange rate fluctuations. The loss in the nine months ended September 30, 2019 was mainly due to the appreciation of the U.S. dollar against the RMB in the nine months ended September 30, 2019.

Change in Fair Value of Interest Rate Swap

We recorded a loss arising from a change in fair value of interest rate swap of RMB78.9 million (US$11.6 million) in the nine months ended September 30, 2020, compared with a loss of RMB94.4 million in the same period of 2019. The loss in the nine months ended September 30, 2020 was primarily attributable to a decrease in the U.S. dollar LIBOR interest rates. The loss in the nine months ended September 30, 2019 was primarily attributable to a decrease in the U.S. dollar

4


LIBOR interest rates. We entered into interest rate swap agreements with several banks for the purpose of reducing interest rate risk exposure associated with our overseas solar power projects. After the sale of two solar power projects in Mexico in the first quarter of 2020, there was no change in fair value of interest rate swap recognized in the second and third quarters of 2020.

Change in Fair Value of Convertible Senior Notes and Call Option

Our company issued US$85.0 million of 4.5% convertible senior notes due 2024 (the “Notes”) in May 2019 and we have elected to measure the Notes at fair value. We recognized an RMB516.7 million (US$76.1 million) loss from a change in fair value of the Notes in the nine months ended September 30, 2020, compared to a gain of RMB38.5 million in the same period of 2019. The loss (gain) in a period resulting a change in fair value of the Notes reflected an increase (decrease) in our ADS price in this period.

Concurrent with the issuance of the Notes in May 2019, we entered into a call option transaction with an affiliate of Credit Suisse Securities (USA) LLC. We accounted for the call option transaction as freestanding derivative assets in our consolidated balance sheets, which is marked to market during each reporting period. We recorded an RMB218.5 million (US$32.2 million) gain from a change in fair value of the call option in the nine months ended September 30, 2020, compared to a loss of RMB0.7 million in the same period of 2019. The gain (loss) in a period resulting from a change in fair value of the call option reflected an increase (decrease) in our ADS price in this period.

Convertible Senior Notes Issuance Costs

We did not incur any convertible senior notes issuance costs in the nine months ended September 30, 2020. We incurred costs of RMB18.6 million in the same period of 2019 in relation to the issuance of the Notes.

Income Tax Expenses

We recorded income tax expenses of RMB201.5 million (US$29.7 million) in the nine months ended September 30, 2020, increasing significantly from RMB57.0 million in the same period of 2019. The increase was mainly due to the higher income before income taxes generated in the nine months ended September 30, 2020 compared to the same period of 2019. The increase in the effective tax rate was mainly attributable to our subsidiaries in the United States, which were subject to higher income tax rate than our PRC subsidiaries and generated higher profits in the nine months ended September 30, 2020.

Equity in Loss of Affiliated Companies

We indirectly hold a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and account for this investment using the equity method. We also hold a 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as an OEM manufacturer, and account for this investment using the equity method. We recorded equity in loss of affiliated companies of RMB72.6 million (US$10.7 million) in the nine months ended September 30, 2020, compared with equity in loss of RMB80.6 million in the same period of 2019. The equity in loss primarily arose from a change in fair value of interest rate swap agreements purchased by Sweihan PV Power Company P.J.S.C.

Liquidity and Capital Resources

As of September 30, 2020, we had RMB5.77 billion (US$850.5 million) in cash and cash equivalents and RMB630.2 million (US$92.8 million) in restricted cash. We have entered into purchase and other agreements for (i) upgrading our production equipment, (ii) expanding our high-efficiency mono wafer production capacity with the construction of another 5 GW mono wafer production facility in Leshan, Sichuan Province, (iii) expanding our solar module production capacity with the construction of solar module production facilities in Chuzhou, Anhui Province and Yiwu, Zhejiang Province and (iv) expanding our high-efficiency mono wafer production capacity with the construction of a 10GW mono wafer production facility in China. Our capital commitments under these agreements amounted to

5


RMB2.04 billion (US$301.1 million) as of September 30, 2020, of which RMB1.75 billion (US$257.9 million) will be due in 2021.

As of September 30, 2020, we had total bank credit facilities available of RMB19.73 billion (US$2.91 billion) with various banks, of which RMB13.92 billion (US$2.05 billion) had been drawn down and RMB5.81 billion (US$855.8 million) were available. As of September 30, 2020, we had short-term borrowings (including the portion of long-term borrowings due within one year) of RMB10.15 billion (US$1.49 billion) and long-term borrowings (excluding the portion of long-term borrowings due within one year) of RMB4.91 billion (US$722.6 million). As of September 30, 2020, long-term loans in the amount of RMB1.42 billion (US$208.7 million) would be due for repayment after one year, but within five years. As of the same date, we pledged property of a net book value of RMB4.48 billion (US$659.4 million) to secure repayment of borrowings of RMB2.63 billion (US$386.7 million). In addition, we had repayment obligations under our convertible notes. As of September 30, 2020, we had outstanding convertible notes in the principal amount of US$182.9 million.

Our management believes that our current cash position, the cash expected to be generated from operations and funds available from borrowings under the bank credit facilities will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from the date of this current report.

Cash Flows

Net cash used in operating activities in the nine months ended September 30, 2020 was RMB1.68 billion (US$248.1 million), consisting primarily of (i) an increase in inventory of RMB2.06 billion (US$303.6 million), (ii) a decrease in advance from third parties of RMB1.95 billion (US$286.8 million), (iii) disposal of long-term borrowings related to the project assets constructed for sale of RMB859.2 million (US$126.5 million) and (iv) an increase in notes receivable of RMB623.4 million (US$91.8 million). These factors were partially offset by (i) a decrease in project assets constructed for sale, net of incremental revenue, of RMB976.7 million (US$143.9 million), (ii) adding back the depreciation of property, plant and equipment of RMB829.0 million (US$122.1 million), (iii) adding back the change in fair value of convertible senior notes of RMB516.7 million (US$76.1 million) and (iv) a decrease in advances to suppliers of RMB491.2 million (US$72.3 million).

Net cash used in investing activities in the nine months ended September 30, 2020 was RMB2.16 billion (US$318.6 million), consisting primarily of (i) the purchase of restricted short-term investments of RMB6.79 billion (US$999.3 million), (ii) the purchase of property, plant and equipment of RMB2.19 billion (US$322.6 million), and (iii) the purchase of restricted long-term investments of RMB1.19 billion (US$175.5 million), partially offset by the maturity of restricted short-term investments of RMB7.34 billion (US$1.08 billion).

Net cash provided by financing activities in the nine months ended September 30, 2020 was RMB4.01 billion (US$591.0 million), consisting primarily of (i) an increase in net borrowings of RMB2.81 billion (US$414.4 million), (ii) an increase in capital contributions from non-controlling interests holder of RMB857.0 million (US$126.2 million), and (iii) an increase in notes payable to third party of RMB524.6 million (US$77.3 million), partially offset by the cash payment for finance lease and related deposit as lessee of RMB197.4 million (US$29.1 million).

We did not have any off-balance sheet arrangement as of September 30, 2020.

Recent Developments

In May 2020, we officially launched our 2020 flagship Tiger Pro module series. The module series could generate a maximum power output of up to 580Wp, which was 40% higher than current mainstream products installed in utility projects. All these high energy density modules used innovative multi-wire 9BB and TR tiling ribbon technology to reach significantly improved performance with a conversion efficiency of up to 21.6%.

6


In June 2020, our innovative Tiger Pro Series of high-efficiency modules received the world’s first IEC 61701 Ed. 3 (FDIS) certification for salt mist corrosion test issued by TÜV Nord AG, an independent provider of technical services for testing, inspection, certification, consultation and training.

In June 2020, the United States International Trade Commission issued a favorable final determination concluding our products did not infringe a patent asserted by Hanwha Q CELLS.

In June 2020, Mr. Ji Shao Guo was appointed as our Chief Human Resources Officer (CHO).

In July 2020, the maximum solar conversion efficiency of our large-area N-type monocrystalline silicon solar cells reached 24.79%, which set a world record for large-size contact-passivated solar cells. This result was independently confirmed by the Institute for Solar Energy Research in Hamelin (ISFH), Germany.

In August 2020, we unveiled our RE100 roadmap by providing detail on our approach to achieve 100% powered by renewables by 2025.

In August 2020, we launched our new generation of 610W Tiger Pro High-efficiency monocrystalline TR solar module and our BIPV solutions, Building Integrated Photovoltaics product series, which were unveiled at SNEC 2020 in Shanghai.

In August 2020, we signed a contract with Shanghai Electric Hongkong Co., Limited to supply approximately 1 GW of solar modules for Phase V of the Dubai Electricity and Water Authority Solar Park. This project is located in Dubai, and is part of the government’s sustainable development to support the Dubai Clean Energy Strategy 2050 with the goal of providing 75% of Dubai’s total power output from clean energy sources by 2050. We would supply its high efficiency Swan series modules, which would meet the high requirements of Dubai’s scorching temperatures and on the leveled cost of energy.

On August 21, 2020, we were ranked as a top solar brand in debt financed projects and named a most “bankable” PV manufacturer by Bloomberg New Energy Finance. Forty-nine global solar module manufacturers were ranked based on Bloomberg New Energy Finance’s global survey of key PV stakeholders assessing which module brands used in projects are most likely to obtain non-recourse debt financing from commercial banks.

In September 2020, we supplied Trung Nam Group with 611MW of Tiger bifacial transparent backsheet modules, which were installed at the Thuan Nam solar power plant project in Vietnam. Located in Thuan Nam, the Thuan Nam solar power plant project was one of the largest solar power projects by capacity that were using bifacial modules in both Vietnam and Southeast Asia.

In September 2020, we announced our intention to cooperate with ENEOS Corporation, Japan’s largest oil refiner, on the provision of solar modules for a Virtual Power Plant project. For this project, our high-efficiency monocrystalline products would be deployed and installed on the roof of gas stations connected to a cloud-based distributed power plant, and would become our first Virtual Power Plant project in Japan.

In September 2020, our board of directors approved a strategic plan to access China’s capital markets through our principal operating subsidiary Jinko Solar Co., Ltd. (“Jiangxi Jinko”). We had been considering the opportunity to list Jiangxi Jinko, after certain intragroup restructuring, on the Shanghai Stock Exchange’s Sci-Tech innovation board (the “STAR Market”), an exchange intended to support innovative companies in China, within the next three years. To qualify Jiangxi Jinko for a STAR Market listing and to raise additional capital to support its continuous expansion, our board of directors also approved an equity financing of Jiangxi Jinko.

In October 2020, the previously announced equity financing of Jiangxi Jinko was completed. Immediately after the closing, reputable Chinese third-party investors including China Industrial Bank Group, CIIT Asset Management Co., Ltd., YunShang Fund, Huaho Capital, and China Capital Management Co., Ltd., China Securities Investment Co., Ltd., together with our founders and senior management personnel, directly or through their investment arms, would

7


collectively own approximately a 26.7% equity interest in Jiangxi Jinko. Following the closing of this transaction, we would actively prepare for the planned STAR Market listing of Jiangxi Jinko pursuant to relevant laws and regulations in China. We would remain the majority and controlling shareholder of Jiangxi Jinko after its STAR Market listing.

In November 2020, we and our subsidiary Sichuan Jinko signed a long-term purchase agreement with certain subsidiaries of Tongwei Co., Ltd. The raw materials procurement would ensure a stable supply of polycrystalline silicon in line with our strategic and operational plans. Under the agreement, we locked in nearly 100,000 metric tons of polycrystalline silicon, and both parties could negotiate additional purchases. The price for any additional order would be negotiated and determined based on market conditions.

In November 2020, our wholly-owned subsidiary JinkoSolar Sweihan (HK) Limited (“Sweihan HK”) entered into a share and debt purchase agreement with Jinko Power (HK) Company Limited (“Jinko HK”), an indirectly wholly-owned subsidiary of JinkoPower. Pursuant to the agreement, Sweihan HK will sell its 50% equity interest in Sweihan Solar Holding Company Limited (“Sweihan Holding”) to Jinko HK. Sweihan Holding holds a 40% equity interest in Sweihan PV Power Company P.J.S.C., the operating entity of a 1,200 MW photovoltaic power plant in Abu Dhabi (the “Sweihan Power Station”). Upon completion of the transaction, Jinko HK will indirectly hold a 20% equity interest in Sweihan PV Power Company P.J.S.C. The closing of this transaction is subject to, among other conditions, approvals by Emirates Water and Electricity Company, other shareholders of Sweihan Holding and Sweihan PV Power Company P.J.S.C., and the project finance lenders.

In December 2020, Mr. Longgen Zhang resigned as our director and Mr. Haiyuan (Charlie) Cao was appointed as our director.

In connection with its proposed listing on the STAR Market, relevant PRC law requires that the senior management of Jiangxi Jinko be different from that of its controlling shareholder, our company. Accordingly, in December 2020, our board of directors approved the following changes to our senior management: (i) Mr. Kangping Chen, Mr. Gener Miao, Dr. Jiun-Hua Allen Guo, Mr. Shaoguo Ji and Dr. Hao Jin resigned as chief executive officer, chief marketing officer, chief operating officer, chief human resources officer and chief technology officer of our company, respectively, while retaining the same roles at Jiangxi Jinko (which runs substantially all of our business); and (ii) Mr. Xiande Li, our founder and the chairman of our board of directors, was additionally appointed as our chief executive officer. We do not believe these changes will have material impact on our business operations, because the relevant management members will continue performing their previous responsibilities at Jiangxi Jinko and our chief executive officer and chief financial officer will continue managing the overall business of our company under the direction of our board of directors.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars herein, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of September 30, 2020, which was RMB6.7896 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated herein are calculated based on Renminbi.

8


0001481513--12-312020Q32020-09-30P50Y000false

Exhibit 99.2

INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Page

Unaudited Condensed Consolidated Financial Statements

Unaudited Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2019 and 2020

F-2

Unaudited Condensed Consolidated Statements of Comprehensive Income for the Nine Months Ended September 30, 2019 and 2020

F-3

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2019 and September 30, 2020

F-4

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Nine Months Ended September 30, 2019 and 2020

F-6

Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2020

F-7

Notes to the Unaudited Condensed Consolidated Financial Statements for the Nine Months Ended September 30, 2019 and 2020

F-8

F-1

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2020

For the nine months ended

    

September 30, 2019

    

September 30, 2020

    

RMB

    

RMB

    

USD

 

(Note 2(ak))

Revenues from third parties

 

20,063,089,900

 

25,648,307,573

 

3,777,587,424

Revenues from related parties

 

153,739,508

 

56,572,677

 

8,332,255

Total revenues

 

20,216,829,408

 

25,704,880,250

 

3,785,919,679

Cost of revenues

 

(16,514,869,324)

 

(21,040,131,561)

 

(3,098,876,452)

Gross profit

 

3,701,960,084

 

4,664,748,689

 

687,043,227

Selling and marketing

 

(1,617,464,911)

 

(1,821,231,482)

 

(268,238,405)

General and administrative

 

(716,976,912)

 

(878,274,457)

 

(129,355,847)

Research and development

 

(232,694,843)

 

(251,872,200)

 

(37,096,766)

Total operating expenses

 

(2,567,136,666)

 

(2,951,378,139)

 

(434,691,018)

Income from operations

 

1,134,823,418

 

1,713,370,550

 

252,352,209

Interest expense, net

 

(307,755,629)

 

(344,072,999)

 

(50,676,476)

Subsidy income

 

48,651,432

 

82,279,132

 

12,118,406

Exchange gain/(loss), net

 

22,811,093

 

(113,084,113)

 

(16,655,490)

Other income/(loss), net

 

16,441,844

 

(1,469,467)

 

(216,429)

Change in fair value of foreign exchange forward contracts

 

(170,172,468)

 

12,056,671

 

1,775,756

Change in fair value of foreign exchange options

 

(330,706)

 

 

Change in fair value of interest rate swap

 

(94,440,241)

 

(78,878,089)

 

(11,617,487)

Change in fair value of convertible senior notes and call option

 

37,862,028

 

(298,167,185)

 

(43,915,280)

Convertible senior notes issuance costs

 

(18,646,101)

 

 

Income before income taxes

 

669,244,670

 

972,034,500

 

143,165,209

Income tax expenses

 

(56,985,976)

 

(201,499,393)

 

(29,677,653)

Equity in loss of affiliated companies

 

(80,634,774)

 

(72,611,681)

 

(10,694,545)

Net income

 

531,623,920

 

697,923,426

 

102,793,011

Less: Net income attributable to the non-controlling interests

 

2,465,293

 

90,588,368

 

13,342,225

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders

 

529,158,627

 

607,335,058

 

89,450,786

 

  

 

  

 

  

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders per share -

 

  

 

  

 

  

Basic

 

3.18

 

3.41

 

0.50

Diluted

 

3.01

 

2.28

 

0.34

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders per ADS-

 

  

 

  

 

  

Basic

 

12.70

 

13.64

 

2.01

Diluted

 

12.03

 

9.14

 

1.35

Weighted average ordinary shares outstanding

 

  

 

 

  

Basic

 

166,612,951

 

178,150,798

 

178,150,798

Diluted

 

177,583,926

 

172,045,324

 

172,045,324

Each ADS represents four ordinary shares.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-2

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2020

For the nine months ended

    

September 30, 2019

    

September 30, 2020

    

RMB

    

RMB

    

USD

 

(Note 2(ak))

Net income

 

531,623,920

 

697,923,426

 

102,793,011

Other comprehensive income:

 

 

 

-Change in the instrument-specific credit risk (Note 23)

56,904

(11,004,379)

(1,620,770)

-Foreign currency translation adjustments

 

41,143,979

 

(64,437,658)

 

(9,490,641)

Comprehensive income

 

572,824,803

 

622,481,389

 

91,681,600

Less: comprehensive income attributable to non-controlling interests

 

2,465,293

 

90,588,368

 

13,342,225

Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders

 

570,359,510

 

531,893,021

 

78,339,375

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-3

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2019 AND SEPTEMBER 30, 2020

    

December 31, 2019

    

September 30, 2020

    

RMB

    

RMB

    

USD

(Note 2(ak))

ASSETS

 

  

Current assets:

 

 

  

Cash and cash equivalents

 

5,653,853,691

 

5,774,669,007

 

850,516,821

Restricted cash

 

576,546,098

 

630,173,155

 

92,814,474

Restricted short-term investments

 

6,930,501,767

 

6,378,335,977

 

939,427,356

Accounts receivable, net - related parties

 

520,503,579

 

444,109,311

 

65,410,232

Accounts receivable, net - third parties

 

5,266,350,650

 

5,147,037,819

 

758,076,738

Notes receivable - related party

18,628,574

38,628,574

5,689,374

Notes receivable, net - third parties

 

1,529,800,657

 

2,132,748,933

 

314,119,968

Advances to suppliers - third parties

 

2,522,373,453

 

2,025,943,616

 

298,389,245

Inventories, net

 

5,818,788,985

 

7,722,268,860

 

1,137,367,276

Foreign exchange forward contract receivables

 

52,281,183

 

38,962,477

 

5,738,553

Other receivables - related parties

 

54,318,280

 

51,403,428

 

7,570,906

Prepayments and other current assets

 

1,573,481,940

 

1,933,857,025

 

284,826,356

Held-for-sale assets

1,170,817,846

Total current assets

 

31,688,246,703

 

32,318,138,182

 

4,759,947,299

Non-current assets:

 

 

 

Restricted long-term investments

 

531,157,976

 

966,780,081

 

142,391,316

Project assets, net

 

798,243,129

 

773,051,037

 

113,858,112

Investments in affiliates

 

278,021,287

 

173,381,915

 

25,536,396

Property, plant and equipment, net

 

10,208,204,549

 

11,718,901,678

 

1,726,007,670

Land use rights, net

 

597,922,450

 

717,477,403

 

105,673,000

Intangible assets, net

 

36,395,056

 

36,746,443

 

5,412,166

Deferred tax assets

 

271,286,263

 

271,286,263

 

39,956,148

Financing lease right-of-use assets, net

1,259,713,215

941,833,495

138,717,081

Operating lease right-of-use assets, net

317,903,640

261,659,530

38,538,284

Call option related to convertible senior notes

294,177,634

507,692,955

74,775,091

Accounts Receivable- third parties - non-current

27,277,803

4,017,586

Other assets – related parties

 

96,753,306

 

100,368,996

 

14,782,755

Other assets – third parties

 

1,466,692,145

 

1,198,296,318

 

176,489,973

Total non-current assets

 

16,156,470,650

 

17,694,753,917

 

2,606,155,578

Total assets

 

47,844,717,353

 

50,012,892,099

 

7,366,102,877

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-4

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2019 AND SEPTEMBER 30, 2020

    

December 31, 2019

    

September 30, 2020

    

RMB

    

RMB

    

USD

(Note 2(ak))

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

 

  

Current liabilities:

 

  

 

  

 

  

Accounts payable - related parties

 

36,309,710

 

33,192,027

 

4,888,657

Accounts payable - third parties

 

4,952,629,856

 

4,855,246,188

 

715,100,475

Notes payable - third parties

 

7,518,569,682

 

8,043,194,149

 

1,184,634,463

Accrued payroll and welfare expenses

 

879,465,292

 

839,161,480

 

123,595,128

Advances from related parties

 

748,615

 

 

-

Advances from third parties

 

4,350,380,332

 

2,349,283,535

 

346,012,068

Income tax payable

 

117,422,380

 

87,393,655

 

12,871,694

Foreign exchange forward contract payables

 

3,856,561

 

596,988

 

87,927

Convertible senior notes - current

 

 

1,241,767,766

 

182,892,625

Financing lease liabilities - current

227,613,208

209,446,925

30,848,198

Operating lease liabilities - current

40,043,113

37,858,162

5,575,905

Short-term borrowings, including current portion of long-term bank borrowings, and failed sale-leaseback financing

 

9,047,249,911

 

10,145,388,468

 

1,494,254,222

Other payables and accruals - third parties

 

3,055,929,756

 

3,201,157,150

 

471,479,489

Other payables - related parties

 

13,127,352

 

12,909,139

 

1,901,311

Guarantee liabilities - related parties

 

25,687,692

 

22,945,516

 

3,379,509

Held-for-sale liabilities

1,008,195,707

Total current liabilities

 

31,277,229,167

 

31,079,541,148

 

4,577,521,671

Non-current liabilities:

 

  

 

  

 

  

Long-term borrowings

 

1,586,187,165

 

4,906,231,888

 

722,609,857

Accrued warranty costs - non-current

 

651,968,415

 

762,778,838

 

112,345,181

Financing lease liabilities - non-current

583,490,228

441,948,958

65,092,046

Operating lease liabilities - non-current

279,534,370

224,397,739

33,050,215

Convertible senior notes

 

728,215,869

 

 

Deferred tax liability

 

250,733,941

 

250,733,941

 

36,929,118

Guarantee liabilities - related parties - non current

 

46,331,673

 

37,891,377

 

5,580,797

Total non-current liabilities

 

4,126,461,661

 

6,623,982,741

 

975,607,214

Total liabilities

 

35,403,690,828

 

37,703,523,889

 

5,553,128,885

 

  

 

  

 

  

Shareholders’ equity:

 

  

 

  

 

  

Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 180,653,497 and 183,993,437 shares issued as of December 31, 2019 and September 30, 2020, respectively, 178,930,297 and 181,047,597 shares outstanding as of December 31, 2019 and September 30, 2020, respectively.)

 

24,767

 

25,220

 

3,715

Additional paid-in capital

 

4,582,849,862

 

4,641,660,555

 

683,642,712

Statutory reserves

 

689,706,737

 

689,706,737

 

101,582,823

Accumulated other comprehensive income

 

62,952,198

 

(12,489,839)

 

(1,839,554)

Treasury stock, at cost; 1,723,200 and 2,945,840 ordinary shares as of December 31, 2019 and September 30, 2020, respectively

 

(13,875,553)

 

(43,169,878)

 

(6,358,236)

Retained earnings

 

3,981,660,004

 

4,595,602,579

 

676,859,105

Total JinkoSolar Holding Co., Ltd. shareholders' equity

 

9,303,318,015

 

9,871,335,374

 

1,453,890,565

Non-controlling interests

 

3,137,708,510

 

2,438,032,836

 

359,083,427

Total shareholders' equity

 

12,441,026,525

 

12,309,368,210

 

1,812,973,992

Total liabilities, redeemable non-controlling interest and shareholders' equity

 

47,844,717,353

 

50,012,892,099

 

7,366,102,877

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-5

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2020

Ordinary shares issued

  

  

JinkoSolar Holding Co., shareholders' equity

  

  

Accumulated

Retained

other

Number of

earnings

Non-

Total

Number of

Additional

Statutory

 

comprehensive

 

Treasury

Treasury

 

(Accumulated

 

controlling

 

shareholders’

shares

Par value

paid-in capital

reserves

 

(loss)/income

Stock

Stock

 

losses)

interests

equity

    

    

RMB

    

RMB

    

RMB

    

RMB

    

    

RMB

    

RMB

    

RMB

    

RMB

Balance as of December 31, 2018

 

158,587,937

 

21,727

 

4,010,739,727

 

570,176,203

 

70,300,898

 

(1,723,200)

 

(13,875,553)

 

3,202,528,312

 

614,086,626

 

8,453,977,940

Share-based compensation expense

 

 

 

11,208,163

 

 

 

 

 

 

 

11,208,163

Common stock offering (Note 24)

 

18,687,500

 

2,579

 

488,948,216

 

 

 

 

 

 

 

488,950,795

Foreign currency exchange translation adjustment

 

 

 

 

 

41,143,979

 

 

 

 

 

41,143,979

Change in the instrument-specific credit risk (note 23)

56,904

56,904

Contribution from non-controlling interest

1,645,780,000

1,645,780,000

Exercise of share options

 

1,633,000

 

227

 

38,339,891

 

 

 

 

 

 

 

38,340,118

Net income

 

 

 

 

 

 

 

 

529,158,627

 

2,465,293

 

531,623,920

Balance as of September 30, 2019

 

178,908,437

 

24,533

 

4,549,235,997

 

570,176,203

 

111,501,781

 

(1,723,200)

 

(13,875,553)

 

3,731,686,939

 

2,262,331,919

 

11,211,081,819

Balance as of December 31, 2019

180,653,497

24,767

4,582,849,862

689,706,737

62,952,198

(1,723,200)

(13,875,553)

3,981,660,004

3,137,708,510

12,441,026,525

Share-based compensation expense

 

 

 

866,385

 

 

 

 

 

 

 

866,385

Share Repurchase (Note 25)

 

 

 

 

 

 

(1,222,640)

 

(29,294,325)

 

 

 

(29,294,325)

Foreign currency exchange translation adjustment

 

 

 

 

 

(64,437,658)

 

 

 

 

 

(64,437,658)

Change in the instrument-specific credit risk (note 23)

(11,004,379)

(11,004,379)

Contribution from non-controlling interest

 

 

 

 

 

 

 

 

857,000,000

 

857,000,000

Exercise of share options

 

3,339,940

 

453

 

74,419,396

 

 

 

 

 

 

 

74,419,849

Settlement of non-controlling interest (Note 19)

(16,475,088)

(1,647,264,042)

(1,663,739,130)

Cumulative effect of adoption of new accounting standard (Note (2g))

6,607,517

6,607,517

Net income

 

 

 

 

 

 

 

 

607,335,058

 

90,588,368

 

697,923,426

Balance as of September 30, 2020

 

183,993,437

 

25,220

 

4,641,660,555

 

689,706,737

 

(12,489,839)

 

(2,945,840)

 

(43,169,878)

 

4,595,602,579

 

2,438,032,836

 

12,309,368,210

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-6

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2020