UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K/A

 

 

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of April 2023

 

Commission File Number: 001-34615

 

JinkoSolar Holding Co., Ltd.

(Translation of registrant’s name into English)

 

1 Yingbin 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 x                       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 x

 

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  x 

 

 

 

This Amendment to Current Report on Form 6-K (the “Amended Form 6-K”) is being filed to amend the information contained in the Current Report on Form 6-K filed on March 10, 2023 (the “Original Form 6-K”) by JinkoSolar Holding Co., Ltd. (the “Company”) as a result of certain subsequent adjustments and classification corrections to its unaudited financial results for the fourth quarter and full year 2022 contained in the Original Form 6-K. Other than as set forth in this Amended Form 6-K and Exhibit 99.1 hereto, the information contained in the Original Form 6-K remain unchanged.

 

Recognized Subsequent Events Occurred Subsequent to the Original Form 6-K

 

On April 3, 2023, the Company terminated a solar module sales agreement with one of its customers (the “Termination of Solar Module Sales Agreement”), which caused the shipment volume of solar modules decreased from 16,020 MW to 15,833 MW for the fourth quarter of 2022 and from 44,520 MW to 44,333 MW for full year 2022. The Company determined the Termination of Solar Module Sales Agreement to be a recognized subsequent event, and as a result, the Company made certain adjustments to its unaudited condensed consolidated statements of operations for the quarter and the year ended December 31, 2022, and unaudited condensed consolidated balance sheet as of December 31, 2022 contained in the Original Form 6-K (the “Original Financial Results”), including:

 

Unaudited Condensed Consolidated Statements of Operations for Fourth Quarter 2022

·

revenues from third parties of RMB29,917.9 million (US$4,337.7 million), changed from RMB30,319.5 million (US$4,395.9 million);

·

cost of revenues of RMB25,793.8 million (US$3,739.7 million), changed from RMB26,127.1 million (US$3,788.1 million); and

·

selling and marketing expenses of RMB2,254.4 million (US$326.9 million), changed from RMB2,290.9 million (US$332.2 million).

 

Unaudited Condensed Consolidated Statements of Operations for Full Year 2022

·

revenues from third parties of RMB82,794.1 million (US$12,004.0 million), changed from RMB83,195.7 million (US$12,062.2 million);

·

cost of revenues of RMB70,849.0 million (US$10,272.1 million), changed from RMB71,182.2 million (US$10,320.5 million); and

·

selling and marketing expenses of RMB7,241.9 million (US$1,050.0 million), changed from RMB7,278.4 million (US$1,055.3 million).

 

Unaudited Condensed Consolidated Balance Sheet as of December 31, 2022

·

accounts receivable, net of RMB16,674.9 million (US$2,417.6 million), changed from RMB17,088.6 million (US$2,477.6 million);

·

inventories, net of RMB17,450.3 million (US$2,530.1 million), changed from RMB17,085.9 million (US$2,477.2 million);

·

prepayments and other current assets, net of RMB3,290.9 million (US$477.1 million), changed from RMB3,273.1 million (US$474.6 million);

·

other payables and accruals of RMB9,214.4 million (US$1,336.0 million), changed from RMB9,216.4 million (US$1,336.2 million); and

·

accumulated other comprehensive income of RMB217.6 million (US$31.5 million), changed from RMB217.7 million (US$31.6 million).

 

On April 28, 2023, the board of directors of Jinko Solar Co., Ltd. (“Jiangxi Jinko”), a majority-owned principal operating subsidiary of the Company, approved its plan of distributing earnings to its ordinary shareholders for the year ended December 31, 2022 (the “Earnings Distribution Plan”), which the Company determined to be a recognized subsequent event. Under the Earnings Distribution Plan, 30% of the net income of Jiangxi Jinko will be distributed to its ordinary shareholders, as compared to 20% which was initially determined by Jiangxi Jinko’s management before the announcement of the Original Form 6-K. Based on the Earnings Distribution Plan, the Company made certain adjustments to the Original Financial Results, including:

 

Unaudited Condensed Consolidated Statements of Operations for Fourth Quarter 2022

·

income tax of RMB265.4 million (US$38.5 million), changed from RMB239.4 million (US$34.7 million).

 

 

Unaudited Condensed Consolidated Statements of Operations for Full Year 2022

·

income tax of RMB605.3 million (US$87.8 million), changed from RMB579.2 million (US$84.0 million).

 

Unaudited Condensed Consolidated Balance Sheet as of December 31, 2022

·

deferred tax liability of RMB194.8 million (US$28.2 million), changed from RMB168.8 million (US$24.5 million).

 

Classification Corrections

 

The Company made certain classification corrections to the Original Financial Results, including:

 

·

RMB2.5 million (US$0.4 million) from accounts receivable due from related party to accounts receivable due from third party, net;

·

RMB112.0 million (US$16.2 million) from intangible assets, net to land use rights, net;

·

RMB54.0 million (US$7.8 million) from notes payable due to third party to notes payable due to related party, net;

·

RMB816.5 million (US$118.4 million) from long-term borrowing to short-term borrowing, net; and

·

RMB79.2 million (US$11.5 million) and RMB50.0 million (US$7.2 million) from cash and cash equivalents to restricted cash and restricted long-term investments, respectively.

 

For the amended financial data, please also refer to the audited consolidated financial statements contained in the Company’s annual report on Form 20-F for the year ended December 31, 2022, filed with the SEC on April 28, 2023.

 

 

EXHIBIT INDEX

 

Number		Description of Document
99.1		Amended Fourth Quarter and Full Year 2022 Financial Results.

 

 

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/ Mengmeng (Pan) Li
	Name:	Mengmeng (Pan) Li
	Title:	Chief Financial Officer

 

Date: April 28, 2023

 

 

 

Exhibit 99.1

 

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

 

		For the quarter ended																For the year ended
		Dec 31, 2021				Sep 30, 2022				Dec 31, 2022								Dec 31, 2021				Dec 31, 2022
		RMB'000				RMB'000				RMB'000				USD'000				RMB'000				RMB'000				USD'000
Revenues from third parties			16,361,236				19,418,227				29,917,921				4,337,691				40,794,759				82,794,101				12,004,016
Revenues from related parties			26,472				101,089				84,133				12,198				31,763				333,195				48,309
Total revenues			16,387,708				19,519,316				30,002,054				4,349,889				40,826,522				83,127,296				12,052,325
Cost of revenues			(13,743,415	)			(16,447,649	)			(25,793,793	)			(3,739,748	)			(34,168,686	)			(70,848,983	)			(10,272,137	)
Gross profit			2,644,293				3,071,667				4,208,261				610,141				6,657,836				12,278,313				1,780,188
Operating expenses:
Selling and marketing			(1,117,473	)			(1,980,508	)			(2,254,369	)			(326,853	)			(2,856,464	)			(7,241,888	)			(1,049,975	)
General and administrative			(776,137	)			(823,679	)			(896,601	)			(129,995	)			(1,963,562	)			(3,508,678	)			(508,710	)
Research and development			(114,549	)			(201,690	)			(228,399	)			(33,115	)			(461,590	)			(724,769	)			(105,082	)
Impairment of long-lived assets			(150,308	)			(2,662	)			(214,473	)			(31,096	)			(273,713	)			(373,732	)			(54,186	)
Total operating expenses			(2, 158,467)				(3,008,539	)			(3,593,842	)			(521,059	)			(5,555,329	)			(11,849,067	)			(1,717,953	)
Income from operations			485,826				63,128				614,419				89,082				1,102,507				429,246				62,235
Interest expenses, net			(144,420	)			(128,749	)			(111,716	)			(16,197	)			(624,029	)			(490,703	)			(71,145	)
Subsidy income			109,636				225,336				94,048				13,636				465,685				1,089,435				157,953
Exchange gain/(loss)			(127,483	)			650,466				(20,173	)			(2,925	)			(355,499	)			1,025,891				148,740
Change in fair value of commodity futures			-				(2,554	)			350				51				-				(5,837	)			(846	)
Change in fair value of foreign exchange derivatives			116,993				(130,196	)			55,182				8,001				307,689				(168,519	)			(24,433	)
Change in fair value of Long-term Investment			-				-				101,871				14,770				-				101,871				14,770
Change in fair value of convertible senior notes and call option			9,540				232,961				396,794				57,530				191,641				(12,083	)			(1,752	)
Other income/(loss), net			(2,865	)			(888	)			(4,136	)			(600	)			1,911				7,408				1,074
Income before income taxes			447,227				909,504				1,126,639				163,348				1,089,905				1,976,709				286,596
Income tax expenses			(126,872	)			(150,775	)			(265,392	)			(38,478	)			(194,140	)			(605,278	)			(87,757	)
Equity in earnings of affiliated companies			3,471				38,904				148,475				21,527				59,809				193,708				28,085
Net income			323,826				797,633				1,009,722				146,397				955,574				1,565,139				226,924
Less:  Net income attributable to non-controlling interests			(84,359	)			(247,811	)			(344,701	)			(49,977	)			(234,554	)			(944,633	)			(136,959	)
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders			239,467				549,822				665,021				96,420				721,020				620,506				89,965
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per share:
Basic			1.26				2.74				3.31				0.48				3.78				3.13				0.45
Diluted			1.04				1.60				1.25				0.18				2.01				3.10				0.45
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per ADS:
Basic			5.02				10.97				13.22				1.92				15.12				12.54				1.82
Diluted			4.16				6.39				5.01				0.73				8.02				12.38				1.80
Weighted average ordinary shares outstanding:
Basic			190,775,385				200,494,033				201,189,189				201,189,189				190,672,869				198,004,260				198,004,260
Diluted			205,838,968				219,038,845				219,240,028				219,240,028				205,719,772				200,408,494				200,408,494
Weighted average ADS outstanding:
Basic			47,693,846				50,123,508				50,297,297				50,297,297				47,668,217				49,501,065				49,501,065
Diluted			51,459,742				54,759,711				54,810,007				54,810,007				51,429,943				50,102,123				50,102,123
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income			323,826				797,633				1,009,722				146,397				955,574				1,565,139				226,924
Other comprehensive income/(loss ):
-Unrealized gain/(loss) on available-for-sale securities			-				1,638				(665	)			(96	)			-				973				141
-Foreign currency translation adjustments			(107,654	)			185,181				33,930				4,919				(67,732	)			406,149				58,886
-Change in the instrument-specific credit risk			(15,948	)			48,293				(6,265	)			(908	)			41,972				100,158				14,522
Comprehensive income/(loss)			200,224				1,032,745				1,036,722				150,313				929,814				2,072,419				300,473
Less: Comprehensive income attributable to non-controlling interests			(84,359	)			(339,109	)			(328,095	)			(47,569	)			(234,553	)			(1,079,975	)			(156,582	)
Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders			115,865				693,636				708,627				102,743				695,261				992,444				143,891

 

 

JINKOSOLAR HOLDING CO., LTD. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

 

		Dec 31, 2021				Dec 31, 2022
		RMB'000				RMB'000				USD'000
ASSETS
Current assets:
Cash and cash equivalents			8,321,415				10,243,500				1,485,168
Restricted cash			602,044				1,027,454				148,967
Restricted short-term investments			9,261,918				8,945,271				1,296,942
Short-term investments			150,000				-				-
Accounts receivable, net - related parties			29,417				139,714				20,257
Accounts receivable, net - third parties			7,471,103				16,674,876				2,417,630
Notes receivable, net - related parties			-				282,824				41,006
Notes receivable, net - third parties			1,689,102				6,697,096				970,988
Advances to suppliers, net - related parties			-				56,860				8,244
Advances to suppliers, net - third parties			1,536,155				3,271,284				474,292
Inventories, net			13,252,352				17,450,284				2,530,053
Forward contract receivables			73,532				119,625				17,344
Prepayments and other current assets, net - related parties			17,348				23,105				3,350
Prepayments and other current assets, net			2,435,056				3,290,902				477,136
Held-for-sale assets			684,631				-				-
Available-for-sale securities			-				104,499				15,151
Total current assets			45,524,074				68,327,294				9,906,528
Non-current assets:
Restricted cash			1,204,697				1,378,680				199,890
Accounts receivable, net - third parties			27,624				-				-
Long-term investments			633,866				1,711,072				248,083
Property, plant and equipment, net			19,969,894				32,290,088				4,681,623
Land use rights, net			1,090,057				1,431,424				207,537
Intangible assets, net			55,484				79,600				11,541
Financing lease right-of-use assets, net			628,592				558,407				80,961
Operating lease right-of-use assets, net			438,271				396,966				57,555
Deferred tax assets			371,767				704,244				102,106
Advances to suppliers to be utilised beyond one year			296,709				310,375				45,000
Other assets, net - related parties			3,292				52,363				7,592
Other assets, net - third parties			2,739,159				1,421,669				206,123
Total non-current assets			27,459,413				40,334,888				5,848,011
Total assets			72,983,487				108,662,182				15,754,539
LIABILITIES
Current liabilities:
Accounts payable - related parties			15,863				-				-
Accounts payable - third parties			6,799,854				10,378,076				1,504,680
Notes payable - related parties			-				419,500				60,822
Notes payable - third parties			12,072,223				20,204,323				2,929,351
Accrued payroll and welfare expenses			1,240,791				2,035,931				295,182
Advances from related parties			-				3,829				555
Advances from  third parties			5,914,354				9,220,267				1,336,813
Income tax payable			214,856				737,735				106,962
Other payables and accruals			4,844,083				9,214,384				1,335,962
Other payables due to related parties			2,230				5,964				865
Forward contract payables			2,659				63,137				9,154
Financing lease liabilities - current			194,939				168,381				24,413
Operating lease liabilities - current			62,515				65,489				9,495
Short-term borrowings from third parties, including current portion of long-term bank borrowings			13,339,367				12,419,170				1,800,610
Guarantee liabilities to related parties			2,500				-				-
Held-for-sale liabilities			553,234				-				-
Deferred revenue			200,000				-				-
Total current liabilities			45,459,469				64,936,186				9,414,864
Non-current liabilities:
Long-term borrowings			9,896,455				13,022,795				1,888,128
Convertible senior notes			1,098,736				1,070,699				155,237
Accrued warranty costs - non current			858,641				1,422,276				206,211
Financing lease liabilities			236,374				69,881				10,131
Operating lease liabilities			385,420				339,885				49,279
Deferred tax liability			183,003				194,808				28,245
Long-term Payables			568,495				601,759				87,247
Guarantee liabilities to related parties - non current			9,642				-				-
Total non-current liabilities			13,236,766				16,722,103				2,424,478
Total liabilities			58,696,235				81,658,289				11,839,342
SHAREHOLDERS' EQUITY
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 193,770,753 and 204,135,029 shares issued as of December 31, 2021 and December 31, 2022, respectively)			26				28				4
Additional paid-in capital			5,617,923				9,912,931				1,437,240
Accumulated other comprehensive income			(154,375	)			217,563				31,544
Treasury stock, at cost; 2,945,840 ordinary shares as of December 31, 2021 and December 31, 2022			(43,170	)			(43,170	)			(6,259	)
Accumulated retained earnings			5,629,377				6,249,883				906,148
Total JinkoSolar Holding Co., Ltd. shareholders' equity			11,049,781				16,337,235				2,368,677
Non-controlling interests			3,237,471				10,666,658				1,546,520
Total shareholders' equity			14,287,252				27,003,893				3,915,197
Total liabilities and shareholders' equity			72,983,487				108,662,182				15,754,539