Die Bewertung vergleichbarer Unternehmen ist an den chinesischen Heimatbörsen deutlich höher und stabiler.Das am STAR Markt beabsichtigte Listing der 75%igen Jiangxi Tochter scheint sich noch lange hinauszuziehen.Jinko wird höchstwahrscheinlich Kapital für die Expansionspläne 2021 benötigen.
Die Verschuldung ist hoch,der Kapitalzugang ohne weiteres Eigenkapital schwierig und teuer.
Aus diesem Grund haben wir an die IR und Firmenlenkung eine Mail gesendet,zu der bislang leider wieder keine Antwort kam.Es könnte hilfreich sein ,wenn sich zunehmend Investoren hinsichtlich der betriebswirtschaftlich nachteiligen ,niedrigen Marktkapitalisierung um Lösungen bemühen und das Management darauf hinweisen,daß das Listing in den USA ein Problem darstellt:
Dear Mrs Qian,
JinkoSolar has a persisting low market valuation compared to its china listed peer group. This makes the company potentially vulnerable and poses an unnecessary threat to success.
JinkoSolar announced to list Jiangxi Jinko at China STAR market to get better access to capital markets after enduring the complex listing procedure. Not the missing China listing is what is standing in the way to raise the Mcap, it is more the fact to be listed on NASDAQ where Chinese solar stocks have traditionally a detrimental existence.
As long as the US are responsible for the fate of the share price of JKS there won´t be a sustainable base.
JinkoSolar is listed in Germany as well and has a very enthusiastic supportive community which provides a trade volume of several hundred thousand shares on good days, more than enough given the actual free float. The daily trading of JKS stock always follows the same pattern which shows a positive trend until the US market opens the gates to the casino.
Unfortunately there seems to be a long road until a china listing of the daughter company could provide some support for the JKS stock on NASDAQ - possibly.
JKS´s Capex guidance for this year raises the question of an overloaden debt burden which itself suppresses the stock price and would lead to a very dilutive stock placement if necessary. This is a risk which a highly valued company (i.e. Longi) doesn´t have at all. The lack of this risk alone works like a bulletproof backstop for a plunging share price. JKS is currently in the opposite situation and exposed to any kind of price speculation. A hypothetical raise of 500mn USD capital by equity would mean in case of Longi an indiscernible dilution of less than 1%. To get the same amount of money, JKS had to issue additional 30% of its outstanding stock! This is a misfortune which can´t be compensated elsewhere.
Therefore I would like to give you the advice to simply delist JKS from NASDAQ trading.
This is no detrimental point for the company´s image. There are no big hurdles which would take time to realize this move. Any ADRs can easily be traded in Germany as well as in the US. The German TRADEGATE exchange is opened until the usual US closing. There is no timely extensive procedure of requirements to overcome. There is no costly redemption or conversion in the forefront.
Even US customers of JKS´s solar products will certainly prefer a sound, well financed company which can offer competitive priced products instead of a company that sacrifices its edge to the notorious mispriced valuation on NASDAQ. When the announcement of this liberating shift is communicated reasonably there will rather be a sigh of relief than a meaningful share price dip and the bounce back of the JKS stock which is trading then mainly on TRADEGATE / Germany will be stellar - and based on a far more solid and predictable footing. There are many European green energy companies with far higher valuation thanks to their main listing in Germany. The market is by far big enough for any capital-requiring measures.
There are a lot of influential german analysts in the financial media promoting JKS day by day to investors but any up-move to the stock price suffocates when NASDAQ opens.
Most JKS investors - even in the US - would highly welcome to get rid of NASDAQ´s continuously bearish impact on "suspicious" Chinese stocks.
The US bias towards China seems to be far from a turnaround and will further suppress JKS stock price, its company value and its refinancing abilities as long as the US listing keeps to be market making - irrespective of any achievements JKS provides.
The fact that a high market capitalization itself accounts for the possible success of a company in today´s markets could be crucial for JKS to stay in the solar worlds´ well financed top tier.
With respect to recent market developments in the solar industry as well as in the political environment and especially with respect to the financial markets´ stance to JKS, I would highly appreciate if you consider this remark seriously.
I would appreciate your feedback.
Kind regards,
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