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Stock code: 688223 Stock abbreviation: JinkoSolar Announcement No.: 2025-015
Convertible bond code: 118034 Convertible bond abbreviation: Jingneng convertible bond
JinkoSolar Corporation
Announcement on the interest payment of "Jingneng Convertible Bonds" in 2025
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or material omissions in the content of this announcement, and assume legal responsibility for the authenticity, accuracy and completeness of its content.
Important Content Notes:
Record date of interest-paying claims on convertible bonds: April 18, 2025
Ex-dividend date of convertible bonds: April 21, 2025
Convertible bond redemption date: April 21, 2025
The convertible corporate bonds issued by JinkoSolar Co., Ltd. (the "Company") on April 20, 2023 (the "Crystalline Convertible Bonds" or the "Convertible Bonds") will commence paying interest for the period from April 20, 2024 to April 19, 2025 on April 21, 2025 (the original interest payment date is a rest day on April 20, 2025 and postponed to the next trading day). In accordance with the provisions of the relevant provisions of the Prospectus for the Issuance of Convertible Corporate Bonds by JinkoSolar Co., Ltd. to Unspecified Targets (hereinafter referred to as the "Convertible Bond Prospectus"), the relevant matters are hereby announced as follows:
1. Overview of the issuance and listing of convertible bonds
(1) Issuance of convertible bonds
According to the China Securities Regulatory Commission's "Reply on Agreeing to the Registration of JinkoSolar Co., Ltd.'s Issuance of Convertible Corporate Bonds to Unspecified Objects" (Zheng Jian Xu Xu [2023] No. 683), the company announced in 2023
On April 20, 10,000.00 convertible corporate bonds, each with a face value of RMB, were issued to unspecified objects
$100.00, with a total issuance amount of $1,000,000.00. The duration of the convertible corporate bonds issued
Limited to six years from the date of issue, i.e. from April 20, 2023 to April 19, 2029, coupon rate
0.20% for the first year, 0.40% for the second year, 0.60% for the third year, 1.50% for the fourth year, 1.80% for the fifth year,
2.00% for the sixth year.
(2) Listing of convertible bonds
With the consent of the Shanghai Stock Exchange's "Self-Regulatory Decision [2023] No. 101", the company
The RMB 1,000,000.00 convertible corporate bonds were listed on the Shanghai Stock Exchange from May 19, 2023
Trading, the bond is referred to as "Jingneng Convertible Bond", and the bond code is "118034".
(3) The date of conversion of convertible bonds into equity and the price of the conversion of shares
According to the relevant regulations and the "Convertible Bond Prospectus", the company's "Jingneng Convertible Bonds" issued this time
Convertible into shares of the Company from 26 October 2023. The share transfer period is October 26, 2023
Until April 19, 2029. The initial conversion price of the "Jingneng Convertible Bonds" is RMB 13.79 per share.
Due to the implementation of the company's 2022 annual equity distribution plan, the conversion price will be adjusted from July 14, 2023
The whole price is 13.70 yuan per share, and the specific content is detailed on the company's website of the Shanghai Stock Exchange on July 8, 2023
(www.sse.com.cn) JinkoSolar Co., Ltd. Announcement on the Adjustment of the Convertible Bond Conversion Price for 2022 Annual Equity Distribution (Announcement No.: 2023-048) disclosed by JinkoSolar.
On December 6, 2023, the first part of the Company's 2022 restricted stock incentive plan was granted for the first time
The registration procedures for the first batch of shares in the vesting period have been completed, and the above-mentioned restricted stock incentive plan has been calculated
After the registration is completed, the price of the "Jingneng Convertible Bond" will remain unchanged. Details are detailed in the company's announcement on December 8, 2023
JinkoSolar Co., Ltd. announced on the website of the Shanghai Stock Exchange (www.sse.com.cn) that JinkoSolar will not adjust the conversion price of "Jingneng Convertible Bonds" after the completion of the vesting registration of some restricted shares (Announcement No.: 2023-101).
Due to the company's implementation of the 2023 annual equity distribution plan, from June 7, 2024, "Jingneng Convertible Bonds"
The conversion price was adjusted to 13.48 yuan per share, which is detailed in the company's announcement on the Shanghai Stock Exchange on June 1, 2024
"JinkoSolar Co., Ltd. Announcement on the Implementation of the 2023 Annual Equity Distribution to Adjust the Conversion Price of "Jingneng Convertible Bonds" (Announcement No.: 2024-036) disclosed on the website of the Securities Exchange (www.sse.com.cn).
Second, the interest payment plan
According to the Prospectus of Convertible Bonds, the "Jingneng Convertible Bonds" adopt the interest payment method of once a year, and the principal of the outstanding convertible bonds will be returned at maturity and the interest of the last year will be paid.
(1) Calculation of annual interest
The interest of the interest-bearing year (hereinafter referred to as the "annual interest") refers to the current interest that the holder of the convertible corporate bond can enjoy for each full year from the first day of issuance of the convertible corporate bond according to the total par amount of the convertible corporate bond held.
The formula for calculating the annual interest is: I=B×i
I: Refers to the annual interest amount;
B: refers to the total par amount of the convertible corporate bonds held by the holders of the convertible corporate bonds on the record date of interest-paying claims in the interest-bearing year (hereinafter referred to as the "current year" or "each year");
i: refers to the coupon rate of the convertible corporate bond in the current year.
(2) Method of interest payment
(1) The convertible corporate bonds are paid once a year, and the starting date of interest calculation is the first day of the issuance of the convertible corporate bonds.
(2) Interest payment date: The annual interest payment date is the day of each full year from the first day of the issuance of the convertible corporate bonds. If the day falls on a statutory holiday or rest day, it will be postponed to the next trading day, and no additional interest will be paid during the extension period. An interest-bearing year is calculated between two adjacent interest payment dates.
(3) Interest-paying creditor's rights registration date: The annual interest-paying creditor's rights registration date is the trading day before the annual interest-paying date, and the company will pay the current year's interest within five trading days after the annual interest-paying date. The Company shall no longer pay interest to the holders of convertible corporate bonds that are converted into shares of the Company before the registration date of interest-paying claims (including the registration date of interest-paying claims).
(4) The tax payable on the interest income obtained by the holders of the convertible corporate bonds shall be borne by the holders.
(3) 2025 interest payment plan
This interest payment is the second year of interest payment of the "Jingneng Convertible Bonds", and the interest calculation period is from April 20, 2024 to 2025
April 19, 2019. The coupon rate for this interest-bearing year is 0.40% (tax included), i.e. RMB 100 per coupon value
The amount of interest redeemed on the convertible bond is RMB 0.40 (tax included). Convertible bonds that apply for conversion into shares of the company before the registration date of interest-paying claims (including the registration date of interest-paying claims) are not entitled to the interest of the current interest-bearing year and subsequent interest-bearing years.
3. The date of registration, ex-dividend and redemption of interest-paying claims
Record date of interest-paying claims on convertible bonds: April 18, 2025
Ex-dividend date of convertible bonds: April 21, 2025
Convertible bond redemption date: April 21, 2025
Fourth, the object of interest payment
The interest payment is for all holders of "Jingneng Convertible Bonds" registered in the Shanghai Branch of China Securities Depository and Clearing Corporation Limited after the close of the Shanghai Stock Exchange on April 18, 2025.
5. Interest payment method
(1) The Company signed an agreement with China Securities Depository and Clearing Corporation Shanghai Branch to entrust the bond redemption and interest redemption agreement, and entrusted the China Securities Depository and Clearing Corporation Shanghai Branch to redeem the bonds and redeem interest. If the Company fails to transfer the bond redemption and interest redemption funds to the bank account designated by China Securities Depository and Clearing Corporation Shanghai Branch on time and in full, China Securities Depository and Clearing Corporation Shanghai Branch will terminate the entrusted agent bond redemption and interest redemption services in accordance with the agreement, and the subsequent redemption and interest redemption work shall be handled by the Company itself, and the relevant implementation matters shall be subject to the Company's announcement. The company will pay the interest of the current bond in full to the bank account designated by China Securities Depository and Clearing Corporation Shanghai Branch 2 trading days before the redemption date of the current period.
(2) After receiving the payment, the Shanghai Branch of China Securities Depository and Clearing Corporation Limited shall transfer the bond interest to the corresponding redemption institution (securities company or other institutions recognized by the Shanghai Branch of China Securities Depository and Clearing Corporation) through the fund settlement system, and the investor shall receive the bond interest from the redemption institution.
6. Explanation on the payment of income tax on bond interest by investors
(1) In accordance with the provisions of the Individual Income Tax Law of the People's Republic of China and other relevant tax regulations and documents, individual investors of the company's convertible bonds (including bondholders of securities investment funds) shall pay income tax on individual interest income from corporate bonds, and the tax rate is 20% of the interest amount, that is, the amount of interest exchanged for each convertible bond with a face value of RMB 100 is RMB 0.40 (before tax), and the actual interest paid is RMB 0.32 (after tax). The individual income tax on the interest of convertible bonds will be withheld and paid by each redemption institution and paid directly to the tax department where each redemption agency is located. If the interest-paying outlets fail to fulfill the above-mentioned creditor's rights, interest and individual income tax
The legal liability arising therefrom shall be borne by each interest-paying outlet.
(2) In accordance with the provisions of the Enterprise Income Tax Law of the People's Republic of China and other relevant tax regulations and documents, for resident enterprises holding convertible bonds, the income tax on bond interest shall be paid by themselves, that is, the actual distribution amount of each convertible bond with a face value of RMB 100 is RMB 0.40 (tax included).
(3) For non-resident enterprises such as qualified foreign institutional investors and RMB foreign institutional investors holding convertible bonds, in accordance with the announcement of the Ministry of Finance and the State Administration of Taxation on the extension of the enterprise income tax and value-added tax policies for foreign institutions investing in the domestic bond market (No. 34 [2021]), from November 7, 2021 to December 31, 2025, the bond interest income obtained by foreign institutions investing in the domestic bond market will be temporarily exempted from enterprise income tax and value-added tax. Therefore, the interest on the current bonds obtained by non-resident enterprises (including QFII and RQFII) bondholders is exempt from corporate income tax, i.e., the actual distribution amount of each convertible bond with a face value of RMB 100 is RMB 0.40 (tax included). The scope of the above-mentioned temporary exemption from enterprise income tax does not include the interest on bonds obtained by overseas institutions and venues established in China that have actual connections with such institutions or venues.
7. Relevant institutions and contact information
(1) Issuer: JinkoSolar Co., Ltd
Address: Jinko Center, No. 1, Lane 1466, Shenchang Road, Minhang District, Shanghai
Contact Department: Office of the Board of Directors of the Company
Contact number: 021-51808688
E-mail: investor@jinkosolar.com
(2) Sponsor: China Securities Co., Ltd
Address: Building 4, No. 66, Anli Road, Chaoyang District, Beijing
Sponsor representatives: Chen Chang, Zhang Shiju
Contact number: 021-68824278
(3) Convertible bond trustee: China Securities Depository and Clearing Corporation Shanghai Branch
Address: No. 188, Yanggao South Road, Pudong New Area, Shanghai
Contact number: 4008058058
The announcement is hereby made.
Board of Directors of JinkoSolar Limited
April 12, 2025
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