BRIEF: JinkoSolar expands share buyback program
Solar panel maker JinkoSolar Holding Co. Ltd. (JKS.US; 688223.SH) on Wednesday announced an expansion and extension of its share repurchase program, as it seeks to support its stock. The company originally launched a $200 million share repurchase program in July 2022 and had repurchased $134.5 million worth of its stock as of Dec. 11.
It said its board on Tuesday approved a $150 million increase in the size of the program, raising its total to $350 million. It added the board also extended the program by another 12 months, giving it a new expiration date of June 30, 2026.
Shares of JinkoSolar and its peers are trading at depressed levels as the group struggles with overcapacity that has depressed solar panel prices. JinkoSolar’s stock has lost a quarter of its value this year, and currently trades at a forward price-to-earnings (P/E) ratio of just 6.5 and a price-to-sales (P/S) ratio of 0.10.
By Doug Young
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