Jinko Solar Co., Ltd. (SH：688223), a major manufacturer of solar panels and integrators of energy storage systems, announced on 9th December 2023 its intention to transfer 49% of its subsidiary Zhejiang Jinko Energy Storage's ownership to Haining Xinchao Investment Development Co.

Haining Xinchao will contribute a maximum of RMB150 billion, in which RMB490 billion will be added to the registered capital. Any amount exceeding the registered capital will be credited as premium. The excess capital contribution will be credited to Zhejiang Jinko's capital surplus. After completing the transfer, Haining Xinchao purchased 49% stake in Zhejiang Jinko.

This transaction is predicted to boost Zhejiang Jinko's energy storage business. Haining Xinchao was founded on 2 November 2023 and is involved in equity investment and investment activities using its own funds.