(Yicai Global) Jan. 26 -- Shares of Jinko Solar Holdings, the world’s third-biggest supplier of solar modules, more than doubled in value on their first day of trading in Shanghai.

Jinko Solar [SHA: 688223] closed at CNY10.55 (USD1.67) today, a gain of 111 percent from the issue price of CNY5 (79 US cents) a share, giving it a market cap of CNY105.5 billion (USD16.7 billion). Its New York-listed stock [NYSE: JKS] fell 0.3 percent to USD41.04 yesterday.

The world’s top four solar module producers are now all listed in the Chinese mainland.

Jinko Solar raised CNY9.7 billion (USD1.5 billion) from the secondary listing, according to its prospectus published on Jan. 20.

CNY5.6 billion of the funds will be used to build a high-efficiency 7.5 gigawatts solar cell project and a high-efficiency 5 GW battery module project. CNY750 million (USD118.7 million) will go on a research and development center, while the rest will supplement corporate liquidity.

Jinko Solar ranked first globally for solar module sales from 2016 to 2019, but lost out to Longi Green Energy Technology in 2020. Longi topped the rankings again last year, followed by Trina Solar and JA Solar Technology in joint second. Jinko Solar was third.

Founded in 2006, Jinko Solar has overseas production bases in Malaysia and the United States. Solar modules are its main source of income, with overseas revenue accounting for 80 percent of the total.

In the first three quarters of 2021, revenue was CNY24.3 billion, a 0.8 percent gain from a year earlier. Net profit sank 47 percent to CNY293 million amid pricier silicon materials, losses due to exchange rate fluctuations, and bigger spending on capacity expansion.

The average cost of silicon materials was CNY166.95 (USD64.41) per kilogram last June, up about 254 percent from a year earlier, according to the company.

Editor: Futura Costaglione