JinkoSolar, a leading photovoltaic company with a market capitalization exceeding 78 billion yuan, has placed a 75.1% stake in its US manufacturing facility up for sale.
According to an announcement released by JinkoSolar on May 8, its wholly-owned subsidiary, JinkoSolar US Holdings, intends to transfer a 75.1% equity interest in JinkoSolar US Factory to FH JKV Holdings Limited (referred to as "FH") for a transaction value of $192 million (approximately 1.3 billion yuan).
FH was established specifically for this equity acquisition. It was incorporated just five months ago with a registered capital of only $1,500. The ultimate controlling person behind FH, ZHANG, Wei, has also been identified.
According to industry sources, ZHANG, Wei is confirmed to be Zhang Wei, the spouse of former Chinese richest man and "photovoltaic pioneer" Shi Zhengrong. This is not Zhang Wei's first appearance in the photovoltaic investment sphere; she previously co-controlled Asia Silicon with Shi Zhengrong.
Furthermore, JinkoSolar's announcement indicates that FH Capital, where ZHANG, Wei serves as a director, has also invested in and holds stakes in other companies, including ES Foundry and Delaware River Solar.
Notably, the JinkoSolar US Factory targeted by FH is a profitable asset within JinkoSolar's portfolio. In 2025, the factory generated revenue of 8.545 billion yuan and a net profit of 1.341 billion yuan.
JinkoSolar's decision to relinquish controlling interest in this asset stems from the 25% ownership threshold established by the US "Big and Beautiful Act." Chinese companies exceeding this limit would lose eligibility for IRA (Inflation Reduction Act) tax credits.
In contrast to the profitability of its US factory, JinkoSolar itself has recently been mired in losses.
In 2025, JinkoSolar recorded its first annual net loss attributable to shareholders since going public, with a substantial annual loss of 6.882 billion yuan. For the first quarter of this year, the company again reported a loss of 1.35 billion yuan.
JinkoSolar's financial reports show that its actual controllers are Li Xiande, Chen Kangping, and Li Xianhua. In the recently unveiled "2026 Hurun Global Rich List," Li Xiande and Chen Kangping were ranked with fortunes of 12.5 billion yuan and 9 billion yuan, respectively.
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