Jinko Power faces bond conversion trigger; plans share pledge

Jinko Power Technology (SSE:601778) faces the potential triggering of conversion price adjustments for its "Jinko Convertible Bonds" as its stock price approaches the 90% threshold of the current conversion price of 5.24 yuan. Ten trading days have already dipped below the 4.72 yuan mark, and fifteen such days initiate a board review. This development occurs as the company simultaneously announced plans to pledge a 5% equity stake in its SPV project companies. This pledge aims to secure lease financing from China Financial Leasing for a sale-leaseback arrangement involving the company's distributed photovoltaic assets, part of a strategy to improve asset turnover. The maximum pledge is valued at 3 billion yuan, but will be refined based on the actual debt incurred under this leasing arrangement. The board has already approved the pledge, pending shareholder approval.