Jinko Holdings CFO Mengmeng Li Steps Down
JKS is trading near its 52-week low of $7.825 (12% above the low).
Summary
Jinko Holdings, the newly renamed JinkoSolar parent, has appointed Kun Zhang as acting chief financial officer after Mengmeng Li resigned as CFO. The company said Li's resignation was not due to any disagreement with the company. The departure lands at a rough stretch: the company just posted a Q3 net loss of RMB290.4 million ($43.64 million) and guided nine-month losses to RMB3.0-3.6 billion. A CFO exit during a loss cycle and a rebranding to Jinko Holdings removes a key voice on the balance sheet at the moment investors are focused on cash burn.
At the time of this announcement, JKS was trading at $8.79 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $413.6M. The 52-week trading range was $7.83 to $31.88. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.