JinkoSolar - Update on Further Evidence from Bonitas Research

Mark Artherton, CFA

Inteqres

Forensic Accounting

We do not find <a href="https://www.bonitasresearch.com/wp-content/uploads/dlm_uploads/2020/03/BonitasResearch-Short-JinkoSolar-NYSE_JKS_March_4_2020.pdf?nocookies=yes" target="_blank" rel="noopener">Bonitas' specific reasons</a> to be negative <a href="https://www.smartkarma.com/entities/jinkosolar-holding-co-adr" target="_blank" data-smartkarma-citation="entities:8221:1" rel="noopener">Jinkosolar Holding Co Adr (JKS US)</a> as that compelling.  Whilst the sale of the downstream generating assets leaves a bad taste, the other accusations are mild in terms of impact.  The generalised accusations are more accurate and show Jinkosolar to be a high risk investment, but we believe that the market recognises this.  Recent quarterly trends at Jinkosolar have been relatively positive, though as with all manufacturing companies in China, the near term outlook is negative.We have put this note as a negative but are not pushing aggressive short positions based on Bonitas' note.

We do not find Bonitas' specific reasons to be negative Jinkosolar Holding Co Adr (JKS US) as that compelling.  Whilst the sale of the downstream generating assets leaves a bad taste, the other accusations are mild in terms of impact.  The generalised accusations are more accurate and show Jinkosolar to be a high risk investment, but we believe that the market recognises this.  Recent quarterly trends at Jinkosolar have been relatively positive, though as with all manufacturing companies in China, the near term outlook is negative.We have put this note as a negative but are not pushing aggressive short positions based on Bonitas' note.

JinkoSolar Bonitas Research Short Review - Little of Substance - Inteqres Forensic

JinkoSolar Holding

JinkoSolar Bonitas Research Short Review - Little of Substance - Inteqres Forensic