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

Mark Artherton, CFA

Inteqres

Forensic Accounting

<p>Today, Bonitas Research issued fresh evidence around the problems they have identified at JinkoSolar.  IN our previous note, we highlighted that none of the issues appeared to be a smoking gun, but that we still saw JinkoSolar as a large governance risk for investors.  This new research does little to change that view.  </p><p>The related party transactions sound like poor governance and we are concerned about the explanation for the Yanshan Power transaction in 2016 but the announcement of new 4Q guidance would require the auditor to be acting in a fraudulent way in our opinion and as with any fraud, the more parties involved the less likely it is to succeed.</p>

Today, Bonitas Research issued fresh evidence around the problems they have identified at JinkoSolar.  IN our previous note, we highlighted that none of the issues appeared to be a smoking gun, but that we still saw JinkoSolar as a large governance risk for investors.  This new research does little to change that view.  The related party transactions sound like poor governance and we are concerned about the explanation for the Yanshan Power transaction in 2016 but the announcement of new 4Q guidance would require the auditor to be acting in a fraudulent way in our opinion and as with any fraud, the more parties involved the less likely it is to succeed.

JinkoSolar - Update on Further Evidence from Bonitas Research

JinkoSolar Holding

JinkoSolar - Update on Further Evidence from Bonitas Research