Key Overview

• Issuer: Jinko Power (HK) Company Limited.
• Guarantor: Jinko Power Technology Company Limited.
• Issue size: US$100 million.
• Coupon: 4.38% fixed.
• Tenor: Three years.
• Settlement date: 20 July 2026.
• HKEX listing date: expected on or around 21 July 2026.
• Maturity date: 20 July 2029.
• HKEX code: 40567.
• ISIN: XS3408475476.
• Minimum denomination: US$200,000.
• The bonds are for professional investors only under HKEX Chapter 37.

Jinko Power Green Bond Settles at $100 Million in Hong Kong

A Green Bond with Credit Enhancement

The HKEX listing notice identifies the securities as US$100 million 4.38% guaranteed credit-enhanced bonds due 2029. It names Jinko Power (HK) Company Limited as issuer, Jinko Power Technology Company Limited as guarantor, and China Merchants Bank’s Shanghai branch as the standby letter-of-credit provider.

That credit-enhanced structure is central to the transaction. For a renewable-energy issuer seeking offshore dollar funding, a bank standby letter of credit can improve investor comfort by adding a second credit support layer. Investors still need to assess the exact terms, but the structure likely helped the borrower reach international professional investors at a 4.38% coupon.

Pricing Was Completed Before Listing

Shanghai Securities News reported that Jinko Power’s Hong Kong subsidiary completed pricing of the three-year US$100 million senior unsecured fixed-rate green bond at par, with a 4.38% coupon, settlement on 20 July 2026 and redemption on 20 July 2029. The same disclosure gives the bond code as XS3408475476 and says the bond would subsequently list on the Hong Kong Stock Exchange after settlement. (China Stock Paper)

The pricing announcement came before the current discovery week. The current-week trigger is the completed settlement and HKEX listing process, which turned the announced bond into a listed professional-investor security.

HKEX Confirms the Professional-Investor Structure

The HKEX notice says the bonds will be offered to professional investors only, as defined under Chapter 37 of the Hong Kong Listing Rules. It also says the listing of, and permission to deal in, the bonds was expected to become effective on or around 21 July 2026.

That matters for publication. This should not be presented as a retail bond. Cbonds also lists the minimum denomination at US$200,000, reinforcing that the instrument is designed for institutional or professional participation rather than small retail allocations. (Cbonds)

The Green Label Is a Framework Claim

Jinko Power’s pricing announcement described the bond as a green bond and said proceeds would be used in line with the company’s green-bond framework and relevant approval documentation. Separately, market coverage before pricing identified S&P as the second-party-opinion provider. (China Stock Paper)

S&P Global Ratings describes a second-party opinion as an independent, point-in-time analysis of a sustainable finance instrument, programme or framework. For use-of-proceeds financing, S&P says its analysis may include alignment with relevant principles, a “Shade of Green” view for environmental projects, issuer sustainability context, allocation analysis and reporting-quality assessment. That helps investors assess green-finance credibility, but it is not the same as a credit rating or repayment guarantee. (S&P Global)

Why the 4.38% Coupon Matters

A 4.38% coupon on a three-year US-dollar green bond is notable because it sits at the intersection of renewable-energy credit, China offshore funding and bank-supported credit enhancement. The estimated annual coupon is US$4.38 million before fees and any investor-specific tax or accounting treatment.

Investors should not read the coupon in isolation. The bond’s coupon reflects the final structure, tenor, investor base, market conditions, credit enhancement, offshore dollar demand and green-bond label. Without the final term sheet and secondary-market pricing, it would be premature to conclude that the coupon represents pure issuer credit.

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Why Hong Kong Matters

Hong Kong remains an important listing and distribution venue for offshore Asian debt securities. For Chinese renewable-energy companies, HKEX debt listing can provide visibility to professional investors looking for Asian sustainable-finance exposure, while still allowing issuance under offshore documentation and international clearing arrangements.

The Jinko Power transaction therefore supports Hong Kong’s role as an offshore sustainable-finance centre. It also gives investors another example of how Chinese issuers can combine green-bond labels, offshore dollar funding and bank credit support.

Solar Portfolio Context

Jinko Power describes itself as a leading clean-energy supplier and service provider engaged in power plant development, power plant services and energy services. Its company profile says it has 5.4GW of gross installed capacity and operates across more than 30 provincial-level regions in China. (jinkopower.com)

Jinko Power’s January Al Dhafra green-bond refinancing announcement also shows the company’s international renewable-energy footprint. It said Jinko Power had around 6GW of operating solar IPP capacity in China and about 4.35GW of solar projects developed, constructed and in operation internationally as of September 2025. (jinkopower.com)

Investors Must Separate Green and Credit Risk

The transaction’s green label tells investors something about intended use of proceeds and framework alignment. It does not eliminate repayment risk. Bondholders still face issuer risk, guarantor risk, standby-letter-of-credit documentation risk, liquidity risk, currency risk and duration risk.

They also need post-issuance reporting. Until Jinko Power reports which eligible projects receive proceeds, investors cannot fully assess project-level environmental allocation. The green framework creates the map; allocation and impact reporting show how the money was actually used.

What Investors Should Watch Next

Investors should watch secondary-market trading levels, bid–ask spreads, any post-listing disclosure from Jinko Power, and future allocation reporting under the green-finance framework. They should also review the standby letter of credit carefully, including draw conditions, expiry mechanics, governing law and any limitations.

The second watchpoint is company identity. Jinko Power should not be confused with JinkoSolar, the separate solar-panel manufacturer. This bond was issued by Jinko Power’s Hong Kong subsidiary and guaranteed by Jinko Power Technology.

Conclusion

Jinko Power Green Bond issuance adds another example of how Asian renewable-energy companies are using Hong Kong to access offshore dollar capital. The US$100 million bond has a 4.38% fixed coupon, a three-year tenor, HKEX code 40567 and a credit-enhanced structure supported by Jinko Power Technology and China Merchants Bank’s Shanghai branch.

For investors, the case study is clear. The environmental label is important, but the credit structure is just as important. A green bond is still a bond. Investors must assess the issuer, guarantor, credit enhancement, documentation, liquidity and use-of-proceeds reporting before drawing conclusions about value.

FAQs

1. What is the Jinko Power Green Bond?

The Jinko Power Green Bond is a US$100 million, three-year offshore green bond issued by Jinko Power (HK) Company Limited. It carries a 4.38% fixed coupon, matures on 20 July 2029 and is listed on HKEX under stock code 40567.

2. Who guarantees the bond?

The bond is unconditionally and irrevocably guaranteed by Jinko Power Technology Company Limited. It also benefits from an irrevocable standby letter of credit issued by China Merchants Bank’s Shanghai branch, according to the HKEX listing notice.

3. Is this bond available to retail investors?

The HKEX listing notice says the bonds are offered to professional investors only under Chapter 37 of the Hong Kong Listing Rules. Cbonds lists a minimum denomination of US$200,000, which also indicates that the bond is designed for professional or institutional investors rather than small retail investors.

4. What does the S&P second-party opinion mean?

S&P’s second-party-opinion framework provides an independent, point-in-time assessment of a sustainable finance instrument, programme or framework. It can help investors assess green-finance alignment and reporting quality, but it should not be treated as a credit rating or repayment guarantee. (S&P Global)

5. What are the main risks?

The main risks include issuer credit risk, guarantor risk, liquidity risk, dollar funding risk, duration risk, currency exposure, legal-documentation risk and uncertainty over final project allocation. The green label does not remove these risks, and post-issuance reporting will be needed to assess how proceeds are allocated.

Sources: HKEX, Cbonds Shanghai Security News, Jinko Power, S&P Global, Sohu

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