Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | JinkoSolar Holding Co., Ltd. |
Entity Central Index Key | 1,481,513 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Trading Symbol | JKS |
Entity Common Stock, Shares Outstanding | 126,733,266 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS | 12 Months Ended | |||
Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 31, 2014CNY (¥)¥ / sharesshares | |
Total Revenues | ¥ 21,400,638,092 | $ 3,082,333,011 | ¥ 15,454,374,366 | ¥ 9,740,876,507 |
Cost of revenues | (17,531,299,173) | (2,525,032,288) | (12,522,913,795) | (7,643,687,841) |
Gross profit | 3,869,338,919 | 557,300,723 | 2,931,460,571 | 2,097,188,666 |
Selling and marketing | (1,434,038,816) | (206,544,551) | (1,144,559,326) | (768,258,044) |
General and administrative | (778,766,905) | (112,165,765) | (521,425,475) | (369,337,373) |
Provision for advance to suppliers | (799,899) | (115,209) | (2,694,857) | |
Impairment of long-lived assets | (125,524,021) | (18,079,220) | (6,217,151) | |
Research and development | (181,106,128) | (26,084,708) | (143,670,521) | (106,627,106) |
Total operating expenses | (2,520,235,769) | (362,989,453) | (1,809,655,322) | (1,253,134,531) |
Income from operations | 1,349,103,150 | 194,311,270 | 1,121,805,249 | 844,054,135 |
Interest expenses, net | (359,296,332) | (51,749,436) | (311,018,583) | (226,342,563) |
Convertible senior notes issuance costs | (26,052,881) | |||
Subsidy income | 168,646,557 | 24,290,157 | 101,873,574 | 48,829,618 |
Exchange gain/(loss), net | 208,811,416 | 30,075,101 | (86,517,698) | (139,566,645) |
Other income/(expenses), net | 8,768,365 | 1,262,907 | 1,036,319 | (1,558,583) |
Investment income | 4,902,527 | 706,111 | ||
Gain on disposal of subsidiaries | 5,017,888 | 722,726 | ||
Change in fair value | ¥ | (46,215,053) | 48,295,200 | (87,403,805) | |
Income before income taxes | 1,247,722,561 | 179,709,428 | 867,073,143 | 562,749,983 |
Income tax (expenses)/benefit | (257,487,006) | (37,085,843) | (100,533,829) | 135,392,962 |
Income from continuing operations, net of tax | 990,235,555 | 142,623,585 | 766,539,314 | 698,142,945 |
Discontinued operations | ||||
Gain on disposal of discontinued operations before income taxes | 1,007,884,060 | 145,165,499 | ||
Income from discontinued operations before income taxes | 48,146,259 | 6,934,504 | 105,089,584 | 29,112,916 |
Income tax expense, net | (54,466,059) | (7,844,744) | (11,329,810) | (1,058,939) |
Income from discontinued operations, net of tax | 1,001,564,260 | 144,255,259 | 93,759,774 | 28,053,977 |
Net income | 1,991,799,815 | 286,878,844 | 860,299,088 | 726,196,922 |
Less: Net loss attributable to the non-controlling interests from continuing operations | (432,541) | (62,299) | (63,348) | |
Less: Net income attributable to the non-controlling interests from discontinued operations | 6,044,451 | 870,582 | 4,270,460 | 851,167 |
Less: Accretion to redemption value of redeemable non-controlling interests of discontinued operations | 159,477,930 | 22,969,600 | 172,340,442 | 52,320,700 |
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | ¥ 1,826,709,975 | $ 263,100,961 | ¥ 683,751,534 | ¥ 673,025,055 |
Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders per share from continuing operations - | ||||
Basic | (per share) | ¥ 7.87 | $ 1.13 | ¥ 6.15 | ¥ 5.67 |
Diluted | (per share) | 7.63 | 1.10 | 6 | 4.02 |
Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders per ADS from continuing operations - | ||||
Basic | (per share) | 31.48 | 4.52 | 24.60 | 22.68 |
Diluted | (per share) | 30.52 | 4.40 | 24 | 16.08 |
Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders per share from discontinued operations - | ||||
Basic | (per share) | 6.64 | 0.96 | (0.66) | (0.20) |
Diluted | (per share) | 6.40 | 0.92 | (0.65) | (0.16) |
Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders per ADS from discontinued operations - | ||||
Basic | (per share) | 26.56 | 3.84 | (2.64) | (0.80) |
Diluted | (per share) | ¥ 25.60 | $ 3.68 | ¥ (2.60) | ¥ (0.64) |
Weighted average ordinary shares outstanding | ||||
Basic | 125,870,272 | 125,870,272 | 124,618,416 | 122,980,870 |
Diluted | 130,590,441 | 130,590,441 | 127,802,961 | 153,786,531 |
Third Party [Member] | ||||
Total Revenues | ¥ 21,262,113,142 | $ 3,062,381,268 | ¥ 15,454,374,366 | ¥ 9,740,319,410 |
Related Party [Member] | ||||
Total Revenues | 138,524,950 | 19,951,743 | 557,097 | |
Forward Contracts [Member] | ||||
Change in fair value | (52,561,784) | (7,570,472) | 56,931,943 | (714,742) |
Convertible Senior Notes and Capped Call Options [Member] | ||||
Change in fair value | (110,242,492) | (15,878,222) | (14,571,200) | 64,101,644 |
Call spread options [Member] | ||||
Change in fair value | (370,437) | |||
Warrant liability [Member] | ||||
Change in fair value | ¥ 24,573,266 | $ 3,539,286 | ¥ (2,096,024) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Net income | ¥ 1,991,799,815 | $ 286,878,844 | ¥ 860,299,088 | ¥ 726,196,922 |
Other comprehensive income: | ||||
-Unrealized loss on available-for-sale securities | (412,529) | (5,629,905) | ||
-Exchange loss on warrant liability | (3,950,373) | |||
-Foreign currency translation adjustments | 96,919,050 | 13,959,247 | 5,070,890 | 4,634,500 |
Release of translation difference due to the liquidation of a foreign subsidiary | (4,716,918) | (679,378) | ||
Comprehensive income | 2,084,001,947 | 300,158,713 | 861,007,076 | 725,201,517 |
Less: comprehensive income attributable to non-controlling interests | 5,611,910 | 808,283 | 4,207,112 | 851,167 |
Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | ¥ 2,078,390,037 | $ 299,350,430 | ¥ 856,799,964 | ¥ 724,350,350 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 2,501,417,491 | $ 360,279,057 | ¥ 2,392,591,132 |
Restricted cash | 318,784,923 | 45,914,579 | 555,723,874 |
Restricted short-term investments | 3,333,450,365 | 480,116,717 | 1,160,518,067 |
Short-term investments | 71,301,081 | 10,269,492 | 29,427,066 |
Accounts receivable, net - related parties | 1,414,084,059 | 203,670,468 | 60,973,795 |
Accounts receivable, net - third parties | 4,753,715,319 | 684,677,419 | 2,690,519,049 |
Notes receivable, net - related parties | 610,200,000 | 87,887,081 | |
Notes receivable, net - third parties | 915,314,761 | 131,832,747 | 515,441,932 |
Advances to suppliers - related parties | 661,788 | 95,317 | 1,021,128 |
Advances to suppliers - third parties | 325,766,259 | 46,920,101 | 251,389,853 |
Inventories, net | 4,473,514,697 | 644,320,135 | 3,203,325,042 |
Forward contract receivables | 640,876 | 92,305 | 7,038,537 |
Other receivables - related parties | 79,124,874 | 11,396,352 | |
Capped call options | 17,490,323 | ||
Deferred tax assets - current | 130,675,655 | 18,821,209 | 79,100,567 |
Prepayments and other current assets | 766,644,253 | 110,419,740 | 715,448,906 |
Held-for-sale assets | 10,814,794,855 | ||
Total current assets | 19,695,296,401 | 2,836,712,719 | 22,494,804,126 |
Non-current assets: | |||
Restricted cash - non-current | 197,214,485 | 28,404,794 | 160,218,100 |
Project assets, net | 55,063,496 | 7,930,793 | |
Investments in affiliates | 7,200,000 | 1,037,016 | 7,200,000 |
Property, plant and equipment, net | 4,738,681,353 | 682,512,077 | 3,766,435,564 |
Land use rights, net | 450,940,595 | 64,948,955 | 349,914,140 |
Intangible assets, net | 20,296,727 | 2,923,337 | 20,472,447 |
Deferred tax assets - non-current | 134,791,362 | 19,413,994 | 117,802,910 |
Other assets - related parties | 173,375,586 | 24,971,278 | |
Other assets - third parties | 617,779,748 | 88,978,791 | 227,701,217 |
Total non-current assets | 6,395,343,352 | 921,121,035 | 4,649,744,378 |
Total assets | 26,090,639,753 | 3,757,833,754 | 27,144,548,504 |
Current liabilities: | |||
Accounts payable - related parties | 1,478,529 | ||
Accounts payable - third parties | 4,290,070,506 | 617,898,676 | 3,783,304,934 |
Notes payable - third parties | 4,796,766,263 | 690,878,045 | 1,924,495,767 |
Accrued payroll and welfare expenses | 582,275,670 | 83,865,140 | 454,210,855 |
Advances from related parties | 60,541,490 | 8,719,788 | |
Advances from third parties | 1,376,919,487 | 198,317,656 | 1,299,491,407 |
Income tax payable | 168,111,676 | 24,213,118 | 106,001,988 |
Forward contract payables | 4,295,737 | ||
Convertible senior notes - current | 423,739,708 | 61,031,212 | 650,916,976 |
Deferred tax liabilities - current | 17,074,064 | 2,459,177 | 9,266,399 |
Derivative liability - current | 10,364,075 | 1,492,737 | |
Bond payable and accrued interests | 866,725,777 | ||
Short-term borrowings, including current portion of long-term bank borrowings | 5,488,629,040 | 790,527,011 | 2,589,864,128 |
Other payables and accruals | 1,019,420,371 | 146,827,075 | 898,173,587 |
Other payables - related parties | 76,033,573 | 10,951,112 | 4,992,975 |
Guarantee liabilities to related parties | 52,710,970 | 7,591,959 | |
Held-for-sale liabilities | 6,029,222,824 | ||
Total current liabilities | 18,362,656,893 | 2,644,772,706 | 18,622,441,883 |
Non-current liabilities: | |||
Long-term borrowings | 488,519,559 | 70,361,452 | 1,308,679,827 |
Long-term payables | 44,015,631 | 6,339,569 | |
Warrant liability | 68,377,608 | ||
Accrued warranty costs - non-current | 511,208,557 | 73,629,347 | 329,236,560 |
Convertible senior notes | 856,064,385 | ||
Deferred tax liability - non current | 50,650,530 | 7,295,194 | 25,220 |
Guarantee liabilities to related parties - non current | 173,375,586 | 24,971,278 | |
Total non-current liabilities | 1,267,769,863 | 182,596,840 | 2,562,383,600 |
Total liabilities | 19,630,426,756 | 2,827,369,546 | 21,184,825,483 |
Commitment and contingencies | |||
Redeemable non-controlling interests | 1,607,925,732 | ||
Shareholders' equity: | |||
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 127,197,130 and 128,456,466 shares issued as of December 31, 2015 and December 31, 2016, respectively, 125,473,930 and 126,733,266 shares outstanding as of December 31, 2015 and December 31,2016, respectively.) | 17,881 | 2,575 | 17,711 |
Additional paid-in capital | 3,145,262,253 | 453,011,991 | 2,924,336,179 |
Statutory reserves | 466,252,857 | 67,154,380 | 351,763,271 |
Accumulated other comprehensive income | 104,784,173 | 15,092,060 | 12,582,041 |
Treasury stock, at cost: 1,723,200 shares of ordinary shares as of December 31, 2015 and 2016, respectively | (13,875,553) | (1,998,495) | (13,875,553) |
Retained earnings | 2,758,267,275 | 397,273,120 | 1,047,044,597 |
Total JinkoSolar Holding Co., Ltd. Shareholders' equity | 6,460,708,886 | 930,535,631 | 4,321,868,246 |
Non-controlling interests | (495,889) | (71,423) | 29,929,043 |
Total shareholders' equity | 6,460,212,997 | 930,464,208 | 4,351,797,289 |
Total liabilities, redeemable non-controlling interest and shareholders' equity | ¥ 26,090,639,753 | $ 3,757,833,754 | ¥ 27,144,548,504 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Ordinary shares, par value | $ 0.00002 | $ 0.00002 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 128,456,466 | 127,197,130 |
Ordinary shares, shares outstanding | 126,733,266 | 125,473,930 |
Treasury stock at cost, shares | 1,723,200 | 1,723,200 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | CNY (¥)shares | USD ($)shares | Ordinary shares [Member]CNY (¥)shares | Additional paid in capital [Member]CNY (¥) | Statutory reserves [Member]CNY (¥) | Accumulated other comprehensive (loss)/income [Member]CNY (¥) | Treasury stock [Member]CNY (¥)shares | Retained earnings (Accumulated losses) [Member]CNY (¥) | Non-controlling interests [Member]CNY (¥) |
Beginning Balance at Dec. 31, 2013 | ¥ 2,020,613,588 | ¥ 15,574 | ¥ 1,968,702,066 | ¥ 184,929,183 | ¥ 12,869,458 | ¥ (13,875,553) | ¥ (142,897,904) | ¥ 10,870,764 | |
Beginning Balance (in shares) at Dec. 31, 2013 | shares | 109,774,830 | (1,723,200) | |||||||
Share-based compensation expense | 42,689,995 | 42,689,995 | |||||||
Appropriation to statutory reserves | 66,975,887 | (66,975,887) | |||||||
Foreign currency exchange translation adjustment | 4,634,500 | 4,634,500 | |||||||
Exercise of share option | 13,488,561 | ¥ 152 | 13,488,409 | ||||||
Exercise of share option (in shares) | shares | 1,240,400 | 0 | |||||||
Accretion to redemption value of redeemable Non-controlling interests | (52,320,700) | (52,320,700) | |||||||
Exchange loss on derivative liability-warrants | |||||||||
Unrealized loss on available-for-sale investment | (5,629,905) | (5,629,905) | |||||||
Acquisition of interest by non-controlling shareholders | 14,000,000 | 14,000,000 | |||||||
Issuance of shares | 769,146,293 | ¥ 1,834 | 769,144,459 | ||||||
Issuance of shares (in shares) | shares | 15,000,000 | 0 | |||||||
Net income | 726,196,922 | 725,345,755 | 851,167 | ||||||
Release of translation difference due to the liquidation of a foreign subsidiary | |||||||||
Ending Balance at Dec. 31, 2014 | 3,532,819,254 | ¥ 17,560 | 2,794,024,929 | 251,905,070 | 11,874,053 | ¥ (13,875,553) | 463,151,264 | 25,721,931 | |
Ending Balance (in shares) at Dec. 31, 2014 | shares | 126,015,230 | (1,723,200) | |||||||
Share-based compensation expense | 112,714,385 | 112,714,385 | |||||||
Appropriation to statutory reserves | 99,858,201 | (99,858,201) | |||||||
Foreign currency exchange translation adjustment | 5,070,890 | 5,070,890 | |||||||
Realize gain on available-for-sale investment | (911,741) | (911,741) | |||||||
Exercise of share option | 17,597,016 | ¥ 151 | 17,596,865 | ||||||
Exercise of share option (in shares) | shares | 1,181,900 | 0 | |||||||
Accretion to redemption value of redeemable Non-controlling interests | (172,340,442) | (172,340,442) | 0 | ||||||
Exchange loss on derivative liability-warrants | (3,950,373) | (3,950,373) | |||||||
Unrealized loss on available-for-sale investment | (412,529) | 499,212 | |||||||
Net income | 860,299,088 | 856,091,976 | 4,207,112 | ||||||
Release of translation difference due to the liquidation of a foreign subsidiary | |||||||||
Ending Balance at Dec. 31, 2015 | 4,351,797,289 | ¥ 17,711 | 2,924,336,179 | 351,763,271 | 12,582,041 | ¥ (13,875,553) | 1,047,044,597 | 29,929,043 | |
Ending Balance (in shares) at Dec. 31, 2015 | shares | 127,197,130 | (1,723,200) | |||||||
Share-based compensation expense | 203,269,631 | 203,269,631 | |||||||
Appropriation to statutory reserves | 115,487,297 | (115,487,297) | |||||||
Foreign currency exchange translation adjustment | 96,919,050 | $ 13,959,247 | 96,919,050 | ||||||
Exercise of share option | ¥ 17,656,613 | ¥ 170 | 17,656,443 | ||||||
Exercise of share option (in shares) | shares | 1,259,336 | 1,259,336 | 1,259,336 | 0 | |||||
Accretion to redemption value of redeemable Non-controlling interests | ¥ (159,477,930) | $ (22,969,600) | (159,477,930) | ||||||
Exchange loss on derivative liability-warrants | |||||||||
Unrealized loss on available-for-sale investment | |||||||||
Net income | 1,991,799,815 | 286,878,844 | 1,986,187,905 | 5,611,910 | |||||
Release of translation difference due to the liquidation of a foreign subsidiary | (4,716,918) | (679,378) | (4,716,918) | ||||||
Disposition of Jiangxi Jinko Engineering | (37,034,553) | (997,711) | (36,036,842) | ||||||
Ending Balance at Dec. 31, 2016 | ¥ 6,460,212,997 | $ 930,464,208 | ¥ 17,881 | ¥ 3,145,262,253 | ¥ 466,252,857 | ¥ 104,784,173 | ¥ (13,875,553) | ¥ 2,758,267,275 | ¥ (495,889) |
Ending Balance (in shares) at Dec. 31, 2016 | shares | 128,456,466 | (1,723,200) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | ¥ 1,991,799,815 | $ 286,878,844 | ¥ 860,299,088 | ¥ 726,196,922 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||
Change in fair value of derivative liability _ rate cap | 10,364,075 | 1,492,737 | ||
Change in fair value of derivative liability _ warrant liability | (34,937,341) | (5,032,024) | 2,096,024 | |
Share-based compensation charge | 203,269,631 | 29,276,918 | 112,714,385 | 42,689,995 |
Deferred income taxes | 22,048,774 | 3,175,684 | (6,554,493) | (170,760,020) |
Depreciation of property, plant and equipment | 449,079,007 | 64,680,831 | 393,162,784 | 348,022,445 |
Depreciation of project assets | 328,213,389 | 47,272,561 | 228,972,745 | 85,693,840 |
Amortization of land use rights | 7,895,001 | 1,137,117 | 6,300,488 | 6,882,863 |
Amortization of intangible assets | 3,202,787 | 461,298 | 2,223,458 | 1,136,953 |
Amortization for guarantee liability | (9,641,685) | (1,388,691) | ||
Inventories provision | 439,000,231 | 63,229,185 | 98,791,960 | 75,935,281 |
Provision/(reversal of provision) for allowance of doubtful accounts | 82,676,843 | 11,907,942 | (54,356,588) | 27,151,987 |
Provision/(reversal of provision) for other receivables | (11,666,061) | (1,680,262) | 21,923,756 | |
Provision for advance to suppliers | 799,899 | 115,209 | 2,694,857 | |
Loss on disposal of property, plant and equipment | 33,072,876 | 4,763,485 | 12,476,763 | 19,008,054 |
Gain on disposal of land use right | (3,727,161) | (536,823) | (3,013,258) | |
Loss on disposal of intangible assets | 1,159,217 | 166,962 | 614,295 | |
Impairment of long-lived assets | 125,524,021 | 18,079,220 | 6,217,151 | |
Convertible senior notes issuance cost | 26,052,881 | |||
Equity in income of affiliated companies | (15,265,937) | (2,198,752) | (13,669,112) | (9,549,289) |
Gain on disposal of investment in Jiangxi Jinko Engineering | (1,007,884,060) | (145,165,499) | ||
Gain on disposal of investment in subsidiaries-others | (5,017,888) | (722,726) | ||
Investment income | (4,902,527) | (706,111) | ||
Exchange loss/(gain), net | (208,811,416) | (30,075,101) | 86,517,698 | 139,566,645 |
Changes in operating assets and liabilities (net of impact of disposition): | ||||
Increase in accounts receivable - third parties | (2,859,160,553) | (411,804,775) | (63,566,502) | (1,627,833,342) |
(Increase)/Decrease in accounts receivable - related parties | (180,834,464) | (26,045,580) | 113,560,001 | 109,608,216 |
(Increase)/Decrease in notes receivable - third parties | (426,101,401) | (61,371,367) | (440,110,991) | 181,893,173 |
Decrease in notes receivable - related parties | 141,000,000 | 20,308,224 | 42,900,000 | |
Increase in advances to suppliers - third parties | (82,394,136) | (11,867,224) | (169,276,751) | (13,375,361) |
(Increase)/decrease in advances to suppliers - related party | 359,340 | 51,756 | 162,640 | (1,183,768) |
Increase in inventories | (2,001,046,682) | (288,210,670) | (1,410,968,951) | (1,255,054,117) |
Decrease in other receivables - related parties | 168,593,218 | 24,282,474 | 163,499 | 52,756 |
Increase in prepayments and other current assets | (7,621,260) | (1,097,690) | (52,933,157) | (309,737,240) |
Increase in other assets-third parties | (182,430,305) | (26,275,430) | (304,202,544) | (261,751,916) |
Increase in other assets-related parties | (173,375,586) | (24,971,278) | ||
Increase in accounts payable - third parties | 885,107,922 | 127,482,057 | 591,977,556 | 1,381,021,677 |
Decrease in accounts payable - related parties | (89,639,759) | (12,910,811) | (989,832) | |
Increase in accrued payroll and welfare expenses | 142,568,241 | 20,534,098 | 163,166,447 | 73,776,858 |
Increase in advances from - third parties | 170,803,277 | 24,600,789 | 873,434,523 | 275,721,519 |
Increase in advances from - related parties | 60,541,490 | 8,719,788 | ||
Increase in income tax payables | 62,620,224 | 9,019,188 | 30,252,380 | 60,164,687 |
Increase/(decrease) in other payables and accruals - third parties | (9,666,219) | (1,392,225) | 201,251,124 | 240,940,423 |
Increase/(decrease) in other payables and accruals - related parties | 50,870,317 | 7,326,850 | (2,584,341) | 4,315,667 |
Net cash provided/(used) by operating activities | (1,802,967,740) | (259,681,366) | 1,339,049,528 | 187,067,558 |
Cash flows from investing activities: | ||||
Maturity of restricted short-term investments | 2,289,203,055 | 329,713,820 | 2,480,496,062 | 1,288,659,345 |
Maturity of short-term investments | 45,332,883 | 6,529,293 | 114,248,971 | 132,500,000 |
Proceeds from disposal of property, plant and equipment | 8,999,454 | 1,296,191 | 7,138,759 | 16,162,935 |
Proceeds from disposal of land use right | 36,095,570 | 5,198,843 | ||
Cash received from call spread | 16,941,535 | 2,440,089 | ||
Cash disposed of, net of cash received from related party, for disposal of Jiangxi Jinko Engineering | (606,102,556) | (87,296,926) | ||
Deferred government grants related to assets | 92,440,000 | |||
(Increase)/ decrease in restricted cash | 179,371,409 | 25,834,857 | (120,202,572) | (135,427,099) |
Purchase of property, plant and equipment | (1,975,362,827) | (284,511,425) | (860,606,902) | (489,978,748) |
Cash paid for project assets | (1,956,477,672) | (281,791,397) | (2,129,264,757) | (2,511,677,528) |
Cash paid for deposits related to construction of solar projects | (161,972,465) | (23,328,887) | (3,505,573) | |
(Payment)/collection of deposit for acquisition of subsidiaries | 10,000,000 | (10,000,000) | ||
Cash paid for land use rights | (106,971,456) | (15,407,094) | (44,158,932) | (9,380,139) |
Purchase of intangible assets | (7,474,367) | (1,076,533) | (13,462,651) | (4,637,414) |
Purchase of restricted short-term investments | (4,462,135,353) | (642,681,169) | (2,640,760,590) | (2,153,867,953) |
Purchase of short-term investments | (166,559,593) | (23,989,572) | (31,676,037) | (244,500,000) |
Cash paid for call spread | (4,761,603) | (685,814) | (7,647,843) | |
Cash disposed of, net of cash received from third parties, for disposal of investment in subsidiaries | (106,712,599) | (15,369,811) | ||
Cash acquired, net of cash paid to third parties, for the acquisition of subsidiaries | 69,606,835 | 10,025,470 | (75,235,668) | (129,047,885) |
Net cash used in investing activities | (6,908,979,750) | (995,100,065) | (3,314,637,733) | (4,158,754,486) |
Cash flows from financing activities: | ||||
Proceeds from redeemable preferred shares issuance by subsidiary | 1,383,264,590 | |||
Proceeds from exercise of share options | 21,730,663 | 3,129,866 | 7,613,965 | 14,528,109 |
Proceeds from issuance of ordinary shares | 770,201,158 | |||
Proceeds from issuance of convertible senior notes | 914,850,000 | |||
Cash received from borrowings with embedded warrants | 862,138,360 | |||
Issuance cost paid for issuance of convertible senior notes | (26,052,881) | |||
Capital contributions by non-controlling interests holders | 8,800,000 | |||
Proceeds from borrowings | 21,182,867,659 | 3,050,967,544 | 10,140,339,042 | 5,220,563,513 |
Increase in notes payable | 2,477,804,347 | 356,878,057 | 61,318,108 | 1,040,449,696 |
Repurchase of convertible senior notes | (1,218,706,405) | (175,530,233) | (113,025,510) | |
Repayment of bank borrowings | (13,345,699,597) | (1,922,180,556) | (7,030,645,681) | (3,984,432,151) |
Repayment of borrowings with embedded warrants | (902,949,503) | (130,051,779) | ||
Repurchase of warrant | (35,696,581) | (5,141,377) | ||
Repayment of bonds payable | (800,000,000) | (115,223,967) | ||
Change in restricted cash for notes payable | 75,710,650 | 10,904,603 | (77,105,818) | (38,479,112) |
Net cash provided by financing activities | 7,455,061,233 | 1,073,752,158 | 3,850,632,466 | 5,303,692,922 |
Effect of foreign exchange rate changes on cash and cash equivalents | 74,639,667 | 10,750,348 | 31,599,153 | (11,061,518) |
Net increase/(decrease) in cash and cash equivalents | (1,182,246,590) | (170,278,925) | 1,906,643,414 | 1,320,944,476 |
Cash balance recorded in held-for-sale assets | 1,291,072,949 | 185,953,181 | ||
Cash and cash equivalents, beginning of year | 2,392,591,132 | 344,604,801 | 1,777,020,667 | 456,076,191 |
Cash and cash equivalents, end of year | 2,501,417,491 | 360,279,057 | 2,392,591,132 | 1,777,020,667 |
Supplemental disclosure of cash flow information | ||||
Cash paid for income tax | 250,150,235 | 36,029,148 | 115,062,404 | 35,014,405 |
Cash paid for interest expenses (net of amounts capitalized) | 670,525,723 | 96,575,792 | 412,040,750 | 201,206,133 |
Supplemental disclosure of non-cash investing and financing cash flow information | ||||
Purchases of property, plant and equipment included in other payables | 385,399,199 | 55,509,031 | 309,342,683 | 94,041,991 |
Purchases of project assets included in other payables | 2,116,935,170 | 304,902,084 | 1,185,512,052 | 711,359,860 |
Utilization of prior year’s prepayment for the repurchase of convertible senior notes | 25,471,153 | |||
Proceeds from exercise of share options received in subsequent period | 6,135,783 | 883,737 | 10,210,003 | 226,952 |
Payment of issuance cost for follow-on offering in subsequent period | 2,328,174 | |||
Non cash contribution from non-controlling shareholders | 5,200,000 | |||
Change in fair value of derivative liability _ rate cap | ||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||
Change in fair value | (5,096,607) | (734,064) | 14,068,932 | 16,267,966 |
Convertible Senior Notes [Member] | ||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||
Change in fair value | 92,015,957 | 13,253,054 | 8,400,918 | (150,790,707) |
Capped Call Options [Member] | ||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||
Change in fair value | 18,226,535 | 2,625,167 | 6,170,282 | 86,689,063 |
Call spread options [Member] | ||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||
Change in fair value | ¥ 370,437 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
ORGANIZATION AND NATURE OF OPERATIONS [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | ORGANIZATION AND NATURE OF OPERATIONS JinkoSolar Holding Co., Ltd. (the "Company") was incorporated in the Cayman Islands on August 3, 2007. On May 14, 2010, the Company became listed on the New York Stock Exchange (“NYSE”) in the United States. The Company and its subsidiaries (collectively the “Group”) are principally engaged in the design, development, production and marketing of photovoltaic products and provision of solar system integration services as well as developing commercial solar power projects. JinkoSolar Technology Limited (“Paker”, formally known as Paker Technology Limited) was incorporated in Hong Kong as a limited liability company on November 10, 2006 by a Hong Kong citizen and a citizen of People's Republic of China ("the PRC"), who held the investment on behalf of three PRC shareholders (the "Shareholders") via a series of entrustment agreements. On December 16, 2008, all of the then existing shareholders of Paker exchanged their respective shares of Paker for equivalent classes of shares of the Company (the "Share Exchange"). As a result, Paker became a wholly-owned subsidiary of the Company. On December 13, 2006, Paker established Jinko Solar Co., Ltd. (“Jiangxi Jinko”) as a wholly foreign owned enterprise in Shangrao, Jiangxi province, the PRC. The following table sets forth information concerning the Company’s major subsidiaries as of December 31, 2016: Date of Incorporation Place of Percentage Subsidiaries /Acquisition Incorporation of ownership JinkoSolar Technology Limited (“Paker”)* November 10, 2006 Hong Kong 100 % Jinko Solar Co., Ltd. (“Jiangxi Jinko”) December 13, 2006 PRC 100 % Zhejiang Jinko Solar Co., Ltd.("Zhejiang Jinko") June 30, 2009 PRC 100 % Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") December 24, 2009 PRC 100 % JinkoSolar GmbH (“Jinko GmbH”) April 1, 2010 Germany 100 % Zhejiang Jinko Trading Co., Ltd.("Zhejiang Trading") June 13, 2010 PRC 100 % Xinjiang Jinko Solar Co., Ltd. May 30,2016 PRC 100 % Yuhuan Jinko Solar Co., Ltd. July 29,2016 PRC 100 % JinkoSolar (U.S.) Inc. ("Jinko US") August 19, 2010 USA 100 % Jiangxi Photovoltaic Materials Co., Ltd ("Jiangxi Materials") December 1, 2010 PRC 100 % JinkoSolar (Switzerland) AG(“Jinko Switzerland”) May 3, 2011 Switzerland 100 % JinkoSolar (US) Holdings Inc.(“Jinko US Holding”) June 7, 2011 USA 100 % JinkoSolar Italy S.R.L. (“Jinko Italy”) July 8, 2011 Italy 100 % JinkoSolar SAS (“Jinko France”) September 12, 2011 France 100 % Jinko Solar Canada Co., Ltd (“Jinko Canada”) November 18, 2011 Canada 100 % Jinko Solar Australia Holdings Co. Pty Ltd (“Jinko Australia”) December 7, 2011 Australia 100 % Jinko Solar Pty Ltd. (“JinkoSolar South Africa”) April 13, 2012 South Africa 100 % Jinko Solar Japan K.K. (“JinkoSolar Japan”) May 21, 2012 Japan 100 % Date of Incorporation Place of Percentage Subsidiaries /Acquisition Incorporation of ownership JinkoSolar Power Engineering Group Limited (“JinkoSolar Power”) November 12,2013 Cayman 100 % JinkoSolar WWG Investment Co., Ltd. (“WWG Investment”) April 8, 2014 Cayman 100 % JinkoSolar Comércio do Brazil Ltda (“JinkoSolar Brazil”) January 14, 2014 Brazil 100 % Projinko Solar Portugal Unipessoal LDA. (“JinkoSolar Portugal”) February 20, 2014 Portugal 100 % JinkoSolar Mexico S.DE R.L. DE C.V. (“JinkoSolar Mexico”) February 25, 2014 Mexico 100 % Shanghai Jinko Financial Information Service Co., Ltd November 7, 2014 PRC 100 % Jinko Solar Technology SDN.BHD. (“JinkoSolar Malaysia”) January 21, 2015 Malaysia 100 % Jinko Power International (Hongkong) Limited July 10, 2015 Hong Kong 100 % JinkoSolar International Development Limited** August 28, 2015 Hong Kong 100 % Jinkosolar Household PV System Ltd.*** January 12,2015 BVI 100 % Canton Best Limited(“Canton Best BVI”) September 16,2013 BVI 100 % Wide Wealth Group Holding Limited(“Wide Wealth Hong Kong”) **** June 11,2012 Hong Kong 100 % *In the fourth quarter of 2016, Paker disposed Zhejiang Jinko Financial Leasing Co., Ltd with the consideration of RMB 183 26.4 15.2 2.2 In the fourth quarter of 2016, Paker closed JinkoSolar International Limited. Accumulated translation differences associated with the entity amounted to RMB 4.7 0.7 **In the fourth quarter of 2016, JinkoSolar International Development Limited disposed Jinko Solar (Thailand) Co. Ltd with the consideration of RMB 2.4 0.4 0.1 0.02 ***In the fourth quarter of 2016, Jinkosolar Household PV System Ltd. disposed its household solar project business with the consideration of RMB 27 3.9 15.4 2.2 ****In the fourth quarter of 2016, Wide Wealth Hong Kong disposed all of the 55 250 In conjunction, JinkoSolar Power repurchased all of its Series A, Series A-1 and Series A-2 redeemable convertible preferred shares (Note 8) with considerations of US$ 225 45 225 |
PRINCIPAL ACCOUNTING POLICIES
PRINCIPAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
PRINCIPAL ACCOUNTING POLICIES [Abstract] | |
PRINCIPAL ACCOUNTING POLICIES | 2. PRINCIPAL ACCOUNTING POLICIES a. Basis of presentation and use of estimates The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, the purchase price allocation with respect to business combinations, impairment of long-lived assets, the economic useful lives of property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, guarantees, sales-leaseback, accounting for share-based compensation, fair value measurements of share-based compensation and financial instruments, legal contingencies, income taxes and related deferred tax valuation allowance. The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. For the Group’s majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statement of operation includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows. A component of a reporting entity or a group of components of a reporting entity that are disposed or meet the criteria to be classified as held for sale, such as the management, having the authority to approve the action, commits to a plan to sell the disposal group, should be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Discontinued operations are reported when a component of an entity comprising operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity is classified as held for disposal or has been disposed of, if the component either (1) represents a strategic shift or (2) have a major impact on an entity’s financial results and operations. Examples include a disposal of a major geographical location, line of business, or other significant part of the entity, or disposal of a major equity method investment. In the consolidated statement of operations, result from discontinued operations is reported separately from the income and expenses from continuing operations and prior periods are presented on a comparative basis. Cash flows for discontinuing operations are presented separately in note 3. In order to present the financial effects of the continuing operations and discontinued operations, revenues and expenses arising from intra-group transactions are eliminated except for those revenues and expenses that are considered to continue after the disposal of the discontinued operations. Non-current assets or disposal groups are classified as assets held for sale when the carrying amount is to be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such asset. The Group's reporting currency is the Renminbi (“RMB”), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the “PBOC”) prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations. For consolidation purpose, the financial statements of the Company’s subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss). T he RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China’s foreign exchange trading system market. The Company’s aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB1,721.1 million and RMB 4,136.5 million as of December 31, 2015 and 2016, respectively. Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less. Restricted cash represents deposits legally held by banks which are not available for the Group's general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts. Restricted short-term investments represent the time deposits legally hold by banks with original maturities longer than three months and less than one year, which are held as collateral for issuance of letters of credit, guarantee, bank acceptance notes or deposits for short-term borrowings. Investments in debt and equity securities are, on initial recognition, classified into the three categories: held-to-maturity securities, trading securities and available-for-sale securities. Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings. Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale investments and are reported at fair value, with unrealized gains and losses recognized in accumulated other comprehensive income. Subsequent to initial recognition, available-for-sale investment is measured at fair value with changes in fair value recognized in accumulated other comprehensive income included in shareholders’ equity. When there is objective evidence that the investment is impaired, the cumulative losses from the declines in fair value that had been recognized directly in accumulated other comprehensive income are removed from equity and recognized in the statement of operations. When the available-for-sale investment is sold, the cumulative fair value adjustments previously recognized in accumulated other comprehensive income are recognized in the statement of operations. The Group evaluates the investments periodically for possible other-than temporary impairment. When other-than-temporary impairment has occurred for an available-for-sale debt security and the Group intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost basis and its fair value at the balance sheet date. The new cost basis will not be changed for subsequent recoveries in fair value. To determine whether a loss is other-than-temporary, the Group reviews the cause and duration of the impairment, the extent to which fair value is less than cost, the financial condition and near-term prospects of the issuer, and the Group’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery of its cost. On September 20, 2013, the parent company (“Issuer”) of one of the Company’s customers issued convertible bond (“Bond”) to the Company in order to settle the outstanding receivables owed by that customer of EUR 2,948,489 5 The Company recorded such Bond as available-for-sale instruments as its intent is to convert the Bond into common shares when the common share price appreciates over its nominal value during the two convertible periods, and recorded the fair value change in the Bond in accumulated other comprehensive income. In December 2015, upon the maturity of the Bond, the Company decided to waive the conversion right and choose to collect the total outstanding balance in cash. On December 21, 2015, the customer entered into a repayment arrangement with the Company. Considering the uncertainties of the cash collection, the Company provided full provision to the outstanding receivable of RMB 21,923,756 11,636,130 Notes receivable represents bank or commercial drafts that have been arranged with third-party financial institutions by certain customers to settle their purchases from the Group. The carrying amount of notes receivable approximate their fair values due to the short-term maturity of the notes receivables. The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities. Notes receivable and payable are typically non-interest bearing and have maturities of less than six months. Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group’s customers to make payments. The Group periodically assesses accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group’s historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and evaluates whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group’s general practice to suspend further sales to any customer with significant overdue balances. The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers’ inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management’s best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group’s ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of RMB 2,694,857 799,889 Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group’s gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented. In addition, the Group analyzes its firm purchase commitments, if any, at each period end. Provision is made in the current period if the net realizable value after considering estimated costs to convert polysilicon into saleable finished goods is higher than market selling price of finished goods as of the end of a reporting period. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2014, 2015 and 2016. Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation is computed using the straight-line method over the following estimated useful lives: Buildings 20 Machinery and equipment 10 Furniture, fixture and office equipment 3 5 Motor vehicles 4 5 Construction in progress primarily represents the construction of new production line and buildings. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences. Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal. Project assets represented the costs of solar power plants held for generation of electricity revenue and solar power plants under construction. Project assets are stated in the consolidated balance sheets at cost less accumulated depreciation and impairment provision, if any. Costs of project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for procurement of solar module and other equipment (including intercompany purchases), cost of land on which solar power plants are developed and other direct costs for developing and constructing solar power plants, such as costs for obtaining permits required for solar power plants and costs for designing, engineering, interest costs capitalized and installation in the course of construction. Such costs are capitalized starting from the point when it is determined that development of the solar power plant is probable. For a solar power project asset acquired from third parties, the initial cost is the acquisition cost which includes the consideration transferred and certain direct acquisition costs. Costs capitalized in the construction of solar power plants under development will be transferred to complete solar power plants upon completion and when they are ready for intended use, which is at the point of time when the solar power plant is connected to grids and begins to generate electricity. Depreciation of the completed solar power plant commences once the solar power plant is ready for intended use. Depreciation is computed using the straight-line method over the expected life of 20 After the disposition of the domestic downstream solar projects business in the fourth quarter of 2016, project assets as of December 31, 2016 are all relate to solar power plants constructed out of China. Projects assets associated with the domestic downstream solar projects business are recorded as held-for-sale assets (note 3). o. Assets held for sale Long-lived assets to be sold shall be classified as held for sale considering the recognition criteria in ASC 360-10-45-9 in which all of the following criteria are met: ⋅ Management, having the authority to approve the action, commits to a plan to sell the asset. ⋅ The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. ⋅ An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. ⋅ The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year, ⋅ The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. ⋅ Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group’s weighted average cost of borrowings. Interest expense capitalized associated with the project assets of discontinued operations for the years ended December 31, 2014, 2015 and 2016 were RMB nil, RMB 66,896,537 58,624,205 4,103,426 7,381,757 8,915,817 a. Land use rights Land use rights represent acquisition costs to purchase land use rights from the PRC government, which are evidenced by property certificates. The periods of these purchased land use rights are either 50 70 Land use rights are carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 70 b. Land lease For certain of the Group’s solar power project, the Group enters into land lease contracts with the owners of the land use rights. Under such lease arrangements, the owners retain the property right of the land use rights. While the Group can only set up the solar panels on these leased lands but does not have the right to sell, lease or dispose the land use rights. Accordingly, land leases are classified as operating leases, with the lease payments being recognised over the lease periods of 20 50 Intangible assets include purchased software and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are 5 10 U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the purchase method. The Group has adopted ASC 805 “Business Combinations,” and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. The transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income. The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine forecast the future cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. Although management believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Consolidated net income on the consolidated statements of operations and comprehensive income includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows when applicable. The Group holds equity investments in affiliates in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its' proportionate share of the investees' income or loss in its consolidated financial statements. Cost method is used for investments over which the Company does not have the ability to exercise significant influence. Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. Upon the disposition of downstream power business, the investment income of affiliated companies was recognized in the discontinuing operations. u. Impairment of long-lived assets The Group’s long-lived assets include property, plant and equipment, project assets, land use rights and intangible assets with finite lives. The Group’s business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term. For a sale-leaseback transaction, when the transaction involves real estate or integral equipment, sale-leaseback accounting shall be used by a seller-lessee only if the transaction includes all of the following a) A normal leaseback; b) Payment terms and provisions that adequately demonstrate the buyer-lessor's initial and continuing investment in the property; c) Payment terms and provisions that transfer all of the other risks and rewards of ownership as demonstrated by the absence of any other continuing involvement by the seller-lessee. Equipment is determined to be integral when the cost to remove the equipment from its existing location, ship and reinstall at a new site, including any diminution in fair value, exceeds 10 If a sale-leaseback of real estate qualifies for sale-leaseback accounting, an analysis is performed to determine if the Company can record a sale and remove the assets from the balance sheet and recognize the lease; and if so, to determine whether to record the lease as either an operating or capital lease. If a sale-leaseback transaction does not qualify for sale-leaseback accounting because of any form of continuing involvement by the seller-lessee other than a normal leaseback, it is accounted for as a financing, whichever is appropriate under ASC 360. The Group issues debt payment guarantees in favor of Jiangxi Jinko Engineering, a related party. The guarantees require the Group to make payments to reimburse the holders of these guarantees for losses they incur when Jiangxi Jinko Engineering fails to make repayments to the holders, when its liability to the holders falls due. In addition, the Group also issues redemption guarantees in favor of Jiangxi Jinko Engineering, a related party. According to the side agreement among the Group, Jiangxi Jinko Engineering and investors of Jiangxi Jinko Engineering (the original redeemable preferred shareholders of JinkoSolar Power), the investors of Jiangxi Jinko Engineering will have the right to redeem the common shares of Jiangxi Jinko Engineering held by them, and, as a result of a guarantee issued by the Company, in the event that Jiangxi Jinko Engineering fails to perform its redemption obligations, the Company will become liable for Jiangxi Jinko Engineering’s obligations under the redemption. A guarantee liability is initially recognized at the estimated fair value in the Group’s consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group’s consolidated balance sheets at the expected amount payable to the holder. The fair value of the guarantee liability is measured by the total consideration to be received in connection with the provision of guarantee. The guarantee liability would be amortized in straight line during the guarantee period. Receivables have also been recorded for the guarantee payments to be received (note 30). Pursuant to the master service agreement signed with Jiangxi Jinko Engineering, guarantee service fee would be settled on a half-year basis. (a) Revenue recognition on product sales The Group recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications. For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment or received by the customers, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers. The Group enter |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | 3. DISCONTINUED OPERATIONS On October 31, 55 for a total consideration of US$ 250 55 In Conjunction, the Company repurchased all of its Series A, Series A-1 and Series A-2 redeemable convertible preferred shares (Note 8) with considerations of US$ 225 45 225 As a result of the above transactions, the Company disposed of its downstream business and received US$ 250 Assets and liabilities related to Jiangxi Jinko Engineering were reclassified as assets/liabilities held for sale as of December 31, 2015, while results of operations related to Jiangxi Jinko Engineering, including comparatives, were reported as loss from discontinued operations. A gain of RMB1,007.9 million (US$ 145.2 The disposal gain was comprised of i) premium of the consideration against the net assets of the discontinued operations as of the disposition date; ii) recognition of the un-realized profit generated from the module sales transactions between the continuing and discontinued operations before the disposition date, and reduced by the iii) recognition of warranty costs in connection with the standard warranty, same as 3 rd Income tax of RMB 39,952,408 54,466,059 Upon the disposition of Jiangxi Jinko Engineering, the Company provided the loan guarantee and redemption guarantee to Jiangxi Jinko Engineering (note 30). January 1 October 31 2014 2015 2016 RMB RMB RMB Revenues 237,652,141 622,107,137 952,968,658 Cost of revenues (94,800,620) (283,766,608) (407,369,723) Gross Profit 142,851,521 338,340,529 545,598,935 Operating expenses Selling and marketing (753,011) - - General and administrative (54,540,610) (126,468,315) (276,685,730) Total operating expenses (55,293,621) (126,468,315) (276,685,730) Income from operations 87,557,900 211,872,214 268,913,205 Interest expenses, net (61,325,089) (74,923,604) (215,226,564) Exchange loss (7,491,271) (31,214,031) (25,441,221) Change in fair value of forward contracts - - 4,455,731 Other income/(expenses), net (133,616) (16,018,551) 37,675 Subsidy income 955,703 1,704,445 141,496 Equity income in affiliated companies 9,549,289 13,669,111 15,265,937 Gain on disposal of discontinued operations - - 1,007,884,060 Income from discontinued operations before income taxes 29,112,916 105,089,584 1,056,030,319 Income tax expense, net (1,058,939) (11,329,810) (54,466,059) Income from discontinued operations, net of tax 28,053,977 93,759,774 1,001,564,260 Assets and liabilities of the discontinued operations December 31,2015 RMB Assets Cash and cash equivalents 1,291,072,949 Restricted short-term investments 599,048,331 Notes receivable, net - third parties 38,644,600 Accounts receivable, net - third parties 666,200,351 Other receivables, net - third parties 308,610,206 Prepayments and other current assets 11,004,290 Total current assets 2,914,580,727 Long-term investments 109,587,142 Property, plant and equipment, net 5,019,914 Intangible assets, net 730,794 Other assets - third parties 558,575,058 Restricted cash non current 173,531,731 Project Assets 7,044,728,804 Deferred tax assets - non current 8,040,685 Total assets held for sale 10,814,794,855 Liabilities Short-term borrowings from third parties, including current portion of long-term bank borrowings 700,285,077 Notes payable - third parties 589,266,149 Accrued payroll and welfare expenses 21,386,968 Income tax payable 15,670,018 Advances from third parties 313,741 Other payables and accruals 1,314,766,124 Total current liabilities 2,641,688,077 Long-term borrowings 3,319,224,224 Long-term payables 56,955,933 Deferred tax liability - non current 11,354,590 Total liabilities held for sale 6,029,222,824 2014 2015 2016 Cash flows generated from/(used in ) discontinued operations Net cash used in operating activities (406,886,606) (1,431,244,810) (2,017,319,542) Net cash used in investing activities (2,511,677,528) (2,129,264,757) (2,048,843,302) Net cash provided by financing activities 3,323,916,670 4,390,737,581 5,074,465,592 Net increase in cash and cash equivalent 405,352,536 830,228,014 1,008,302,748 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2016 | |
REVENUES [Abstract] | |
REVENUES | 4. REVENUES The Group's revenues for the respective periods are detailed as follows: For the years ended December 31 2014 2015 2016 RMB RMB RMB Sales of solar modules 9,155,395,954 15,086,256,789 20,825,750,050 Sales of silicon wafers 286,585,049 138,293,365 136,079,690 Sales of solar cells 200,643,639 215,048,296 155,016,285 Sales of recovered silicon materials 11,272,636 5,201,794 860,047 Processing service fees 69,581,435 - - Solar system integration projects 11,209,600 - 269,661,653 Revenue from generated electricity 6,188,194 9,574,122 13,270,367 Total 9,740,876,507 15,454,374,366 21,400,638,092 The following table summarizes the Group's net revenues generated in respective geographic locations: For the years ended December 31 2014 2015 2016 RMB RMB RMB Inside China (including Hong Kong and Taiwan) 4,119,710,430 5,608,963,991 8,249,043,110 Outside China America 1,766,283,018 4,146,330,928 7,701,560,171 Japan 486,201,347 997,526,339 992,645,497 Chile 580,383,748 1,018,522,680 898,465,062 India 272,142,427 280,481,768 775,458,207 Brazil 5,033,329 44,251,671 479,569,191 Turkey 50,119,561 377,663,473 366,929,805 UK 1,266,982,317 839,243,321 342,655,734 Thailand 65,578,638 328,505,810 97,904,537 South Africa 534,571,266 346,904,294 37,324,002 Rest of the world 593,870,426 1,465,980,091 1,459,082,776 Total 9,740,876,507 15,454,374,366 21,400,638,092 |
OTHER INCOME_(EXPENSES), NET
OTHER INCOME/(EXPENSES), NET | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME/(EXPENSES), NET | 5. OTHER INCOME/(EXPENSES), NET For the years ended December 31 2014 2015 2016 RMB RMB RMB Guarantee income - - 9,641,685 Donations (1,558,583) - (873,320) Others - 1,036,319 - Total (1,558,583) 1,036,319 8,768,365 In 2016, the Group issued debt payment guarantees and redemption guarantees in favor of Jiangxi Jinko Engineering, a related party (note 30). The guarantee liability would be amortized in straight line during the guarantee period by recoding credit to other income. |
SEGMENT REPORT
SEGMENT REPORT | 12 Months Ended |
Dec. 31, 2016 | |
SEGMENT REPORT [Abstract] | |
SEGMENT REPORT | 6. SEGMENT REPORT In accordance with FASB ASC 280-010-50-22, the Company considered what financial information is included in the measures of segment profit or loss reviewed by the Company’s chief operating decision maker (“CODM”) or are otherwise regularly provided to the CODM, to determine whether to report or disclose a measure of profit or loss and total assets for each reportable segment. The specific items or accounts included in the measure of segment profit or loss reviewed by the Company’s CODM or are otherwise regularly provided to the CODM are: revenue from external customer, gross profit/(loss), interest income and expenses, and income /(loss) before income taxes. The basis of accounting for recording revenue from external customer, interest income and expenses, and income/(loss) before income taxes is in conformity with the accounting policies used in the consolidated financial statements, and such segment financial information is prepared and disclosed in accordance with aforementioned accounting basis, is on the same basis by which the Company reports internally to its chief operating decision maker. The Company’s operating segments had certain of their own dedicated administrative and corporate key functions, such as accounting, administration, procurements, marketing, corporate legal and human resource. Costs for these functions are recorded and included in the respective selling, general and administrative costs for each of our segment. The Company allocates corporate costs to each segments based upon the estimated benefits, which are determined based on estimated time spent by corporate employees, provided to each segment from these corporate functions. The Company’s first segment was and is the vertically integrated solar power products manufacturing business (“manufacturing segment”), from silicon ingots, wafers, cells to solar modules. The Company disposed the downstream solar projects segment in the year ended December 31, 2016. |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2016 | |
TAXATION [Abstract] | |
TAXATION | 7. TAXATION The Company and its subsidiaries file separate income tax returns. Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries in Cayman Islands are not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no Cayman Islands withholding tax is imposed. British Virgin Islands Under the current laws of the British Virgin Islands(“BVI”), the Company’s subsidiary in BVI is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no British Virgin Islands withholding tax is imposed. People’s Republic of China On March 16, 2007, the National People's Congress approved the Corporate Income Tax Law of the People's Republic of China (the "CIT Law") with effective on January 1, 2008. The CIT Law enacted a statutory income tax rate of 25 15 In November 2016, Jiangxi Jinko successfully renewed the qualification and continued to enjoy the preferential tax rate of 15%. Under the CIT Law, 10 5 RMB1,259,750,077, RMB2,025,814,478 and 2,869,500,611 as of December 31, 2014, 2015, 2016 respectively, RMB62,897,504, RMB101,290,724, 143,475,031 2014, 2015, 2016 respectively . Hong Kong The Company's subsidiaries established in Hong Kong are subject to Hong Kong profit tax at a rate of 16.5 Luxemburg Jinko Luxemburg is incorporated in Luxemburg and is subject to corporate income tax at 28.8 Japan Jinko Japan is incorporated in Japan and is subject to corporate income tax at 38.0 European Countries Jinko Switzerland is incorporated in Switzerland and according to its current business model where it employs limited staff and generates income exclusively from trading activities conducted outside Switzerland, is subject to a combined federal, cantonal and communal tax rate of 8.5 Jinko GMBH is incorporated in Germany and is subject to Germany profit tax rate of approximately 33 Jinko Italy is incorporated in Italy and is subject to corporate income tax at 31.4 Jinko France is incorporated in France and is subject to corporate income tax at 33.33 Jinko Portugal is incorporated in Portugal and is subject to corporate income tax at 23 United States Both Jinko US and Jinko US Holding are incorporated in Delaware, the United States. Jinko US and Jinko US Holding do not conduct any business in Delaware, thus, they are not subject to Delaware State income tax. Jinko US conducts business in California. It is subject to a progressive federal corporate income tax from 15 35 8.84 Canada Jinko Canada is incorporated in Canada and is subject to a federal corporate income tax of 15 11.5 Australia Jinko Australia is incorporated in Australia and is subject to corporate income tax at 30 South Africa Jinko South Africa is incorporated in South Africa and is subject to corporate income tax at 28 Brazil Jinko Brazil is incorporated in Brazil and is subject to corporate income tax at 15 Mexico Jinko Mexico is incorporated in Mexico and is subject to corporate income tax at 30 Composition of Income Tax Expense Income/(loss) from continuing operations before income taxes for the years ended December 31, 2014, 2015 and 2016 were taxed within the following For the year ended December 31 2014 2015 2016 RMB RMB RMB Cayman Islands 73,715,803 (5,667,142) (122,966,973) PRC 684,876,769 786,947,233 1,394,413,594 Other countries (195,842,589) 85,793,052 (23,724,060) Income from continuing operations before income taxes 562,749,983 867,073,143 1,247,722,561 For the year ended December 31, 2014, 2015 and 2016, the earnings (losses) attributed to Cayman Islands was mainly due to the fair value gain (loss) from convertible senior notes and capped call options. The current and deferred positions of income tax (expense)/benefit from continuing operations included in the consolidated statement of operations for the years ended December 31, 2014, 2015 and 2016 are as For the year ended December 31 2014 2015 2016 RMB RMB RMB Current income tax expenses PRC (28,241,780) (104,597,580) (234,278,825) Other countries (7,722,360) (12,024,951) (35,469,815) Total current income tax expenses (35,964,140) (116,622,531) (269,748,640) Deferred tax benefit 171,357,102 16,088,702 12,261,634 Income tax (expense)/benefit, net 135,392,962 (100,533,829) (257,487,006) Reconciliation of the differences between statutory tax rate and the effective tax rate Reconciliation between the statutory CIT rate and the Company's effective tax rate from continuing operations is as For the year ended December 31 2014 2015 2016 % % % Statutory CIT rate 25.0 25.0 25.0 Effect of permanent differences: Share-based compensation expenses 1.1 2.0 1.1 Change in fair value of convertible senior notes and capped call options (2.8) 0.4 2.2 Accrued payroll and welfare expenses 0.5 1.3 1.0 Change of enacted tax rate (9.2) (3.5) 0.4 Other permanent differences 1.1 (2.0) (0.0) Difference in tax rate of a subsidiary outside the PRC 0.9 (1.1) 0.9 Effect of tax holiday for subsidiaries (11.9) (9.1) (10.9) Change in valuation allowance (28.8) (1.4) 0.9 Effective CIT rate (24.1) 11.6 20.6 Change of enacted tax rate includes -9.2% impact (RMB 51,987,023 30,046,299 5,603,309 The aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries as a result of tax holidays are as follows: For the year ended December 31 2014 2015 2016 RMB RMB RMB The aggregate amount of effect 66,792,435 79,037,989 135,724,429 Per share effectbasic 0.54 0.63 1.08 Per share effectdiluted 0.43 0.62 1.04 Increase of the aggregate amount of tax holidays effect in 2016 was mainly due to the increase of profits in Jiangxi Jinko, Zhejiang Jinko and Jinko Materials, who were certified as “National High and New Technology Enterprise” entitling them to a preferential tax rate of 15% Significant components of deferred tax assets/(liability)current For the year ended December 31 2015 2016 RMB RMB Net operating losses - 17,458,359 Provision for inventories, accounts receivable, other receivable 74,388,533 81,441,291 Change in fair value of forward contracts (244,141) (96,131) Accrued warranty costs 20,135,070 10,505,141 Accrued interest 1,112,954 637,754 Timing difference for revenue recognition (17,679,078) 10,974,242 Other temporary differences 18,498,176 18,278,850 Total deferred tax assets 96,211,514 139,199,506 Less: Valuation allowance (17,110,947) (8,523,851) Deferred tax assetscurrent, net 79,100,567 130,675,655 Other temporary differences (9,266,399) (17,074,064) Deferred tax liabilitiescurrent, net (9,266,399) (17,074,064) Significant components of deferred tax assets/liabilitynon-current For the year ended December 31 2015 2016 RMB RMB Net operating losses 37,681,060 57,699,650 Accrued warranty costs 73,807,284 118,214,437 Timing difference for project assets, property, plant and equipment 22,735,289 8,463,603 Timing difference for revenue recognition of retainage contract 21,260,336 8,113,322 Total deferred tax assets 155,483,969 192,491,012 Less: Valuation allowance (37,681,059) (57,699,650) Deferred tax assetsnon-current, net 117,802,910 134,791,362 Timing difference for project assets, property, plant and equipment - (50,625,310) Other temporary differences (25,220) (25,220) Deferred tax liabilitiesnon-current, net (25,220) (50,650,530) Movement of valuation allowances For the year ended December 31 2014 2015 2016 RMB RMB RMB At beginning of year (229,484,242) (67,263,314) (54,792,006) Current year additions (51,335,333) (20,392,519) (38,362,418) Utilization and reversal of valuation allowances 213,556,261 32,863,827 26,930,923 At end of year (67,263,314) (54,792,006) (66,223,501) Valuation allowances were determined by assessing both positive and negative evidence and have been provided on the net deferred tax asset due to the uncertainty surrounding its realization. As of December 31, 2015 and 2016, valuation allowances of RMB54,792,006 and RMB66,223,501were provided against deferred tax assets because it was more likely than not that such portion of deferred tax will not be realized based on the Group’s estimate of future taxable incomes of all its subsidiaries. If events occur in the future that allow the Group to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will result in a non-cash income statement benefit when those events occur. Certain valuation allowance was reversed in 2016 when certain subsidiaries generated sufficient taxable income to utilize the deferred tax assets. Due to the strong financial performance and cumulative income position of certain subsidiaries, the Company has determined that the future taxable income of those subsidiaries is sufficient to realize the benefits of such deferred tax assets. As a result, the Company reversed the valuation allowance of RMB 213.6 32.9 26.9 |
REDEEMABLE NON-CONTROLLING INTE
REDEEMABLE NON-CONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2016 | |
REDEEMABLE NON-CONTROLLING INTERESTS [Abstract] | |
REDEEMABLE NON-CONTROLLING INTERESTS | 8. REDEEMABLE NON-CONTROLLING INTERESTS In July 2014, JinkoSolar Power, one of the Company’s wholly owned subsidiaries, entered into preferred share agreements with certain investors (“preferred shareholders”) to issue 25,532 26,809 5,106 3,917 225 1,385 45 55 Pursuant to the preferred share agreement, the preferred shareholders have the right to convert all or any portion of their preferred shareholdings into ordinary shares of JinkoSolar Power at the initial conversion ratio of 1:1 at any time after the date of issuance of the preferred shares. Conversion ratio is subject to adjustment for dilution, including but not limited to stock splits, stock dividends and recapitalization, In addition, the Preferred Shares will automatically convert into the Company’s ordinary shares upon the occurrence of a qualified initial public offering (IPO), at the then effective and applicable conversion price. The shareholders also have the right to require JinkoSolar Power, the Company and WWG Investment, which is a wholly owned subsidiary of the Company and the intermediate holding company that directly holds JinkoSolar Power, to redeem the preferred shares under certain conditions. Because the series A preferred shares issued by JinkoSolar Power are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that is not solely within the control of the issuer. Accordingly, the redeemable preferred shares issued by JinkoSolar Power are recorded and accounted for as redeemable non-controlling interests outside of permanent equity in the Group’s consolidated balance sheets in accordance with ASC 480-10-S99-3A. Because the applicable operative agreements do not give the preferred shareholders a contractual right to participate in JinkoSolar Power’s earnings or dividends on an actual or if-convertible basis, no earnings or loss of JinkoSolar Power will be allocated at the Company level to the redeemable noncontrolling interests. The Group accretes for the difference between the initial carrying value and the ultimate redemption price to the earliest possible redemption date using the effective interest method. The accretion, which increases the carrying value of the redeemable noncontrolling interests, is recorded against retained earnings, or in the absence of retained earnings, by increasing the accumulated deficit. Together with the disposition of Jiangxi Jinko Engineering, Jinko Solar Power repurchased all of the Series A redeemable convertible preferred shares (Note 8) with considerations of USD 225 45 After the disposition Jiangxi Jinko Engineering, the Company agreed to provide guarantee to the redemption right of the preferred shareholders associated with their 45 The change in the carrying amount of redeemable non-controlling interests for the years ended December 31, 2015 and 2016 is as follows: For the year ended December 31 2015 2016 RMB RMB Beginning Balance 1,435,585,290 1,607,925,732 Accretion to redemption value of redeemable non-controlling interests 172,340,442 159,477,930 Disposition of Jiangxi Jinko Engineering - (1,767,403,662) Ending Balance 1,607,925,732 - |
ACQUISITION OF SOLAR POWER PLAN
ACQUISITION OF SOLAR POWER PLANTS | 12 Months Ended |
Dec. 31, 2016 | |
ACQUISITION OF SOLAR POWER PLANTS [Abstract] | |
ACQUISITION OF SOLAR POWER PLANTS | 9. ACQUISITION OF SOLAR POWER PLANTS In August 2016, the Group completed the transactions to acquire 100 114 RMB Total assets acquired 574,202,912 Total liabilities acquired (502,202,912) Net assets acquired 71,670,000 Total considerations 71,670,000 Based on the Group’s assessment, the revenue and net earnings of Yanshan were not considered material to the Group both individually and in aggregate for the year ended December 31, 2016. Pro forma results of operations for the acquisitions described above have not been presented because they are not material to the consolidated statements of operations and comprehensive income, either individually or in aggregate. Assets acquired through the acquisition were mainly project assets related to the solar power plant in Yanshan, and liabilities mainly represented payables in connection with the construction of the solar power plants. The above power plant was disposed of as part of the disposition of downstream solar project business. |
ACCOUNTS RECEIVABLE, NET-THIRD
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Abstract] | |
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES | 10. ACCOUNTS RECEIVABLE, NETTHIRD PARTIES As of December 31, 2015 2016 RMB RMB Accounts receivables 3,026,232,432 5,130,289,380 Allowance for doubtful accounts (335,713,383) (376,574,061) Accounts receivable, net 2,690,519,049 4,753,715,319 As of December 31, 2015 and 2016, accounts receivable with net book value of RMB 420,422,895 Movement of allowance of doubtful accounts As of December 31, 2014 2015 2016 RMB RMB RMB At beginning of year 445,956,167 428,570,077 335,713,383 Addition 188,572,147 151,959,676 274,128,700 Write-off (44,538,077) (38,500,106) (41,816,165) Reversal (161,420,160) (206,316,264) (191,451,857) At end of year 428,570,077 335,713,383 376,574,061 Group assesses creditworthiness of customers before granting any credit terms. This assessment is primarily based on reviewing of customer’s financial statements and historical collection records, discussion with customers’ senior management, and reviewing of information provided by third parties, such as Dun & Bradstreet and the insurance company that ultimately insures the Group against customer credit default. The significant bad debt reversal represents the cash collection of the fully reserved long-term receivables. The Company made bad debt provisions for certain long-term receivables in prior years which were in line with the adverse economic environment in solar industry. With the recovery of solar industry since 2013, the Company made its best effort to improve the cash collection for the long-aged accounts receivables. The cash received was recorded as the reversal of prior year bad debt allowance. |
ADVANCES TO SUPPLIERS, NET - TH
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
ADVANCES TO SUPPLIERS, NET - THIRD PARTY [Abstract] | |
ADVANCES TO SUPPLIERS, NET - THIRD PARTY | 11. ADVANCES TO SUPPLIERS, NET THIRD PARTIES As of December 31, 2015 2016 RMB RMB Advances to suppliers - current 258,114,710 333,291,005 Provision for advances to suppliers (6,724,857) (7,524,746) Advances to suppliers, net 251,389,853 325,766,259 The Company recorded provisions of RMB2,694,857, 799,889 As of December 31, 2015 and 2016, advances to suppliers with term of less than 1 year mainly represent payments for procurement of recoverable silicon materials, virgin polysilicon and solar cells and the Group has delivery plan with the respective suppliers to receive the materials in the next twelve months. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2016 | |
INVENTORIES [Abstract] | |
INVENTORIES | 12. INVENTORIES Inventories consisted of the following: As of December 31, 2015 2016 RMB RMB Raw materials 530,073,129 943,958,480 Work-in-progress 591,775,978 809,571,580 Finished goods 2,081,475,935 2,719,984,637 Total 3,203,325,042 4,473,514,697 Write-down of the carrying amount of inventory to its estimated market value was RMB 75,935,281 98,791,960 439,000,231 As of and December 31, 2015 and December 31, 2016, inventories with net book value of RMB 420,422,895 61,000,000 |
PREPAYMENTS AND OTHER CURRENT A
PREPAYMENTS AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
PREPAYMENTS AND OTHER CURRENT ASSETS [Abstract] | |
PREPAYMENTS AND OTHER CURRENT ASSETS | 13. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets consisted of the following: As of December 31, 2015 2016 RMB RMB Value-added tax deductible 443,761,055 286,198,731 Deposit for customer duty, bidding and others 93,536,791 154,023,704 Assets held for sale related to land use right 38,832,489 - Prepayment for income tax 29,879,013 24,323,033 Receivables related to land use right disposal 20,435,188 23,172,107 Prepaid commission 18,970,826 2,013,070 Prepaid insurance premium 16,851,945 19,237,805 Rental deposit and prepayment 4,297,689 5,897,704 Employee advances 7,285,193 8,584,936 Receivables of option exercised 10,210,003 6,135,783 Derivative assets 7,277,406 - Prepaid professional service fee 4,057,488 4,095,436 Receivable related to disposal of subsidiaries (note 1) - 185,380,069 Others 20,053,820 47,581,875 Total 715,448,906 766,644,253 Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 As of December 31, 2015 and 2016, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates. Derivative assets as of December 31,2015 represented the foreign exchange call spread option purchased in 2015 and matured prior to December 31,2016. |
INVESTMENTS IN AFFILIATES
INVESTMENTS IN AFFILIATES | 12 Months Ended |
Dec. 31, 2016 | |
INVESTMENTS IN AFFILIATES [Abstract] | |
INVESTMENTS IN AFFILIATES | 14. INVESTMENTS IN AFFILIATES Investments accounted for under the equity method. On December 20, 2012, Jinko Power Co., Ltd, a fully owned subsidiary of Jiangxi Jinko Engineering, signed a strategic cooperation agreement with Jinchuan Group Co., Ltd. (“Jinchuan Group”), a Chinese state-owned enterprise, to jointly invest in and establish a company named Gansu Jintai Electronic Power Co., Ltd. (“Gansu Jintai” or “investee”), to develop 200 MW photovoltaic (“PV”) solar power plant in Jinchang, Gansu Province, China. Jinko Power Co., Ltd holds 28 9,549,284 13,669,112 15,265,937 The above investment is disposed as part of the disposition of downstream solar project segment (note 3). Investments accounted for under the cost method In May 2012, the Group acquired a 9 7,200,000 7.2 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2016 | |
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 15. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment used in continuing operation and related accumulated depreciation are as follows: As of December 31, 2015 2016 RMB RMB Buildings 843,434,718 1,429,839,237 Machinery and equipment 4,109,495,144 4,886,493,031 Motor vehicles 32,196,288 34,434,859 Furniture, fixture and office equipment 88,284,199 136,797,799 5,073,410,349 6,487,564,926 Less: Accumulated depreciation (1,731,339,034) (2,028,991,593) Less: Impairment (35,263,789) (51,439,373) Subtotal 3,306,807,526 4,407,133,960 Construction in progress 459,628,038 331,547,393 Property, plant and equipment, net 3,766,435,564 4,738,681,353 Depreciation expenses were RMB 348,022,445 392,197,508 449,079,007 Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property and equipment upon completion, at which time depreciation commences. In the years ended December 31, 2014, 2015 and 2016, the Group recorded impairment of RMB 6,217,151 125,524,021 As of December 31, 2015 and 2016, certain property, plant and equipment with net book value amounting of RMB 2,063,567,296 1,899,053,100 |
PROJECT ASSETS, NET
PROJECT ASSETS, NET | 12 Months Ended |
Dec. 31, 2016 | |
PROJECT ASSETS [Abstract] | |
PROJECT ASSETS, NET | 16. PROJECT ASSETS, NET Project assets represent the overseas solar projects operated by the Company after the disposition of downstream solar projects. In the year ended December 31,2016, the Company obtained two small solar projects in Italy as the settlement of the accounts receivables. In addition, the Company commenced developing solar power projects in overseas which are still under construction. Project assets and related accumulated depreciation are as follows: As of December 31, 2015 2016 RMB RMB Completed - 30,188,445 Under construction - 31,935,354 Less: Accumulated depreciation - (7,060,303) Project Assets, net - 55,063,496 |
LAND USE RIGHTS, NET
LAND USE RIGHTS, NET | 12 Months Ended |
Dec. 31, 2016 | |
LAND USE RIGHTS, NET [Abstract] | |
LAND USE RIGHTS, NET | 17. LAND USE RIGHTS, NET Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 70 As of December 31, 2015 2016 RMB RMB Land use rights 386,633,770 495,555,226 Less: accumulated amortization (36,719,630) (44,614,631) Land use rights, net 349,914,140 450,940,595 Amortization expense was RMB 6,882,863 6,300,488 7,895,001 8,909,209 The Company disposed certain of its land use rights and recognized the gain of nil, RMB 3,013,258 3,727,161 As of December 31, 2015 and 2016, certain land use rights with net book value of RMB 303,519,533 120,325,828 |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2016 | |
INTANGIBLE ASSETS, NET [Abstract] | |
INTANGIBLE ASSETS, NET | 18. INTANGIBLE ASSETS, NET Intangible assets and their related amortization are as follow: As of December 31, 2015 2016 RMB RMB Trademark 3,071,480 3,071,480 Computer software 22,709,977 24,964,233 Less: accumulated amortization (5,309,010) (7,738,986) Intangible assets, net 20,472,447 20,296,727 Amortization expense was RMB 1,136,953 2,223,458 3,202,787 |
OTHER ASSETS - THIRD PARTIES
OTHER ASSETS - THIRD PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
OTHER ASSETS [Abstract] | |
OTHER ASSETS | 19. OTHER ASSETS THIRD PARTIES Other assets consisted of the following: As of December 31, 2015 2016 RMB RMB Prepayment for warranty insurance premium 87,195,213 103,714,696 Prepayments for purchase of property, plant and equipment 71,631,287 491,201,438 Deferred charges 59,874,717 22,863,614 Others 9,000,000 - Total 227,701,217 617,779,748 |
OTHER PAYABLES AND ACCRUALS
OTHER PAYABLES AND ACCRUALS | 12 Months Ended |
Dec. 31, 2016 | |
OTHER PAYABLES AND ACCRUALS [Abstract] | |
OTHER PAYABLES AND ACCRUALS | 20. OTHER PAYABLES AND ACCRUALS Other payables and accruals consisted of the following: As of December 31, 2015 2016 RMB RMB Payables for purchase of property, plant and equipment 323,124,629 410,326,566 Freight payables 142,678,891 208,186,310 Value-added tax and other tax payables 73,936,622 84,469,920 Accrued warranty cost 88,911,062 64,045,947 Accrued utilities, rentals and interest 52,704,521 36,748,524 Government grants related to assets 39,359,068 21,436,902 Contracted labor fee 37,451,104 25,873,505 Countervailing and anti-dumping duty 30,052,841 15,033,545 Accrued professional service fees 17,283,935 11,378,367 Commission payables 17,106,323 1,125,092 Deposits 7,409,000 - Insurance premium payables 2,557,415 735,408 Sale-lease back payable (note 23) - 59,553,667 Public offering issuance cost 2,328,174 2,328,174 Others 63,270,002 78,178,444 Total 898,173,587 1,019,420,371 |
BONDS PAYABLE AND ACCRUED INTER
BONDS PAYABLE AND ACCRUED INTEREST | 12 Months Ended |
Dec. 31, 2016 | |
BONDS PAYABLE AND ACCRUED INTEREST [Abstract] | |
BONDS PAYABLE AND ACCRUED INTEREST | 21. BONDS PAYABLE AND ACCRUED INTEREST On January 29, 2013, Jiangxi Jinko issued a six-year bond with an aggregate principal amount of RMB 800,000,000 8.99 January 28, 2019 66,725,778 Bonds payable are all issued at face value, unsecured from the issuance date. The Company has repurchased the bond with the face value of RMB 800,000,000 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2016 | |
BORROWINGS [Abstract] | |
BORROWINGS | 22. BORROWINGS (a) Short-term borrowings As of December 31, 2015 2016 RMB RMB Short-term bank borrowings 2,562,383,328 5,245,641,157 Long-term bank borrowingscurrent portion 27,480,800 242,987,883 Total short-term borrowings 2,589,864,128 5,488,629,040 The short-term bank borrowings outstanding as of December 31, 2015 and 2016 carried a weighted average interest rate of 4.72% and 3.72% per annum, respectively. Included in the balance of short-term bank borrowings as of December 31, 2016 were borrowings of RMB1,489,987, RMB2,209,265,547 and RMB108,530,522 which are denominated and repayable in EURO, USD and JPY, respectively. In August 2015, Jiangxi Jinko entered into a 20-month RMB700.0 million loan agreement with The Export-Import Bank of China. As of December 31, 2016, Jiangxi Jinko has drawn down RMB 388,800,000 which is due and payable in 2017. The effective interest rate of the borrowing was 4.47% as of December 31, 2016. As of December 31, 2016, the Group had short-term bank borrowings of RMB1,580,871,978 credit loans and RMB 849,600,000 letter of credit loan. The remaining short-term bank borrowings of RMB3,058,157,062 were either guaranteed by other parties and/or collateralized on the Group’s assets, detailed as following: • Borrowings of RMB270,000,000 guaranteed by Jiangxi Jinko, RMB286,458,230 guaranteed by Jinko Solar Holding, RMB33,000,000 guaranteed by Jiangxi Jinko and Jiangxi Import & Export, RMB335,858,000 guaranteed by Zhejiang Jinko and Jinko Solar Holding, RMB487,999,100 guaranteed by Heji, respectively. • Borrowings of RMB50,000,000 collateralized on bank note. • Borrowings of RMB76,307,000 collateralized on bank deposit owned by Shanghai JinkoSolar PV Electricity Co.Ltd, a subsidiary of Jiangxi Jinko Engineering . • Borrowings of RMB234,114,732 collateralized on letter of guarantee issued by Jiangxi Jinko. • Borrowings of RMB381,535,000 collateralized on the Zhejiang Jinko’s share pledge, and guaranteed by Jiangxi Jinko. • Borrowings of RMB902,885,000 collateralized on the Group's certain building and equipment, including RMB540,758,000 which were also collateralized on the Group's certain land use rights, RMB136,000,000 were also collateralized on the Group's certain inventory. In addition, included in these borrowings there were borrowings of RMB184,900,000 guaranteed by Jiangxi Jinko, RMB20,000,000 guaranteed by Jiangxi Jinko and Jiangxi Import & Export, RMB283,855,116 guaranteed by Zhejiang Jinko and Jinko Solar Holding, RMB90,000,000 guaranteed by related party’s equipment. The net book value of the land use right, building, equipment and inventory was RMB120,325,828, RMB1,899,053,100 and RMB61,000,000, respectively as of December 31, 2016. (b) Long-term bank borrowings As of December 31, 2015 2016 RMB RMB Long-term bank borrowings 1,336,160,627 731,507,442 Less: Current portion (27,480,800 ) (242,987,883 ) Total long-term borrowings 1,308,679,827 488,519,559 Future principal repayments on the long-term borrowings are as follows: Year ended December 31, RMB 2017 242,987,883 2018 184,370,000 Thereafter 304,149,559 Total 731,507,442 1) Long-term bank borrowings ⋅ In 2016, the Company entered into a 3-year loan agreement with Jiangxi Guochuang Investment Co., Ltd. (“Guochuang”) with the principle amount of RMB 20,000,000 which was interest free. Guochuang is a government background entity who provided the interest free loan to the Company to support its daily operations. The borrowing was collateralized on Jiangxi Jinko’s share pledge. ⋅ In 2015, the Company entered into a 3-year loan agreement with Finance and Investment Management Center of Jiangxi Province in China with the principle amount of RMB20, 000,000 and interest rate of 3.0%. The borrowing was collateralized on the Jiangxi Jinko’s share pledge and guaranteed by Jiangxi Jinko. The loan was not discounted as the impact was immaterial. ⋅ In 2015 and 2016, the Company entered into loan agreements with the Export-Import Bank of China for an aggregate amount of RMB 609,283,000, which were repayable from April 2017 to June 2020. As of December 31 2016, balance of these borrowings amounted to RMB 609,283,000, including RMB235,858,000 due in 2017. The effective interest rate of the borrowings was 3.94% in 2016. The Borrowings were guaranteed by Zhejiang Jinko and Jinko Solar Holding. ⋅ In 2016, the Company entered into a 10-year loan agreement with China Merchants Bank for a principle amount of RMB87, 880,000 with the interest rate of 5.39%, which was repayable from February 2016 to January 2026. As of December 31, 2016, the total outstanding balances amounted to RMB82, 224,442, including RMB 7,129,883 due in 2017. The borrowing was collateralized on the Group’s certain buildings with the net book value of RMB194, 531,251. 2) Long-term borrowings with embedded warrants In July 2015, JinkoSolar Power entered into a loan agreement with Credit Suisse and 6 other financial institutions for an eighteen months loan in the principle amount of USD150,000,000 to develop power plant projects. The interest rate is 6% plus LIBOR per annum, and accrued interest is due and payable at the end of every six months. Total debt issuance cost of USD4,000,000 was deducted from the proceeds directly. The loan shall become immediately due and payable upon the occurrence of an IPO of JinkoSolar Power or change of control of JinkoSolar Holding, or any unlawful matter occurs. This financing was guaranteed by Canton Best BVI, Jinko Power Co., Ltd., and a subsidiary of Jinkosolar Holding. In conjunction with the loan agreement, JinkoSolar Power issued 6,750 warrants or entitlement of 0.675% of JinkoSolar Power's fully diluted share capital to these 7 financial institutions to acquire JinkoSolar Power’s fully-paid ordinary shares. The warrant holders can purchase ordinary shares anytime during the term of the above loan at exercise price which is the Par Value of US$0.0000001. The entitlement of shares expressed as a percentage of JinkoSolar Power’s fully diluted share capital is adjusted based on the time when IPO occurs, as: a) 0.675% if an IPO occurs within 6 months from July 24, 2015 (“Utilisation Date”); b) 1.425% if an IPO occurs after 6 months and within 12 months Utilisation Date; and c) 2.10% if an IPO occurs after 12 months of the Utilisation Date. The entitlement of the shares is also subject to adjustment in the case of a non-qualifying IPO event of JinkoSolar Power. Warrant holders can elect for net cash settlement if IPO of JinkoSolar Power occurs. The warrant holders have the put rights to request JinkoSolar Power to purchase all or part of its outstanding warrants in case of a put event, where a) an IPO occurs prior to the Final Maturity Date of the loan (January 10, 2017); b) an IPO has not occurred as at the Final Maturity Date; c) all of the Loan is repaid, or becomes due and payable, prior to the Final Maturity Date of the loan facility; or d) an event of default occurs and (if the Loan is then outstanding) there is an acceleration of the loan prior to the Final Maturity Date. The repurchase price is equal to the aggregate of: (a) an amount that would give an internal rate of return of 10% on the aggregate principal amount of the loan, calculated from the Utilisation Date until the later of (i) the date of full repayment of the loan and (ii) the date that falls twelve months after the Utilisation Date; less the aggregate principal amount of the loan which has been repaid and all interest paid by JinkoSolar Power at the time of a warrant holder's exercise of the warrant put rights. In accordance with ASC subtopic 480, the warrants are legally detachable and separately exercisable from the loan and thus accounted for as a freestanding instrument. As the warrant holder can either exercise the warrant to subscribe for fully-paid ordinary shares, or elect for net cash settlement upon the exercise of the warrants, which falls within the scope of ASC 480. Accordingly, the warrants are liability derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period end. The fair value gain or loss arising from the remeasurement is recognized in the consolidated statements of operations and comprehensive income. Therefore, the loan proceeds are allocated first to the warrants based on their fair value, and the residual is allocated to the base loan facility and creating a discount on debt. The discount on debt resulted from the allocation of the proceeds to warrants and transactions fees allocated to the loan are accounted for under the effective interest method. The fair value of the warrants at the issuance date of July 24, 2015 was US$10,190,000 (RMB 62,331,211), and the residual allocated to the loan was US$139,810,000 (RMB 855,203,789). Total transaction cost was US$ 4,358,118 (RMB 26,658,170), among which US$ 296,061 (RMB 1,810,978) allocated to warrants were charged to financial costs as incurred during the year ended December 31, 2015, and US$ 4,062,057 (RMB 24,847,192) allocated to the loan were recorded as debt discount as the Group has early adopted ASU 201503 in 2015. The fair value of the warrants at December 31, 2015 was US$ 10,530,000 (RMB 68,377,608) and the fair value change of US$ 340,000 (RMB 2,096,024) was recorded in the Company’s consolidated statements of operations and comprehensive income. The effective interest rate of the loan was 13.95% per annum. Total interest cost associated with the loan incurred during the year ended December 31, 2015 was US$ 8,017,525 (RMB 49,954,794). The carrying value of the loan as of December 31, 2015 was US$139,453,836 (RMB 905,557,426) due to debt discount amortization of US$ 3,705,892 (RMB 24,064,580). In September 2016, JinkoSolar Power refinanced and repaid the loan in advance and the warrants were repurchased at the same time. Total interest cost associated with the loan incurred during the year ended December 31, 2016 was US$18,109,126 (RMB119,050,121). 3) Financings associated with failed sale-lease back transactions In 2015, certain subsidiaries of JinkoSolar Power (“seller-lessee”) sold 317MW self-built solar projects (“leased assets”) with carrying amount of RMB 1,276,496,254 to different domestic financial leasing companies (“buyer-lessors”) for cash consideration of RMB2,033,000,000 and simultaneously entered into the contracts to lease back the leased assets from the buyer-lessors for 5 to 12 years. As of December 31, 2015, the seller-lessee received RMB1,589,704,880 proceeds in total netting off the transaction costs of RMB 53,295,120. Pursuant to the terms of the agreements, seller-lessee is required to pay to the buyer-lessors lease payment over the lease period and is entitled to obtain the ownership of these equipment at a nominal price upon the expiration of the lease. As the leased assets are considered integral with real estate under ASC 360, the sale-leaseback rules related to real estate are applied. The lease transactions do not qualify as a sale-leaseback transaction as these solar projects are initially invested and build up by seller-lessee with expected useful life of 20 years, and are continuingly maintained by seller-lessee. Seller-lessee has an obligation to repurchase the leased assets upon the expiry of the lease. In addition, after the lease period, seller-lessee will keep using the assets and has no plans to sell or early-disposal. Accordingly, these transactions are accounted for as financing transactions in accordance with ASC 840. Internal rate of return is used in the computation of interest cost. As of December 31, 2015, the Company recorded RMB1,268,724,225 under long-term borrowings and RMB 149,481,917 as current portion. The weighted average effective interest rate of the financing was 6.55% and interest costs incurred during the year ended December 31, 2015 were RMB 9,813,448. These sale-leaseback financings were collateralized by each seller-lessee’s solar power project assets, equity interests, accounts receivable, and also guaranteed by a shareholder, Jinko Power Co., Ltd., and Jiangxi Jinko. The net book value of solar power project assets, equity interest and accounts receivable collateralized were RMB1,276,496,254, RMB 862,082,542 and RMB 98,147,637 respectively, as of December 31, 2015. Financings associated with the failed sale-lease back transactions are disposed of as part of the disposition of downstream solar project business. Interest costs incurred during the period from January 1, 2016 through the disposition date amounted to RMB142,644,823 was recorded in the discontinued operations (note 3). |
LONG-TERM PAYABLES
LONG-TERM PAYABLES | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Sale Leaseback Transaction Disclosure | 23. LONG-TERM PAYABLES Zhejiang Jinko Finance Leasing Co., Ltd. (“Zhejiang leasing”) was a wholly owned subsidiary of the Company. On November 7, 2016, the Company disposed Zhejiang Leasing with the consideration of RMB 183 26.4 15.2 2.2 During the year ended December 31, 2015 and 2016, the Company sold certain module equipment (“leased assets”) to Zhejiang Leasing (the “purchaser-lessor”) and simultaneously entered into one or three-year contracts to lease back the leased assets from the purchaser-lessor. Pursuant to the terms of the contracts, the Company is required to pay to the purchaser-lessor quarterly lease payment over three years and is entitled to obtain the ownership of these equipment at a nominal price upon the expiration of the lease. The accounting was eliminated as intercompany transaction in the consolidated financial statements of the Company in previous periods. Upon the disposition of Zhejiang leasing, the lease is classified as capital lease. In connection with these sale-leaseback transactions, the Company immediately recognized a loss of RMB 13,719,493 in the year ended December 31,2016. As of December 31, 2015 2016 RMB RMB Carrying amount of the equipment sold - 173,699,493 Cash consideration - 159,980,000 Loss recognized - 13,719,493 As of December 31, 2015 and 2016, the net value of the leased assets are: As of December 31, 2015 2016 RMB RMB Equipment - 159,980,000 Less: accumulated depreciation - (11,440,625) Net Value - 148,539,375 Year ending December 31, RMB Year ended December 31, 2017 61,379,772 2018 39,341,865 2019 5,033,868 Total minimum lease payments 105,755,505 Less: Amount representing interest (2,186,207) Present value of net minimum lease payments 103,569,298 Current portion 59,553,667 Non-current portion 44,015,631 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2016 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 24. EARNINGS PER SHARE For the years ended December 31, 2014 2015 2016 RMB RMB RMB Numerator: Net income from continuing operations 698,142,945 766,539,314 990,235,555 Net income from discontinued operations 28,053,977 93,759,774 1,001,564,260 Total net income 726,196,922 860,299,088 1,991,799,815 Net income from continuing operations 698,142,945 766,539,314 990,235,555 Less: Net loss attributable to non-controlling interests from continuing operations - (63,348) (432,541) Net income attributable to Jinkosolar’s ordinary shareholders from continuing operations 698,142,945 766,602,662 990,668,096 Net income from discontinued operations 28,053,977 93,759,774 1,001,564,260 Less: Net income attributable to non-controlling interests from discontinued operations 851,167 4,270,460 6,044,451 Less: Accretion to redemption value of redeemable non-controlling interests from discontinued operations 52,320,700 172,340,442 159,477,930 Net income/(loss) attributable to Jinkosolar’s ordinary shareholders from discontinued operations (25,117,890) (82,851,128) 836,041,879 Net income attributable to Jinkosolar’s ordinary shareholders from continuing operations 698,142,945 766,602,662 990,668,096 Dilutive effects of Convertible senior notes (79,967,781) - 6,142,661 Numerator for diluted income per share for continuing operations 618,175,164 766,602,662 996,810,757 Numerator for diluted income/(loss) per share for discontinued operations (25,117,890) (82,851,128) 836,041,879 Denominator: Denominator for basic earnings per share - weighted average number of ordinary shares outstanding 122,980,870 124,618,416 125,870,272 Dilutive effects of share options 3,934,741 3,184,545 2,246,095 Assumed conversion of convertible senior notes 26,870,920 - 2,474,074 Denominator for diluted calculation - weighted average number of ordinary shares outstanding 153,786,531 127,802,961 130,590,441 Continuing operations: Basic earnings per share attributable to Jinkosolar's ordinary shareholders from continuing operations 5.67 6.15 7.87 Diluted earnings per share attributable to Jinkosolar's ordinary shareholders from continuing operations 4.02 6.00 7.63 Discontinued operations Basic earnings/(loss) per share attributable to Jinkosolar's ordinary shareholders from discontinued operations (0.20) (0.66) 6.64 Diluted earnings/(loss) per share attributable to Jinkosolar's ordinary shareholders from discontinued operations (0.16) (0.65) 6.40 As disclosed in Note 8, redeemable non-controlling Interests, JinkoSolar Power issued redeemable convertible preferred shares, which are accounted for as redeemable non-controlling interest and are accreted from the initial carrying value to the ultimate redemption price on the earliest possible redemption date. For the year ended December 31, 2014, 2015 and 2016, accretion of RMB52,320,700, RMB172,340,442 and RMB159,477,930, respectively, for redeemable non-controlling interests was recorded as a charge to decrease net income from discontinued operations to arrive at net income from discontinued operations attributable to JinkoSolar Holding’s ordinary shareholders. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2016 | |
EMPLOYEE BENEFITS [Abstract] | |
EMPLOYEE BENEFITS | 25. EMPLOYEE BENEFITS According to the guidance promulgated by the central government, companies (and employees) are required to contribute, in specified portions, to the social insurance funds (including medical care insurance, work injury insurance, unemployment insurance, maternity insurance and pension benefits) as well as the housing funds (collectively, “employee welfare funds”) on a monthly basis for all of the employees based on such employees’ actual salaries or the applicable capped salary base, whichever is lower. An employee is entitled to request its employer to make the required portion of contributions in the statutory amounts to the employee welfare funds. In line with local customary practices, the Company has made contributions to the social insurance funds which met the requirement of the local minimum wage standard, instead of its employees’ actual salaries as required by the above described guidance, and has not made full contribution to the housing funds. Based on the Company’s observation of local practices and consultation with relevant government authorities, the Company believes its practice has been consistent with the common practice adopted by businesses in Shangrao and Haining, where the Company’s main subsidiaries operate. However, the Company believes it is probable that it will be required to make additional contributions to the employee welfare funds if (i) the government authorities were to strictly enforce the statutory contribution requirements, or (ii) the employees were to request the Company to make full contributions to their employee welfare funds (such request, if made, would most likely be supported by the labor arbitration center or the labor administrative bureau). Therefore, the Company recognizes the difference between the amount of its actual contributions and the statutory contribution requirements under the guidance promulgated by the central government as a liability for employee welfare benefits. The unpaid balance of accrued liability accrued for the welfare benefits were RMB 281,029,823 355,766,607 On October 28, 2010, the Standing Committee of the National People’s Congress issued and adopted the Social Insurance Law (the “Social Insurance Law”), which became effective on July 1, 2011. The Social Security Law imposes certain fines for the aggregated amount of any outstanding contributions if such contributions are not made within a prescribed time period. In light of this requirement, the Company had accrued a penalty on the basis of a daily rate of 0.05 12,063,712 25,807,949 On September 26, 2013, the Ministry of Human Resources and Social Security of the People's Republic of China announced “Regulations on the Declaration and Payment of Social Welfare” (“New Social Security Regulation”), which took effect on November 1, 2013. The New Social Security Regulation clarifies that the local social security authority should issue a notification to the employers who fail to make appropriate contribution of social security and a late-payment penalty charge will only be imposed to employers who fail to pay the outstanding contribution within five days upon the receipt of the notification. However, there were different interpretations of the New Social Security Regulation as to applicability of the penalty charge by different local authorities in difference cities and provinces in late 2013, therefore, the Company performed investigation and legal assessment as well as communicating with relevant local authorities. Legal assessment was completed in late 2014. In the opinion of the management, the probability that the Company would be required to pay late-payment penalty in connection with the unpaid contribution is remote, given that the Company has received certificates from local social security authorities which confirmed that the Company was in compliance with the local social insurance regulations as of December 31, 2014 and that local social security authorities have not issued any notification for payment of outstanding contribution to the Company. Accordingly, the Company did not accrue for late-payment penalty since then. |
CONVERTIBLE SENIOR NOTES AND CA
CONVERTIBLE SENIOR NOTES AND CAPPED CALL OPTIONS | 12 Months Ended |
Dec. 31, 2016 | |
CONVERTIBLE SENIOR NOTES AND CAPPED CALL OPTIONS [Abstract] | |
CONVERTIBLE SENIOR NOTES AND CAPPED CALL OPTIONS | 26. CONVERTIBLE SENIOR NOTES AND CAPPED CALL OPTIONS 2016 Convertible Notes The Company issued USD 125 May 17, 2011 May 15, 2016 4 Holders have the option to convert their Notes from the earlier of (i) when the registration statement of the 2016 Notes becomes effective and (ii) the first anniversary of the date on which the 2016 Notes are first issued, through to and including the business day prior to the maturity date, into ADSs representing the ordinary shares initially at a conversion rate of 29.6307 33.75 The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any “person” or “group” beneficially owns (directly or indirectly) 50 The holders have the option to require the Company to repurchase the 2016 Notes, in whole or in part, in the event of a fundamental change for an amount equal to the 100 The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. No repurchase request was received by the Company. As a result of the depressed market conditions, the Company repurchased 2016 Notes with face value of US$ 2 1.6 41 22.5 18 96 100.5 80.4 99 2019 Convertible Notes The Company issued USD 150 January 22, 2014 4 Holders have the option to convert their Notes from the earlier of (i) when the registration statement of the 2019 Notes becomes effective and (ii) the first anniversary of the date on which the Notes are first issued, through to and including the business day prior to the maturity date into ADSs representing the ordinary shares initially at a conversion rate of 21.8221 45.83 The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any “person” or “group” beneficially owns (directly or indirectly) 50% or more of the total voting power of all outstanding classes of Company’s shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company’s ADSs; and 4) adoption of a plan relating to our liquidation or dissolution. The holders have the option to require the Company to repurchase the 2019 Notes, in whole or in part, in the event of a fundamental change for an amount equal to the 100 The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on February 1, 2017 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. While the 2019 Notes remain outstanding, the Company or its subsidiaries will not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding. As a result of the depressed market conditions, the Company repurchased 2019 Notes with a face value of US$ 88.9 59.3 96 A ccounting for 2016 Convertible Notes and 2019 Convertible Notes The Company has RMB as its functional currency, and the 2016 Notes and 2019 Notes are denominated in USD. As a result, the conversion feature is dual indexed to the Company’s stock as well as the RMB and USD exchange rate, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815. ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election. The Company elected to measure the 2016 Notes and 2019 Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25. Further, as the functional currency of the Company is RMB, the fair value of the Notes is translated into RMB at each balance sheet date with the difference being reported as exchange gain or loss. In addition, all issuance costs associated with the 2016 Notes and 2019 Notes offering has been expensed as incurred in accordance with ASC 825-10-25-3, which states that upfront costs and fees related to items for which the fair value option is elected shall be recognized in the consolidated statements of operations and comprehensive as incurred and not deferred. As of December 31, 2014, 2015 and 2016, the estimated fair value of the 2016 Notes amounted to approximately RMB 721,541,380 650,916,976 3,039,266 44,945,341 392,924 51,983,783 22,926,918 5,533,892 As of December 31, 2014, 2015 and 2016, the estimated fair value of the 2019 Notes amounted to approximately RMB 818,857,265 856,064,385 423,739,708 2,814,189 51,733,120 43,055,871 98,806,924 14,526,000 Capped Call Options Concurrent with the Company’s issuance of the 2016 Notes on May 17, 2011, the Company entered into a capped call option transactions with an affiliate of the initial purchaser of the 2016 Notes. The capped call transaction was designed to reduce the potential dilution that would otherwise occur as a result of new ordinary share issuances upon conversion of the 2016 Notes and effectively increase the conversion price of the 2016 Notes for the Company to $ 48.21 18 The Company’s functional currency is different from the denomination of the capped call. Therefore, in accordance with ASC 815, Derivatives and Hedging, the Company accounted for the capped call transactions as freestanding derivative assets in the consolidated balance sheets. The derivative assets are measured and recorded at fair value at initial recognition and is subsequently marked to market each reporting period utilizing the binomial model. The fair value of capped call options was RMB 21,098,263 17,490,323 |
REPURCHASE OF ORDINARY SHARES
REPURCHASE OF ORDINARY SHARES | 12 Months Ended |
Dec. 31, 2016 | |
REPURCHASE OF SHARES [Abstract] | |
REPURCHASE OF SHARES | 27. REPURCHASE OF ORDINARY SHARES On May 6, 2011, the Board of Directors approved a share repurchase program to repurchase up to US$ 30 For the year ended December 31, 2012, 173,570 694,280 5,521,130 430,800 1,723,200 13,875,553 |
ISSUANCE OF ORDINARY SHARES
ISSUANCE OF ORDINARY SHARES | 12 Months Ended |
Dec. 31, 2016 | |
ISSUANCE OF ORDINARY SHARES [Abstract] | |
ISSUANCE OF ORDINARY SHARES | 28. ISSUANCE OF ORDINARY SHARES The Company’s authorized share capital is US$ 10,000 500,000,000 0.00002 15,000,000 3,750,000 126.3 As of December 31, 2015 and 2016 the Company’s issued and outstanding shares were 125,473,930 126,733,266 |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
SHARE BASED COMPENSATION [Abstract] | |
SHARE BASED COMPENSATION | 29. SHARE BASED COMPENSATION a) JinkoSolar Holding The Company adopted a long-term incentive plan (the "2009 Plan") in July 2009 which was subsequently amended and restated. The 2009 plan provided for the issuance of options of 9,325,122 7 5 953,200 36 The Company adopted a new long-term incentive plan (the "2014 Plan") in August 2014. The 2014 Plan provides for the issuance of options of 12,796,745 10 5 On October 10, 2014, under the 2014 Plan, the Company granted to certain officers options to purchase 9,940,000 5.93 5 On August 13, 2013, the Company extended the expiration date of the stock options granted to an officer from October 1, 2013 to October 1, 2014. As a result of this modification, the Company recorded additional stock-based compensation expense of RMB 1,608,968 On August 18, 2014, the Company extended the expiration date of 873,200 35,513 On March 1, 2015, under the 2009 and 2014 Plan, the Company granted to certain officers options to purchase 320,000 5.93 5 On April 13, 2015, under the 2014 Plan, the Company granted to certain officers options to purchase 160,000 5.93 5 On August 20, 2015, the Company extended the expiration date of 1,352,840 180,553 On August 25, 2016, the Company extended the expiration date of 600,000 1,352,840 1,410,137 On November 15, 2016, the Compensation Committee of the Company changed the exercise price of the total 9,472,000 3.2875 19,545,720 On November 16, 2016, under the 2014 Plan, the Company granted to certain officers to purchase 1,760,000 3.2875 A summary of activities under the Company’s share-based compensation plan is as follow: Number of Weighted-average option Weighted-average remaining Aggregate outstanding exercise price contractual term intrinsic value (US$/share) (in years) (RMB) Balance as of January 1, 2016 14,627,422 4.77 Granted 1,760,000 3.29 Exercise (1,259,336) 2.07 Forfeited (472,000) 3.19 Balance as of December 31, 2016 14,656,086 3.11 6.47 75,543,554 Vested and expected to vest as of December 31, 2016 10,301,274 3.04 5.66 59,982,288 Vested and exercisable as of December 31, 2016 7,268,086 2.92 4.80 49,148,244 The aggregate intrinsic value is calculated as the difference between the market price of ordinary shares, US$ 3.81 26.45 Total intrinsic value of options exercised during the year ended December 31, 2014, 2015 and 2016 were RMB 67,877,828 152,515,116 81,059,329 28.42 27.73 17.48 A summary of non-vested shares activity under the share-based compensation plan is as follow: Number of option Weighted-average fair outstanding value on grant date (RMB/Share) Non-vested at January 1, 2016 9,152,000 26.52 Granted 1,760,000 17.48 Vested (3,244,000) 20.89 Forfeited (280,000) 24.17 Non-vested at December 31, 2016 7,388,000 14.97 Expected to vest as of December 31, 2016 3,033,188 14.52 The total fair value of shares vested for the years ended December 31, 2014, 2015 and 2016 were RMB 20,422,248 67,627,740 67,773,486 The share-based compensation expense of continuing operations for the year ended December 31, 2014, 2015 and 2016 was recorded in the respective items: As of December 31, 2014 2015 2016 RMB RMB RMB Costs of revenues 203,140 118,301 333,338 Selling expenses 6,397,902 23,625,827 15,980,509 General and administrative expenses 34,164,506 81,024,667 67,152,462 Research and development expenses 1,924,447 7,945,590 6,101,390 Total 42,689,995 112,714,385 89,567,699 As of December 31, 2016, the company had 14,656,086 314,315,271 42,689,995 112,714,385 89,567,699 As of December 31, 2016, the Company had unrecognized share-based compensation expense RMB 57,514,872 3.0 21,730,663 The fair value of options grant during the year ended December 31, 2016 is estimated on the date of grant using Black-Scholes model with the following assumptions: 2014 2015 2016 Expected volatility 93.29 % 83.49% - 91.68% 77.72% - 79.56% Expected dividend yield 0 % 0 % 0 % Expected terms 6.5 6.5 5.3 - 6.5 Risk-free interest rate 1.93 % 1.50% - 1.74% 1.74% - 1.94% Fair value per option at grant date (RMB) 28.42 25.62 35.31 16.94 - 17.93 The risk-free interest rate is based on the China government bond yield denominated in US$ for a term consistent with the expected life of the awards in effect at the time of grant. The expected term is based on the contractual term of the option and expected employee exercise and post-vesting employment termination behavior. Currently, it is based on the simplified approach. The Company has no history or expectation of paying dividends on its ordinary shares. The Company chooses to use the historical volatility for a period equal to the expected term preceding the grant date. b) JinkoSolar Power In October 2014, JinkoSolar Power adopted its 2014 Equity Incentive Plan (the “JinkoSolar Power 2014 Plan”), which permits the grant of stock options, restricted shares and restricted share units of JinkoSolar Power to its employees, directors and consultants of the JinkoSolar Power. Under the plan, a total of 12,766 12,766,000 On May 4, 2015, JinkoSolar Power granted 8,680,880 3.9166 10 - 7,021,300 5 - 1,659,580 40 30 The share options have a contractual term of 10 The grant date fair value of each option is calculated using a binomial option pricing model by the Company. The fair value of each option grant was estimated on the date of grant with the following assumptions: 2015 Expected volatility 53.56 % Expected dividend yield 0 % Option term 10 years Risk-free interest rate 2.36 % Expected forfeiture rate (post-vesting) 0% or 10% Fair value per option at grant date (USD) 1.88-2.01 The Company’s disposition of the downstream solar projects business triggered immediate vesting of the share options pursuant to the terms of the share option agreements. The Company fully recognized share based compensation expense amounted to RMB 113,701,932 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2016 | |
RELATED PARTY TRANSACTIONS AND BALANCES [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 30. RELATED PARTY TRANSACTIONS AND BALANCES (a) Related party balances As of December 31, 2015 2016 RMB RMB Accounts receivable from related parties: Accounts receivable due from Gausu Jintai Electronic Power Company Ltd.("Gansu Jintai")* 60,973,795 - Accounts receivable from Gansu Heihe Hydropower Industrial Investment LLC. (" Gansu Heihe", in which the Group owns 9% equity interests) - 44,616 Accounts receivable from Jiangxi Jinko Engineering for sales of solar modules - 1,414,039,443 Advances to related parties Advances to ReneSola Ltd. 1,021,128 661,788 Notes receivables from related parties: Notes receivables from Jiangxi Jinko Engineering for sales of solar modules - 610,200,000 Other receivables from related parties: Advances of travel and other business expenses to executive directors who are also shareholders - 68,106 Other receivables from Jiangxi Jinko Engineering for miscellaneous transactions - 16,704,113 Other receivables from Jiangxi Jinko Engineering for provision of guarantee - 62,352,655 Other assets from related parties: Other assets from Jiangxi Jinko Engineering for provision of guarantee - 173,375,586 Total 61,994,923 2,277,446,307 Accounts payable due to a related party: Accounts payable due to a subsidiary of ReneSola 12,544 - Accounts payable due to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which the Shareholders, each holds more than 10%, and collectively hold 73%, of the equity interest) 1,465,985 - Advances from related parties Advances from Jiangxi Jinko Engineering for sales of solar modules - 60,541,490 Other payables due to a related party: Other payables to Desun for leasing of land and buildings 4,969,104 7,528,551 Payable of travel reimbursement 23,871 - Other payables due to Jiangxi Jinko Engineering for payments on behalf of the Company - 68,505,022 Total 6,471,504 136,575,063 Borrowings due to subsidiaries of China Development Bank** 2,156,500,000 - Accrued interest due to subsidiaries of China Development Bank** 3,252,783 - *Gansu Jintai is an affiliated company in which Jiangxi Jinko Engineering owns 28% equity interest after the disposition of the Group’s downstream solar projects business, and it is no longer of the Group’s related party. ** In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds 21% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank. After the disposition of the Group’s downstream solar projects business, China Development Bank is no longer of the Group’s related party. (1) Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities. (2) Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms. (b) Related party transactions In connection with the Company’s disposal of JinkoSolar Power downstream business in 2016, the Group entered into a master service agreement with Jiangxi Jinko Engineering under which the Group agreed to provide guarantee for Jinko Engineering’s financing obligations under its separate loan agreements. In the event that Jiangxi Jinko Engineering fails to perform its obligations under the loan agreements or otherwise defaults thereunder, the Company will become liable for Jiangxi Jinko Engineering’s obligations under the loan agreements, which amounted to RMB 6.6 945.2 In addition, according to the side agreement signed among the Company, Jiangxi Jinko Engineering and investors of Jiangxi Jinko Engineering (the original redeemable preferred shareholders of JinkoSolar Power), the investors of Jiangxi Jinko Engineering will have the right to redeem the common shares of Jiangxi Jinko Engineering held by them, and, as a result of a guarantee issued by the Company, in the event that Jiangxi Jinko Engineering fails to perform its redemption obligations, the Company will become liable for Jiangxi Jinko Engineering’s obligations under the redemption, which amounted to US$ 297.3 Pursuant to the master service agreement, guarantee service fee would be settled semi-annually, and the management of the Company believes the guarantee fee charges are at market rates. As of December 31, 2016, the Company recorded the guarantee fee income receivable amounted to RMB 235,728,241 226,086,556 9,641,685 For the years ended December 31, 2014, 2015 and 2016, revenues from sales of products and provision of processing services to subsidiaries of ReneSola amounted to RMB 557,097 For the year ended December 31, 2016, revenues from sales of products to subsidiaries of Gansu Heihe amounted to RMB 102,998,133 After the disposition date of downstream solar project business through December 31, 2016, sales of solar module products to subsidiaries of Jiangxi Jinko Engineering amounted to RMB 35,526,817 For the years ended December 31, 2014, 2015 and 2016, raw materials purchased from a subsidiary of ReneSola amounted to RMB 22,977,148 62,640 For the years ended December 31, 2014, 2015 and 2016, raw materials purchased from a subsidiary of Desun amounted to RMB 1,252,979 On January 1, 2008, Desun and Jiangxi Jinko entered into an operating lease agreement pursuant to which Desun leased its buildings and land use rights to Jiangxi Jinko for a ten-year period from January 1, 2008 to December 31, 2017. Desun charged Jiangxi Jinko RMB 1,100,304 For the years ended December 31, 2014, 2015 and the period from January 1 2016 through the disposition date of downstream solar project business, borrowings from subsidiaries of China Development Bank amounted to RMB 1,002,140,000 1,210,000,000 90,000,000 4,000,000 409,640,000 82,000,000 52,883,293 107,011,736 100,832,419 During the years ended December 31, 2015 and 2016, the Shareholders provided guarantees for the Group's several short-term and long-term bank borrowings. As of December 31, 2015 and 2016, the balances of short-term borrowings guaranteed by the Shareholders were RMB 177,994,478 The Company entered into a RMB 90,000,000 25,473,000 The Company entered into a RMB 76,307,000 80,000,000 |
CERTAIN RISKS AND CONCENTRATION
CERTAIN RISKS AND CONCENTRATION | 12 Months Ended |
Dec. 31, 2016 | |
CERTAIN RISKS AND CONCENTRATION [Abstract] | |
CERTAIN RISKS AND CONCENTRATION | 31. CERTAIN RISKS AND CONCENTRATION a) Concentrations of credit risk Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, restricted short-term investments, accounts receivable, prepayments and other current assets. As of December 31, 2015 and 2016, substantially all of the Group's cash and cash equivalents, restricted cash and restricted short-term investments were held by major financial institutions located in the PRC. The Group is also exposed to the credit and financial risks of its suppliers to which the Group made advances. The Group’s financial condition and results of operations may be materially affected if the suppliers fail to meet their obligations of supplying silicon materials according to the contractually agreed schedules. b) Foreign currency risk The Group has contracts for the sales of products, purchases of materials and equipment which are denominated in foreign currencies, including US Dollars, and Euros. For the year ended December 31, 2016, 61.5 c) Major customers The Group performs ongoing credit evaluations of its customers’ financial condition whenever deemed necessary and generally does not require collateral. The Group maintains an allowance for doubtful accounts based upon the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends. There is no accounts receivable represented by customers with balances over 10 d) Interest rate The Group's main interest rate exposure relates to long-term borrowings. The Group does not hedge against interest rate. Any increase in interest rates would increase the Group's finance expenses relating to our variable rate indebtedness and increase the costs of issuing new debt or refinancing its existing indebtedness. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 32. COMMITMENTS AND CONTINGENCIES (a) Operating lease commitments From January 1, 2008, Jiangxi Jinko leased buildings and land use rights from Desun, under a non-cancelable operating lease expiring in January 2018. In addition, the Group also leased office buildings for its offices under non-cancelable operating lease from third parties. Future minimum obligations for operating leases are as follows: Year ending December 31, RMB 2017 43,825,570 2018 18,637,336 2019 6,776,200 2020 2,777,707 2021 2,400,000 Thereafter 12,000,000 Total 86,416,813 Rental expense under all operating leases were RMB 11,379,778 14,375,422 20,574,072 (b) Capital commitments The Group entered into several purchase agreements and supplementary agreements with certain suppliers to acquire machineries to be used in the manufacturing of its products. 878,794,179 Year ending December 31, RMB 2017 783,540,388 2018 92,543,074 Thereafter 2,710,717 Total 878,794,179 (c) Contingencies In July 2008, Jiangxi Jinko entered into a long-term supply agreement with Wuxi Zhongcai, a producer of polysilicon materials. Jiangxi Jinko provided a prepayment of RMB 95.6 93.2 2.7 93.2 102 150 . During the period from 2010 to 2011, Jiangxi Jinko and Zhejiang Qin Ye Construction Group Co., Ltd. (“Zhejiang Qin Ye”) entered into several agreements for the construction projects. In January 10, 2014, Jiangxi Jinko sued Zhejiang Qin Ye for breach of contract due to the commercial bribery conducted by the employee of Zhejiang Qin Ye, the liquidated damages of which is amounting to RMB 22.3 23.1 (d) Guarantees Upon the disposition of Jiangxi Jinko Engineering, the Company provided the loan guarantee and redemption guarantee to Jiangxi Jinko Engineering (note 3 & note 30). |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | 33. FAIR VALUE MEASUREMENTS A hierarchy is established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted price in active markets that are observable either directly or indirectly, or quoted prices in less active markets; and (Level 3) unobservable inputs with respect to which there is little or no market data, which require the Company to develop its own assumptions. Fair value of cash equivalents, restricted cash and restricted short-term investment are categorized as level 1 under the fair value hierarchy, as they based on quoted prices in active markets. Short-term borrowings and long-term borrowing are categorized as level 2 under the fair value hierarchy, as they based on quoted prices in less active markets. Fair value change in forward contracts and call spread The Company has entered into foreign exchange forward contracts with local banks to reduce the exposure of significant changes in exchange rates between Renminbi and foreign currencies. Authoritative guidance requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets based upon quoted market prices for comparable instruments. The Company's forward contracts have not met the criteria for hedge accounting within authoritative guidance. Therefore, the foreign currency forward contracts have been recorded at fair value, with the gain or loss on these transactions recorded in the consolidated statements of operations within "Change in fair value of forward contracts" in the period in which they occur. The Company does not use derivative financial instruments for trading or speculative purposes. The Company held foreign exchange forward contracts with a total notional value of USD 10 3 12 The Group classified the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging. The Company purchased foreign exchange call spread combined option contracts with a total notional value of US$ 70 12 The call spread option is asset derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period end. The fair value gain or loss arising from the re-measurement is recognized in the consolidated statements of operations and comprehensive income. As of December 31, 2015, the fair value of the call spread option was RMB 7,277,406 370,437 Derivative assets as of December 31,2015 represented the foreign exchange call spread option purchased in 2015. The call spread option matured in the fourth quarter of 2016 and the Company recognised the gain of RMB 4.9 Convertible Senior Notes and Capped Call Options The Company has adopted valuation models to assess the fair value for capped call options and the Notes, as the capped call options are not publicly traded and the trading of the Notes is considered inactive. Management is responsible for determining these fair values and assessing a number of factors. Both capped call options and the Notes are valued using the Binominal Tree option pricing model. The valuation involves complex and subjective judgments as well as the Company’s best estimates on the valuation date. Inputs related to the Binomial models for convertible debt fair value are: spot price, conversion price, time to maturity, expected dividend yield, expected share volatility, risk free interest rate, yield-to-maturity and put option exercisable period, of which spot price and expected share volatility are most significant to valuation determination of convertible debt. Available-for-sale investment On a recurring basis, the Company measures available-for-sale investment at fair value. Since the available-for-sale investment does not have quoted price in active markets, the Company has adopted Binomial Tree option pricing model to assess their fair value. Management is responsible for determining the fair value and assessing a number of factors. The valuation involves complex and subjective judgements as well as the Company's best estimates on the valuation date. Inputs related to the Binomial Tree option pricing model for the valuation of the fair value of available-for-sale investment are: spot price, conversion price, time to maturity, expected dividend yield, expected share volatility, risk free interest rate, and yield-to-maturity, of which spot price is most significant to valuation determination. The following methods were adopted for each input: a. Spot price: quoted closing price of listed shares of Kinexia SpA(KNX IM) as of each re-measurement date; b. Conversion price: according to the indenture of the subject available-for-sale investment; c. Time to maturity: time period from the respective re-measurement date to maturity date. Maturity date was referred from the indenture of the subject available-for-sale investment; d. Expected dividend yield: based on indicative dividend yield of the underlying company (i.e. KNX.IM) as of each re-measurement date; e. Expected share volatility: based on the implied volatility of the listed shares of Kinexia (i.e. KNX.IM) with a time period equal to the time to maturity as of each re-measurement date; f. Risk free interest rate: based on the yield of Italy Treasury Bonds with a maturity equal to the time to maturity as of each re-measurement date; and g. Yield-to-maturity: based on the average yield-to-maturity of comparable corporate bullet bonds with similar remaining maturity period and credit risk as of each re-measurement date; and Warrants The Company adopted Binominal Tree option pricing model to assess the warrants’ fair value. Management is responsible for determining the fair value and assessing a number of factors. The valuation involves complex and subjective judgments as well as the Company’s best estimates on the valuation date. Key inputs related to the Binomial Tree option pricing model for the valuation of the fair value of warrants are: probabilities assigned among IPO and non-IPO scenarios, time to maturity, volatility, dividend yield, as well as risk-free rate, of which probabilities assigned among IPO and non-IPO scenarios, volatility, and risk-free rate are most significant to valuation determination of the warrants. Rate Cap Derivative The Company’s exposure to the risk of changes in market interest rates primarily relates to its bank borrowings. To finance its overseas power station business operation and expansion, the Company’s operating subsidiaries located in Mexico will obtain long-term bank borrowings from local bank, which carries variable interest rates. With an aim to reduce its interest rate exposure, the Company entered into one long-term interest rate cap contract in 2016 to fix the interest rate as a fixed rate payer. The rate cap is a derivative which needs to be fair valued at each reporting period end. The fair value gain or loss arising from the remeasurement is recognized in the consolidated statements of operations and comprehensive income. As of December 31, 2016, the fair value of the rate cap was RMB 10,364,075 10,364,075 Recurring change in fair value Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2014 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Foreign exchange forward contracts 47,712,744 - 47,712,744 - Capped call options 21,098,263 - - 21,098,263 Available-for-sale investment 20,875,725 - - 20,875,725 Liabilities: Foreign exchange forward contracts 30,901,012 - 30,901,012 - Convertible senior notes 1,540,398,645 - - 1,540,398,645 Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2015 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Call spread option 7,277,406 - - 7,277,406 Foreign exchange forward contracts 7,038,537 - 7,038,537 - Capped call options 17,490,323 - - 17,490,323 Liabilities: Foreign exchange forward contracts 4,295,737 - 4,295,737 - Convertible senior notes 1,506,981,361 - - 1,506,981,361 Warrant liability 68,377,608 - - 68,377,608 Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2016 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Guarantee receivables 235,728,241 - - 235,728,241 Foreign exchange forward contracts 640,876 - 640,876 - Liabilities: Convertible senior notes 423,739,708 - - 423,739,708 Guarantee liabilities 226,086,556 - - 226,086,556 Rate cap derivative 10,364,075 - - 10,364,075 Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation) A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2014, 2015 and 2016 were as follows: For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, 770,485,897 1,540,398,645 1,506,981,361 Issuance of convertible senior notes 914,850,000 - - Foreign exchange (gain)/loss 5,853,455 96,678,461 43,448,795 Change in fair value of convertible senior notes (150,790,707) 8,400,918 92,015,957 Repurchase of convertible senior notes - (138,496,663) (1,218,706,405) Balance at December 31, 1,540,398,645 1,506,981,361 423,739,708 A summary of changes in Level 3 fair value of capped call options for the year ended December 31, 2014, 2015 and 2016 were as follows: For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, 107,223,601 21,098,263 17,490,323 Foreign exchange (gain)/loss 563,725 2,562,342 736,212 Change in fair value of capped call options (86,689,063) (6,170,282) (18,226,535) Balance at December 31, 21,098,263 17,490,323 - A summary of changes in Level 3 fair value of available-for-sale investment for the year ended December 31, 2014, 2015 and 2016 were as follows: For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, 30,117,797 20,875,725 - Receipt of available-for-sale investment - - - Foreign exchange gain/(loss) (3,446,112) - - Change in fair value of available-for-sale investment (5,795,960) - - Transfer to receivable (Note 2 (h)) - (20,875,725) - Balance at December 31, 20,875,725 - - A summary of changes in Level 3 fair value of call spread options for the year ended December 31, 2014, 2015, 2016 was as follows: For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, - - 7,277,406 Purchase of call spread option - 7,647,843 4,761,603 Change in fair value of call spread - (370,437) - Exercise of call spread options - - (12,039,009) Balance at December 31, - 7,277,406 - A summary of changes in Level 3 fair value of warrant liability for the year ended December 31 2016 were as follows: For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, - - 68,377,608 Issuance of warrant liability - 62,331,211 - Exchange loss on warrant liability - 3,950,373 2,256,314 Change in fair value of warrant liability - 2,096,024 (34,937,341) Repurchase of warrant liability - - (35,696,581) Balance at December 31, - 68,377,608 - A summary of changes in Level 3 fair value of rap cap derivative for the year ended December 31 2016 were as follows: For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, - - - Change in fair value of rate cap derivative - - 10,364,075 Balance at December 31, - - 10,364,075 Change in fair value of derivatives The Change in fair value of derivatives recognized in earnings was as follows: Type of derivatives For the year ended Foreign exchange forward Call spread Rate cap Capped call Warrant December 31, Realized Unrealized options derivative options liability Total (In RMB) 2014 15,553,224 (16,267,966) - - (86,689,063) - (87,403,805) 2015 71,000,875 (14,068,932) (370,437) - (6,170,282) (2,096,024) 48,295,200 2016 (53,202,660) 640,876 - (10,364,075) (18,226,535) 34,937,341 (46,215,053) Non-recurring change in fair value Fair Value Measurements at Reporting Date Using Quote Prices in active Significant Balance as of market for other Significant December 31, identical observable unobservable Total Description 2014 assets (Level 1) input (Level 2) input (Leval 3) (losses) RMB RMB RMB RMB Property, plant and equipment, net 3,101,795,172 - - 3,101,795,172 6,217,151 As of December 31, 2015 Fair Value Measurements at Reporting Date Using Quote Prices in active Significant Balance as of market for other Significant December 31, identical observable unobservable Total Description 2015 assets (Level 1) input (Level 2) input (Leval 3) (losses) RMB RMB RMB RMB Property, plant and equipment, net 3,766,435,564 - - 3,766,435,564 - As of December 31, 2016 Fair Value Measurements at Reporting Date Using Quote Prices in active Significant Balance as of market for other Significant December 31, identical observable unobservable Total Description 2016 assets (Level 1) input (Level 2) input (Leval 3) (losses) RMB RMB RMB RMB Property, plant and equipment, net 4,738,681,353 - - 4,738,681,353 125,524,021 In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360-10, long-lived assets held and used with a carrying amount of RMB6,217,157, nil and RMB 125,524,021 125,524,021 |
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
RESTRICTED NET ASSETS [Abstract] | |
RESTRICTED NET ASSETS | 34. RESTRICTED NET ASSETS Relevant PRC laws and regulations permit payments of dividends by the Company's PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC GAAP. In addition, the statutory general reserve fund requires annual appropriations of 10% of net after-tax income to be set aside prior to payment of any dividends by the Company's PRC subsidiaries that are registered as wholly owned foreign investment enterprises or domestic enterprises. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company does not currently require any such dividends, loans or advances from the Company's PRC subsidiaries for working capital or other funding purposes, it may in the future require additional cash resources from the PRC subsidiaries due to changes in business conditions, to fund future acquisitions and development, or merely declare dividends or make distributions to the Company's shareholders. In July 2014, Jiangxi Jinko Engineering entered into agreements with certain investors for the issuance of redeemable convertible preferred shares to such investors. Pursuant to the investment agreements, Jiangxi Jinko Engineering shall use all of the proceeds from the issuance of redeemable convertible preferred shares for the sole purpose of funding Jiangxi Jinko Engineering and its subsidiaries’ construction, commissioning and operations of new solar power projects in the PRC and no proceeds shall be used for any existing projects prior to the preferred share issuance. The redeemable convertible preferred shares were repurchased in conjunction with the disposal of downstream solar project business in the fourth quarter of 2016 (note 8). The Group’s net assets subject to the above restrictions were RMB 4,188,460,756 65 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
SUBSEQEUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 35. SUBSEQUENT EVENTS In February 2017, the Company completed the repurchase of the 2019 Notes with a face value of US$ 61,074,000 10,000 |
ADDITIONAL INFORMATION-CONDENSE
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY | 12 Months Ended |
Dec. 31, 2016 | |
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY [Abstract] | |
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY | 36. ADDITIONAL INFORMATION CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company's investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as "Investments in subsidiaries " and the Company's shares of the profit or loss of subsidiaries are presented as "Share of (loss) / income from subsidiaries" in the statements of operations. As disclosed in Note 30b. the Company provided guarantee for redemption of series A preferred shares issued by JinkoSolar Power. Except for the guarantees as disclosed in Note 30b, the Company did not have any other significant contingency, commitment, or off balance sheet long term obligation as of December 31, 2015 and 2016. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Condensed statements of operations: For the year ended December 31 2014 2015 2016 RMB RMB RMB USD (Note 2 (an)) Net revenue - - - - Cost of revenues - - - - Gross profit - - - - Total operating expenses (12,422,770) (11,992,992) (9,937,095) (1,431,239) Loss from operations (12,422,770) (11,992,992) (9,937,095) (1,431,239) Convertible senior notes issuance costs (26,052,881) - - - Share of income from subsidiaries and affiliates 610,091,593 692,117,271 1,949,659,745 280,809,412 Interest income, net 27,261,325 26,434,242 4,089,083 588,950 Exchange gain/(loss) 10,046,144 (8,235,787) (10,073,699) (1,450,914) Change in fair value of convertible senior notes and capped call option 64,101,644 (14,571,200) (110,242,492) (15,878,222) Other income - - 3,214,433 462,974 Income before income taxes 673,025,055 683,751,534 1,826,709,975 263,100,961 Income tax expenses - - - - Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders 673,025,055 683,751,534 1,826,709,975 263,100,961 Condensed balance sheets: December 31, 2015 December 31, 2016 RMB RMB USD (Note 2 (an)) ASSETS Current assets: Cash and cash equivalent 55,685,082 4,815,606 693,592 Due from subsidiaries 353,584,018 892,393,364 128,531,379 Other current assets 11,910,526 12,231,081 1,761,642 Capped call option 17,490,323 - - Total current assets 438,669,949 909,440,051 130,986,613 Investments in subsidiaries 4,249,348,844 6,403,914,947 922,355,602 Due from subsidiaries-non current 1,228,006,309 - - Total assets 5,916,025,102 7,313,354,998 1,053,342,215 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Due to subsidiaries 62,633,444 415,199,410 59,801,154 Other current liabilities 24,542,051 13,706,994 1,974,218 Convertible senior notes-current 650,916,976 423,739,708 61,031,212 Total current liabilities 738,092,471 852,646,112 122,806,584 Convertible senior notes 856,064,385 - - Total liabilities 1,594,156,856 852,646,112 122,806,584 Shareholders’ equity: Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 125,473,930 and 126,733,266 shares issued and outstanding as of December 31, 2015 and 2016, respectively) 17,711 17,881 2,575 Additional paid-in capital 2,924,336,179 3,145,262,253 453,011,991 Accumulated other comprehensive income 12,582,041 104,784,173 15,092,060 Treasury stock, at cost: 1,723,200 shares of ordinary shares as of December 31, 2015 and 2016, respectively (13,875,553) (13,875,553) (1,998,495) Retained earnings 1,398,807,868 3,224,520,132 464,427,500 Total shareholders' equity 4,321,868,246 6,460,708,886 930,535,631 Total liabilities and shareholders' equity 5,916,025,102 7,313,354,998 1,053,342,215 The balance due from subsidiaries represented the expenses paid on behalf by the Company for its subsidiaries. Other current assets mainly represented the prepaid insurance premium, prepaid rent and other miscellaneous expenses. The balance due to subsidiaries represented the professional service fees paid by Jiangxi Jinko. Other current liabilities represented accrual for unpaid professional service fees. Condensed statements of cash flows: For the year ended December 31, 2014 2015 2016 RMB RMB RMB USD (Note2(an)) Cash flows from operating activities: Net income 673,025,055 683,751,534 1,826,709,975 263,100,961 Adjustments to reconcile net income to net cash provided by (used in) operating activities: - - - - Change in fair value of convertible senior notes (150,790,707) 8,400,918 92,015,957 13,253,054 Change in fair value of capped call option 86,689,063 6,170,282 18,226,535 2,625,167 Share of loss from subsidiaries (610,091,593) (692,117,271) (1,949,659,745) (280,809,412) Convertible senior notes issuance cost 26,052,881 - - - Exchange (gain)/loss (10,046,144) 8,235,787 10,073,699 1,450,914 Changes in operating assets and liabilities: (Increase)/decrease in due from subsidiaries (572,172,865) 104,043,486 809,466,119 116,587,371 Decrease/(increase) in other current assets 299,752 (1,080,514) (4,394,605) (632,955) Increase/(Decrease) in due to a subsidiary 26,234,900 21,721,556 352,565,966 50,780,061 (Decrease)/increase in other current liabilities 16,276,144 316,410 (10,835,057) (1,560,573) Net cash (used in)/provided by operating activities (514,523,514) 139,442,188 1,144,168,844 164,794,588 Cash flows from investing activities: Investments in subsidiaries (1,141,190,434) (5,620,197) - - Net cash used in investing activities (1,141,190,434) (5,620,197) - - Cash flows from financing activities: Proceeds from issuance of ordinary shares 770,201,158 - - - Proceeds from exercise of share options 14,528,109 7,613,965 21,730,663 3,129,866 Proceeds from issuance of convertible senior notes 888,797,119 - - Repurchase of convertible senior notes (113,025,510) (1,218,706,405) (175,530,233) Cash paid for capped call option - - - Prepayment for share repurchase - - - - Repurchase of common stock - - - - Net cash provided by/(used in) financing activities 1,673,526,386 (105,411,545) (1,196,975,742) (172,400,367) - Effect of foreign exchange rate changes on cash and cash equivalents (94,929) 2,227,375 1,937,422 279,051 Net (decrease)/increase in cash and cash equivalents 17,717,509 30,637,821 (50,869,476) (7,326,728) Cash and cash equivalents, beginning of year 7,329,752 25,047,261 55,685,082 8,020,320 Cash and cash equivalents, end of year 25,047,261 55,685,082 4,815,606 693,592 Supplemental disclosure of non-cash investing and financing cash flow information Proceeds from exercise of share options received in subsequent period 226,952 10,210,003 6,135,783 883,737 Payment of issuance cost for follow-on offering in subsequent period 2,328,174 - - - |
PRINCIPAL ACCOUNTING POLICIES (
PRINCIPAL ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
PRINCIPAL ACCOUNTING POLICIES [Abstract] | |
Basis of presentation and use of estimates | a. Basis of presentation and use of estimates The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, the purchase price allocation with respect to business combinations, impairment of long-lived assets, the economic useful lives of property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, guarantees, sales-leaseback, accounting for share-based compensation, fair value measurements of share-based compensation and financial instruments, legal contingencies, income taxes and related deferred tax valuation allowance. |
Consolidation | b. Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. For the Group’s majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statement of operation includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows. |
Discontinued operations | c. Discontinued operations A component of a reporting entity or a group of components of a reporting entity that are disposed or meet the criteria to be classified as held for sale, such as the management, having the authority to approve the action, commits to a plan to sell the disposal group, should be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Discontinued operations are reported when a component of an entity comprising operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity is classified as held for disposal or has been disposed of, if the component either (1) represents a strategic shift or (2) have a major impact on an entity’s financial results and operations. Examples include a disposal of a major geographical location, line of business, or other significant part of the entity, or disposal of a major equity method investment. In the consolidated statement of operations, result from discontinued operations is reported separately from the income and expenses from continuing operations and prior periods are presented on a comparative basis. Cash flows for discontinuing operations are presented separately in note 3. In order to present the financial effects of the continuing operations and discontinued operations, revenues and expenses arising from intra-group transactions are eliminated except for those revenues and expenses that are considered to continue after the disposal of the discontinued operations. Non-current assets or disposal groups are classified as assets held for sale when the carrying amount is to be recovered principally through a sale transaction rather than through continuing use. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such asset. |
Foreign currency translation | d. Foreign currency translation The Group's reporting currency is the Renminbi (“RMB”), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the “PBOC”) prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations. For consolidation purpose, the financial statements of the Company’s subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss). T he RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China’s foreign exchange trading system market. The Company’s aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB1,721.1 million and RMB 4,136.5 million as of December 31, 2015 and 2016, respectively. |
Cash and cash equivalents | e. Cash and cash equivalents Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less. |
Restricted cash | f. Restricted cash Restricted cash represents deposits legally held by banks which are not available for the Group's general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts. |
Restricted short-term investments | g. Restricted short-term investments Restricted short-term investments represent the time deposits legally hold by banks with original maturities longer than three months and less than one year, which are held as collateral for issuance of letters of credit, guarantee, bank acceptance notes or deposits for short-term borrowings. |
Available-for-sale investment | h. Available-for-sale investment Investments in debt and equity securities are, on initial recognition, classified into the three categories: held-to-maturity securities, trading securities and available-for-sale securities. Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings. Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale investments and are reported at fair value, with unrealized gains and losses recognized in accumulated other comprehensive income. Subsequent to initial recognition, available-for-sale investment is measured at fair value with changes in fair value recognized in accumulated other comprehensive income included in shareholders’ equity. When there is objective evidence that the investment is impaired, the cumulative losses from the declines in fair value that had been recognized directly in accumulated other comprehensive income are removed from equity and recognized in the statement of operations. When the available-for-sale investment is sold, the cumulative fair value adjustments previously recognized in accumulated other comprehensive income are recognized in the statement of operations. The Group evaluates the investments periodically for possible other-than temporary impairment. When other-than-temporary impairment has occurred for an available-for-sale debt security and the Group intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost basis and its fair value at the balance sheet date. The new cost basis will not be changed for subsequent recoveries in fair value. To determine whether a loss is other-than-temporary, the Group reviews the cause and duration of the impairment, the extent to which fair value is less than cost, the financial condition and near-term prospects of the issuer, and the Group’s intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery of its cost. On September 20, 2013, the parent company (“Issuer”) of one of the Company’s customers issued convertible bond (“Bond”) to the Company in order to settle the outstanding receivables owed by that customer of EUR 2,948,489 5 The Company recorded such Bond as available-for-sale instruments as its intent is to convert the Bond into common shares when the common share price appreciates over its nominal value during the two convertible periods, and recorded the fair value change in the Bond in accumulated other comprehensive income. In December 2015, upon the maturity of the Bond, the Company decided to waive the conversion right and choose to collect the total outstanding balance in cash. On December 21, 2015, the customer entered into a repayment arrangement with the Company. Considering the uncertainties of the cash collection, the Company provided full provision to the outstanding receivable of RMB 21,923,756 11,636,130 |
Notes receivable and payable | i. Notes receivable and payable Notes receivable represents bank or commercial drafts that have been arranged with third-party financial institutions by certain customers to settle their purchases from the Group. The carrying amount of notes receivable approximate their fair values due to the short-term maturity of the notes receivables. The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities. Notes receivable and payable are typically non-interest bearing and have maturities of less than six months. |
Accounts receivable | j. Accounts receivable Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group’s customers to make payments. The Group periodically assesses accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group’s historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and evaluates whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group’s general practice to suspend further sales to any customer with significant overdue balances. |
Advances to suppliers | k. Advances to suppliers The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers’ inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management’s best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group’s ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of RMB 2,694,857 799,889 |
Inventories | l. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group’s gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented. In addition, the Group analyzes its firm purchase commitments, if any, at each period end. Provision is made in the current period if the net realizable value after considering estimated costs to convert polysilicon into saleable finished goods is higher than market selling price of finished goods as of the end of a reporting period. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2014, 2015 and 2016. |
Property, plant and equipment, net | m. Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation is computed using the straight-line method over the following estimated useful lives: Buildings 20 Machinery and equipment 10 Furniture, fixture and office equipment 3 5 Motor vehicles 4 5 Construction in progress primarily represents the construction of new production line and buildings. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences. Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal. |
Project Assets, net | Project assets represented the costs of solar power plants held for generation of electricity revenue and solar power plants under construction. Project assets are stated in the consolidated balance sheets at cost less accumulated depreciation and impairment provision, if any. Costs of project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for procurement of solar module and other equipment (including intercompany purchases), cost of land on which solar power plants are developed and other direct costs for developing and constructing solar power plants, such as costs for obtaining permits required for solar power plants and costs for designing, engineering, interest costs capitalized and installation in the course of construction. Such costs are capitalized starting from the point when it is determined that development of the solar power plant is probable. For a solar power project asset acquired from third parties, the initial cost is the acquisition cost which includes the consideration transferred and certain direct acquisition costs. Costs capitalized in the construction of solar power plants under development will be transferred to complete solar power plants upon completion and when they are ready for intended use, which is at the point of time when the solar power plant is connected to grids and begins to generate electricity. Depreciation of the completed solar power plant commences once the solar power plant is ready for intended use. Depreciation is computed using the straight-line method over the expected life of 20 After the disposition of the domestic downstream solar projects business in the fourth quarter of 2016, project assets as of December 31, 2016 are all relate to solar power plants constructed out of China. Projects assets associated with the domestic downstream solar projects business are recorded as held-for-sale assets (note 3). |
Assets held for sale | o. Assets held for sale Long-lived assets to be sold shall be classified as held for sale considering the recognition criteria in ASC 360-10-45-9 in which all of the following criteria are met: ⋅ Management, having the authority to approve the action, commits to a plan to sell the asset. ⋅ The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. ⋅ An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. ⋅ The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year, ⋅ The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. ⋅ Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. |
Interest Capitalization | The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group’s weighted average cost of borrowings. Interest expense capitalized associated with the project assets of discontinued operations for the years ended December 31, 2014, 2015 and 2016 were RMB nil, RMB 66,896,537 58,624,205 4,103,426 7,381,757 8,915,817 |
Land use rights and land lease | q. Land use rights and land lease a. Land use rights Land use rights represent acquisition costs to purchase land use rights from the PRC government, which are evidenced by property certificates. The periods of these purchased land use rights are either 50 70 Land use rights are carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 70 b. Land lease For certain of the Group’s solar power project, the Group enters into land lease contracts with the owners of the land use rights. Under such lease arrangements, the owners retain the property right of the land use rights. While the Group can only set up the solar panels on these leased lands but does not have the right to sell, lease or dispose the land use rights. Accordingly, land leases are classified as operating leases, with the lease payments being recognised over the lease periods of 20 50 |
Intangible assets | r. Intangible assets Intangible assets include purchased software and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are 5 10 |
Business combination and assets acquisition | s. Business combination and assets acquisition U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the purchase method. The Group has adopted ASC 805 “Business Combinations,” and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. The transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income. The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine forecast the future cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. Although management believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Consolidated net income on the consolidated statements of operations and comprehensive income includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows when applicable. |
Investments in affiliates | The Group holds equity investments in affiliates in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its' proportionate share of the investees' income or loss in its consolidated financial statements. Cost method is used for investments over which the Company does not have the ability to exercise significant influence. Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. Upon the disposition of downstream power business, the investment income of affiliated companies was recognized in the discontinuing operations. |
Impairment of long-lived assets | u. Impairment of long-lived assets The Group’s long-lived assets include property, plant and equipment, project assets, land use rights and intangible assets with finite lives. The Group’s business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. |
Leases | v. Leases Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term. For a sale-leaseback transaction, when the transaction involves real estate or integral equipment, sale-leaseback accounting shall be used by a seller-lessee only if the transaction includes all of the following a) A normal leaseback; b) Payment terms and provisions that adequately demonstrate the buyer-lessor's initial and continuing investment in the property; c) Payment terms and provisions that transfer all of the other risks and rewards of ownership as demonstrated by the absence of any other continuing involvement by the seller-lessee. Equipment is determined to be integral when the cost to remove the equipment from its existing location, ship and reinstall at a new site, including any diminution in fair value, exceeds 10 If a sale-leaseback of real estate qualifies for sale-leaseback accounting, an analysis is performed to determine if the Company can record a sale and remove the assets from the balance sheet and recognize the lease; and if so, to determine whether to record the lease as either an operating or capital lease. If a sale-leaseback transaction does not qualify for sale-leaseback accounting because of any form of continuing involvement by the seller-lessee other than a normal leaseback, it is accounted for as a financing, whichever is appropriate under ASC 360. |
Guarantees | w. Guarantees The Group issues debt payment guarantees in favor of Jiangxi Jinko Engineering, a related party. The guarantees require the Group to make payments to reimburse the holders of these guarantees for losses they incur when Jiangxi Jinko Engineering fails to make repayments to the holders, when its liability to the holders falls due. In addition, the Group also issues redemption guarantees in favor of Jiangxi Jinko Engineering, a related party. According to the side agreement among the Group, Jiangxi Jinko Engineering and investors of Jiangxi Jinko Engineering (the original redeemable preferred shareholders of JinkoSolar Power), the investors of Jiangxi Jinko Engineering will have the right to redeem the common shares of Jiangxi Jinko Engineering held by them, and, as a result of a guarantee issued by the Company, in the event that Jiangxi Jinko Engineering fails to perform its redemption obligations, the Company will become liable for Jiangxi Jinko Engineering’s obligations under the redemption. A guarantee liability is initially recognized at the estimated fair value in the Group’s consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group’s consolidated balance sheets at the expected amount payable to the holder. The fair value of the guarantee liability is measured by the total consideration to be received in connection with the provision of guarantee. The guarantee liability would be amortized in straight line during the guarantee period. Receivables have also been recorded for the guarantee payments to be received (note 30). Pursuant to the master service agreement signed with Jiangxi Jinko Engineering, guarantee service fee would be settled on a half-year basis. |
Revenue recognition | (a) Revenue recognition on product sales The Group recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications. For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment or received by the customers, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers. The Group enters into certain sales contracts with retainage terms beginning in 2012, under which customers were allowed to withhold payment of 5 10 156,158,834 144,875,453 69,588,365 35,682,215 19,809,181 44,975,763 73,766,543 31,092,562 Advance payments received from customers for the future sale of products are recognized as advances from third party customers in the consolidated balance sheets. Advances from customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months. (b) Revenue on processing services The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers. (c) Revenue on electricity generation The Group recognizes electricity generation revenue when persuasive evidence of a power purchase arrangement with the power grid company exists, electricity has been generated and been transmitted to the grid and the electricity generation records are reconciled with the grid companies, the price of electricity is fixed or determinable and the collectability of the resulting receivable is reasonably assured. (d) Revenue on solar system integration projects The Group recognizes revenue related to solar system integration projects on the percentage-of-completion basis. The Company estimates its revenues using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly. No loss provision was recorded in the years ended December 31, 2014, 2015 and 2016. There existed no unbilled receivables as of December 31, 2015 and 2016. In the PRC, value added tax (“VAT”) at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities. |
Segment report | The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions, allocating resources and assessing performance as the source for determining the Group’s reportable segments. In prior years, management has determined that the Group operated its business in two segments, as that term is defined by FASB ASC Topic 280, Segment reporting The Group’s first segment was and is the vertically integrated solar power products manufacturing business (“manufacturing segment”), from silicon ingots, wafers, cells to solar modules. In the fourth quarter of 2016, the Group disposed of its downstream solar projects business segment, through which the Group entities develop, constructdeveloped, constructed and operated the solar projects, including (i) project development, (ii) engineering, procurement, and construction (“EPC”), (iii) connecting solar projects to the grid, operating and maintenance (“O&M”). |
Cost of revenue | z. Cost of revenue Cost of revenue for sales of photovoltaic products includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories. Costs of revenues for solar system integration projects include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design. Costs of electricity generation revenue include depreciation of solar power project assets and costs associated with operation and maintenance of the project assets. Cost of electricity sales was nil, nil and RMB 0.6 |
Warranty cost | Solar modules produced by the Group are typically sold with either a 5 10 10 25 20 Consistent with the practice of the solar industry, the Group has adopted the equivalent of 1 1 92,083,351 The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2014, 2015 and 2016, warranty costs accrued were RMB 92,255,203 149,304,487 257,464,846 402,425 18,244,745 11,957,359 The Group purchases warranty insurance policy which provides coverage for the product warranty services of solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities . |
Shipping and handling | ab. Shipping and handling Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB 353,352,484 542,857,593 831,693,851 |
Research and development | ac. Research and development Research and development costs are expensed when incurred. |
Start-up costs | ad. Start-up costs The Group expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities (excluding costs that are capitalized as part of property, plant and equipment) and costs incurred with the formation of new subsidiaries such as organization costs. |
Income Taxes | ae. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized. The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. The Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2014, 2015 and 2016 as there were no uncertain tax positions. |
Commitments and Contingencies | af. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. |
Fair value of financial instruments | ag. Fair value of financial instruments The Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs. When available, the Group measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Group obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Group generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Group's evaluation of those factors changes. Although the Group uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Group's consolidated assets, liabilities, equity and net income. The Group's financial instruments consist principally of cash and cash equivalents, restricted cash, restricted short-term investments, accounts and notes receivable, forward contract receivable, call spread options, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contracts payable, short-term borrowings, long-term borrowings, convertible senior notes, rate cap derivative and warrants. The forward contracts receivable and payable, call spread options, capped call options, rate cap derivative, convertible senior notes and warrants are measured at fair value (Note 33). Except for these financial instruments and long-term borrowing, the carrying values of the Group’s other financial instruments approximated their fair values due to the short-term maturity of these instruments. The carrying amount of long-term borrowing approximates their fair value due to the fact that the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities. |
Government grants | ah. Government grants Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2014, 2015 and 2016, the Group received financial subsidies of RMB 49,785,321 103,578,019 168,646,557 Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use and approved by related government. The Company received government grant related to assets of RMB 92,440,000 |
Repurchase of share | ai. Repurchase of share When the Company’s shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company’s shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock. |
Statutory reserves | aj. Statutory reserves Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors. Jiangxi Jinko, as wholly foreign owned enterprises incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors. Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP. Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves. During the years ended December 31, 2014, 2015 and 2016, the Group made total appropriations to statutory reserves of RMB 66,975,887 99,858,201 115,487,297 |
Earnings/(Loss) per share | ak. Earnings/(Loss) per share Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options and warrants (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive. Periodic accretion to redeemable non-controlling interests in connection with the outstanding redeemable convertible preferred shares of a subsidiary (Note 8), and the remaining net profit of the subsidiary (if any after deducting the accretion) that attributes to its outstanding redeemable convertible preferred shares under the two-class method, are recorded as deductions to consolidated net income (loss) from discontinued operations to arrive at net income (loss) available to the Company’s ordinary shareholders from discontinued operations. Changes in income or loss as result from the assumed conversion of the convertible senior notes, if any, are recorded as the adjustment to the consolidated net income (loss) from continuing operations to arrive at the diluted net income (loss) available to the Company’s ordinary shareholders from continuing operations. |
Share-based compensation | al. Share-based compensation The Company’s share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. |
Other comprehensive income/(loss) | am. Other comprehensive income/(loss) Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company’s other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company’s foreign subsidiaries and unrealized gains and losses on available-for-sale securities. . |
Convenience translation | an. Convenience translation Translations of balances in the consolidated balance sheet, consolidated statement of operation, consolidated statement of comprehensive income and statement of cash flows from RMB into United States dollars ("US$" or "USD") as of and for the year ended December 31, 2016 are solely for the convenience of readers and were calculated at the rate of RMB 6.9430 |
Recent accounting pronouncements | In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements Going Concern”. This standard requires management to evaluate for each annual and interim reporting period whether it is probable that the reporting entity will not be able to meet its obligations as they become due within one year after the date that the financial statements are issued. If the entity is in such a position, the standard provides for certain disclosures depending on whether or not the entity will be able to successfully mitigate its going concern status. This guidance is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. The Group has adopted ASU 2014-15 in 2016. The Group had positive working capital as of December 31, 2016. The Group's management believes that the current cash position as of December 31, 2016, the cash expected to be generated from operations and funds available from borrowings under the bank credit facilities will be sufficient to meet the Group's working capital and capital expenditure requirements for at least the next 12 months from March 29, 2017, the date of issuance of the fiscal 2016 financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), “Revenue from Contracts with Customers (Topic 606)”. This guidance was issued to clarify the principles for recognizing revenue and developing a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”). In addition, in August 2015, the FASB issued Accounting Standards Update No. 2015-14 (ASU 2015-14): “Revenue from Contracts with Customers (Topic 606).” This update was issued to defer the effective date of ASU No, 2014-09 by one year. Therefore, the effective date of ASU No, 2014-09 for public business entities is for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In March, 2016, the FASB issued Accounting Standards Update No. 2016-08 (ASU 2016-08), “Revenue from Contracts with Customers (Topic 606)”, which amends the principal-versus-agent implementation guidance and illustrations in the Board’s new revenue standard (ASU 2014-09). The FASB issued the ASU 2016-08 in response to concerns identified by stakeholders, including those related to (1) determining the appropriate unit of account under the revenue standard’s principal-versus-agent guidance and (2) applying the indicators of whether an entity is a principal or an agent in accordance with the revenue standard’s control principle. In April, 2016, the FASB issued Accounting Standards Update No. 2016-10 (ASU 2016-10), “Revenue from Contracts with Customers (Topic 606)”, which amends certain aspects of the guidance in ASU 2014-09 (the Board’s new revenue standard) on (1) identifying performance obligations and (2) licensing. In May 2016, the FASB issued Accounting Standards Update No. 2016-12 (ASU2016-12), “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”). The amendments in this ASU do not change the core principle of the guidance in Topic 606. Rather, the amendments in this ASU affect only the narrow aspects of Topic 606. The areas improved include: (1) Assessing the Collectability Criterion in Paragraph 606-10-25-1(e) and Accounting for Contracts That Do Not Meet the Criteria for Step 1; (2) Presentation of Sales Taxes and Other Similar Taxes Collected from Customers; (3) Noncash Consideration; (4) Contract Modifications at Transition; (5) Completed Contracts at Transition; and (6) Technical Correction. The effective date and transition requirements for the amendments in this ASU are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by ASU 2014-09). The Group is continuing to evaluate the future impact and method of adoption of ASU 2014-09 and related amendments on its consolidated financial statements and related disclosures. The Group is considering adoption of the new standard using the modified retrospective method in fiscal 2018. The Group’s ability to adopt the standard is dependent on system readiness and the completion of the analysis necessary to meet the requirements under ASU 2014-09. In July 2015, the FASB issued Accounting Standards Update No. 2015-11 (ASU 2015-11), "Inventory (Topic 330): Simplifying the Measurement of Inventory" which applies to inventory that is measured using first-in, first-out ("FIFO") or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, first-out ("LIFO"). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16 (ASU 2015-16), “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. Under this ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. This standard is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. Early adoption is permitted as of annual reporting periods beginning after December 15, 2015, including interim reporting periods within those annual periods. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (ASU 2015-17), "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." This guidance was issued to simplify the presentation of deferred income taxes. The amendments in this Update require that deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Group has not early adopted this Update. As of December 31, 2015 and 2016, the Company recorded current deferred tax assets amounted to RMB 79,100,567 130,675,655 9,266,399 17,074,064 In January 2016, the FASB issued Accounting Standards Update No. 2016-01 (ASU 2016-01), "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The main objective of this update is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The new guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for annual reporting periods, and interim periods within those years beginning after December 15, 2017. Early adoption by public entities is permitted only for certain provisions. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), “Leases”. Under the new guidance, lessees will be required to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier application permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-06 (ASU 2016-06), “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments”. This new standard simplifies the embedded derivative analysis for debt instruments containing contingent call or put options by removing the requirement to assess whether a contingent event is related to interest rates or credit risks. This new standard will be effective for us on January 1, 2017. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-07 (ASU 2016-07), “InvestmentsEquity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting”, which eliminates the requirement to retrospectively apply the equity method in previous periods. Instead, the investor must apply the equity method prospectively from the date the investment qualifies for the equity method. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In March, 2016, the FASB issued Accounting Standards Update No. 2016-09 (ASU 2016-09), “Compensation Stock Compensation (Topic 718)”, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The new guidance, which is part of the Board’s simplification initiative, also contains two practical expedients under which nonpublic entities can use a simplified method to estimate the expected term of an award and make a one-time election to switch from fair value measurement to intrinsic value measurement for liability-classified awards. The ASU is effective for annual periods beginning after December 15, 2016 and early adopt is permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13 (ASU 2016-13), “Financial Instruments Credit Losses”, which introduces new guidance for credit losses on instruments within its scope. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including, but not limited to, trade and other receivables, held-to-maturity debt securities, loans and net investments in leases. The new guidance also modifies the impairment model for available-for-sale debt securities and requires the entities to determine whether all or a portion of the unrealized loss on an available-for-sale debt security is a credit loss. The standard also indicates that entities may not use the length of time a security has been in an unrealized loss position as a factor in concluding whether a credit loss exists. The ASU is effective for public companies for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In August, 2016, the FASB issued Accounting Standards Update No. 2016-15 (ASU 2016-15), “Statement of Cash Flows”, a proposed ASU on restricted cash in response to an EITF consensus-for-exposure. The proposed ASU would require an entity to include in its cash and cash-equivalent balances in the statement of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents. The proposal’s primary purpose is to eliminate the diversity in practice related to how entities classify and present changes in restricted cash in the cash flow statement in accordance with ASC 230. The ASU is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update No. 2016-16 (ASU 2016-16), “Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory”. The new guidance requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset is sold to an outside party. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period (as of the first interim period if an entity issues interim financial statements). The new guidance requires adoption on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In November, 2016, the FASB issued Accounting Standards Update No. 2016-18 (ASU 2016-18), “Statement of Cash Flows”, which amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. The ASU is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update 2017-01 (ASU 2017-01), “Business Combinations (Topic 805): Clarifying the Definition of a Business”, which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The standard introduces a screen for determining when assets acquired are not a business and clarifies that a business must include, at a minimum, an input and a substantive process that contribute to an output to be considered a business. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-04 (ASU 2017-04), “Simplifies Goodwill Impairment Test”, which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, “an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.” The ASU is effective prospectively for fiscal years beginning after December 15, 2019. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. |
ORGANIZATION AND NATURE OF OP45
ORGANIZATION AND NATURE OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Subsidiary or Equity Method Investee [Line Items] | |
Schedule of Subsidiaries | Date of Incorporation Place of Percentage Subsidiaries /Acquisition Incorporation of ownership JinkoSolar Technology Limited (“Paker”)* November 10, 2006 Hong Kong 100 % Jinko Solar Co., Ltd. (“Jiangxi Jinko”) December 13, 2006 PRC 100 % Zhejiang Jinko Solar Co., Ltd.("Zhejiang Jinko") June 30, 2009 PRC 100 % Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") December 24, 2009 PRC 100 % JinkoSolar GmbH (“Jinko GmbH”) April 1, 2010 Germany 100 % Zhejiang Jinko Trading Co., Ltd.("Zhejiang Trading") June 13, 2010 PRC 100 % Xinjiang Jinko Solar Co., Ltd. May 30,2016 PRC 100 % Yuhuan Jinko Solar Co., Ltd. July 29,2016 PRC 100 % JinkoSolar (U.S.) Inc. ("Jinko US") August 19, 2010 USA 100 % Jiangxi Photovoltaic Materials Co., Ltd ("Jiangxi Materials") December 1, 2010 PRC 100 % JinkoSolar (Switzerland) AG(“Jinko Switzerland”) May 3, 2011 Switzerland 100 % JinkoSolar (US) Holdings Inc.(“Jinko US Holding”) June 7, 2011 USA 100 % JinkoSolar Italy S.R.L. (“Jinko Italy”) July 8, 2011 Italy 100 % JinkoSolar SAS (“Jinko France”) September 12, 2011 France 100 % Jinko Solar Canada Co., Ltd (“Jinko Canada”) November 18, 2011 Canada 100 % Jinko Solar Australia Holdings Co. Pty Ltd (“Jinko Australia”) December 7, 2011 Australia 100 % Jinko Solar Pty Ltd. (“JinkoSolar South Africa”) April 13, 2012 South Africa 100 % Jinko Solar Japan K.K. (“JinkoSolar Japan”) May 21, 2012 Japan 100 % Date of Incorporation Place of Percentage Subsidiaries /Acquisition Incorporation of ownership JinkoSolar Power Engineering Group Limited (“JinkoSolar Power”) November 12,2013 Cayman 100 % JinkoSolar WWG Investment Co., Ltd. (“WWG Investment”) April 8, 2014 Cayman 100 % JinkoSolar Comércio do Brazil Ltda (“JinkoSolar Brazil”) January 14, 2014 Brazil 100 % Projinko Solar Portugal Unipessoal LDA. (“JinkoSolar Portugal”) February 20, 2014 Portugal 100 % JinkoSolar Mexico S.DE R.L. DE C.V. (“JinkoSolar Mexico”) February 25, 2014 Mexico 100 % Shanghai Jinko Financial Information Service Co., Ltd November 7, 2014 PRC 100 % Jinko Solar Technology SDN.BHD. (“JinkoSolar Malaysia”) January 21, 2015 Malaysia 100 % Jinko Power International (Hongkong) Limited July 10, 2015 Hong Kong 100 % JinkoSolar International Development Limited** August 28, 2015 Hong Kong 100 % Jinkosolar Household PV System Ltd.*** January 12,2015 BVI 100 % Canton Best Limited(“Canton Best BVI”) September 16,2013 BVI 100 % Wide Wealth Group Holding Limited(“Wide Wealth Hong Kong”) **** June 11,2012 Hong Kong 100 % *In the fourth quarter of 2016, Paker disposed Zhejiang Jinko Financial Leasing Co., Ltd with the consideration of RMB 183 26.4 15.2 2.2 In the fourth quarter of 2016, Paker closed JinkoSolar International Limited. Accumulated translation differences associated with the entity amounted to RMB 4.7 0.7 **In the fourth quarter of 2016, JinkoSolar International Development Limited disposed Jinko Solar (Thailand) Co. Ltd with the consideration of RMB 2.4 0.4 0.1 0.02 ***In the fourth quarter of 2016, Jinkosolar Household PV System Ltd. disposed its household solar project business with the consideration of RMB 27 3.9 15.4 2.2 ****In the fourth quarter of 2016, Wide Wealth Hong Kong disposed all of the 55 250 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Results of the discontinued operations January 1 October 31 2014 2015 2016 RMB RMB RMB Revenues 237,652,141 622,107,137 952,968,658 Cost of revenues (94,800,620) (283,766,608) (407,369,723) Gross Profit 142,851,521 338,340,529 545,598,935 Operating expenses Selling and marketing (753,011) - - General and administrative (54,540,610) (126,468,315) (276,685,730) Total operating expenses (55,293,621) (126,468,315) (276,685,730) Income from operations 87,557,900 211,872,214 268,913,205 Interest expenses, net (61,325,089) (74,923,604) (215,226,564) Exchange loss (7,491,271) (31,214,031) (25,441,221) Change in fair value of forward contracts - - 4,455,731 Other income/(expenses), net (133,616) (16,018,551) 37,675 Subsidy income 955,703 1,704,445 141,496 Equity income in affiliated companies 9,549,289 13,669,111 15,265,937 Gain on disposal of discontinued operations - - 1,007,884,060 Income from discontinued operations before income taxes 29,112,916 105,089,584 1,056,030,319 Income tax expense, net (1,058,939) (11,329,810) (54,466,059) Income from discontinued operations, net of tax 28,053,977 93,759,774 1,001,564,260 |
Disposal Groups, Including Discontinued Operations, Balance Sheet [Table Text Block] | Assets and liabilities of the discontinued operations December 31,2015 RMB Assets Cash and cash equivalents 1,291,072,949 Restricted short-term investments 599,048,331 Notes receivable, net - third parties 38,644,600 Accounts receivable, net - third parties 666,200,351 Other receivables, net - third parties 308,610,206 Prepayments and other current assets 11,004,290 Total current assets 2,914,580,727 Long-term investments 109,587,142 Property, plant and equipment, net 5,019,914 Intangible assets, net 730,794 Other assets - third parties 558,575,058 Restricted cash non current 173,531,731 Project Assets 7,044,728,804 Deferred tax assets - non current 8,040,685 Total assets held for sale 10,814,794,855 Liabilities Short-term borrowings from third parties, including current portion of long-term bank borrowings 700,285,077 Notes payable - third parties 589,266,149 Accrued payroll and welfare expenses 21,386,968 Income tax payable 15,670,018 Advances from third parties 313,741 Other payables and accruals 1,314,766,124 Total current liabilities 2,641,688,077 Long-term borrowings 3,319,224,224 Long-term payables 56,955,933 Deferred tax liability - non current 11,354,590 Total liabilities held for sale 6,029,222,824 2014 2015 2016 Cash flows generated from/(used in ) discontinued operations Net cash used in operating activities (406,886,606) (1,431,244,810) (2,017,319,542) Net cash used in investing activities (2,511,677,528) (2,129,264,757) (2,048,843,302) Net cash provided by financing activities 3,323,916,670 4,390,737,581 5,074,465,592 Net increase in cash and cash equivalent 405,352,536 830,228,014 1,008,302,748 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
REVENUES [Abstract] | |
Schedule of Revenues by Product | For the years ended December 31 2014 2015 2016 RMB RMB RMB Sales of solar modules 9,155,395,954 15,086,256,789 20,825,750,050 Sales of silicon wafers 286,585,049 138,293,365 136,079,690 Sales of solar cells 200,643,639 215,048,296 155,016,285 Sales of recovered silicon materials 11,272,636 5,201,794 860,047 Processing service fees 69,581,435 - - Solar system integration projects 11,209,600 - 269,661,653 Revenue from generated electricity 6,188,194 9,574,122 13,270,367 Total 9,740,876,507 15,454,374,366 21,400,638,092 |
Schedule of Revenues by Geographic Area | For the years ended December 31 2014 2015 2016 RMB RMB RMB Inside China (including Hong Kong and Taiwan) 4,119,710,430 5,608,963,991 8,249,043,110 Outside China America 1,766,283,018 4,146,330,928 7,701,560,171 Japan 486,201,347 997,526,339 992,645,497 Chile 580,383,748 1,018,522,680 898,465,062 India 272,142,427 280,481,768 775,458,207 Brazil 5,033,329 44,251,671 479,569,191 Turkey 50,119,561 377,663,473 366,929,805 UK 1,266,982,317 839,243,321 342,655,734 Thailand 65,578,638 328,505,810 97,904,537 South Africa 534,571,266 346,904,294 37,324,002 Rest of the world 593,870,426 1,465,980,091 1,459,082,776 Total 9,740,876,507 15,454,374,366 21,400,638,092 |
OTHER INCOME_(EXPENSES), NET (T
OTHER INCOME/(EXPENSES), NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | For the years ended December 31 2014 2015 2016 RMB RMB RMB Guarantee income - - 9,641,685 Donations (1,558,583) - (873,320) Others - 1,036,319 - Total (1,558,583) 1,036,319 8,768,365 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
TAXATION [Abstract] | |
Schedule of Earnings Before Income Taxes | For the year ended December 31 2014 2015 2016 RMB RMB RMB Cayman Islands 73,715,803 (5,667,142) (122,966,973) PRC 684,876,769 786,947,233 1,394,413,594 Other countries (195,842,589) 85,793,052 (23,724,060) Income from continuing operations before income taxes 562,749,983 867,073,143 1,247,722,561 |
Schedule of Current and Deferred Income Taxes | For the year ended December 31 2014 2015 2016 RMB RMB RMB Current income tax expenses PRC (28,241,780) (104,597,580) (234,278,825) Other countries (7,722,360) (12,024,951) (35,469,815) Total current income tax expenses (35,964,140) (116,622,531) (269,748,640) Deferred tax benefit 171,357,102 16,088,702 12,261,634 Income tax (expense)/benefit, net 135,392,962 (100,533,829) (257,487,006) |
Schedule of Income Tax Rate Reconciliation | For the year ended December 31 2014 2015 2016 % % % Statutory CIT rate 25.0 25.0 25.0 Effect of permanent differences: Share-based compensation expenses 1.1 2.0 1.1 Change in fair value of convertible senior notes and capped call options (2.8) 0.4 2.2 Accrued payroll and welfare expenses 0.5 1.3 1.0 Change of enacted tax rate (9.2) (3.5) 0.4 Other permanent differences 1.1 (2.0) (0.0) Difference in tax rate of a subsidiary outside the PRC 0.9 (1.1) 0.9 Effect of tax holiday for subsidiaries (11.9) (9.1) (10.9) Change in valuation allowance (28.8) (1.4) 0.9 Effective CIT rate (24.1) 11.6 20.6 |
Schedule of Aggregate Amount and Per Share Effect of Reduction of CIT | For the year ended December 31 2014 2015 2016 RMB RMB RMB The aggregate amount of effect 66,792,435 79,037,989 135,724,429 Per share effectbasic 0.54 0.63 1.08 Per share effectdiluted 0.43 0.62 1.04 |
Schedule of Current Deferred Tax Assets | For the year ended December 31 2015 2016 RMB RMB Net operating losses - 17,458,359 Provision for inventories, accounts receivable, other receivable 74,388,533 81,441,291 Change in fair value of forward contracts (244,141) (96,131) Accrued warranty costs 20,135,070 10,505,141 Accrued interest 1,112,954 637,754 Timing difference for revenue recognition (17,679,078) 10,974,242 Other temporary differences 18,498,176 18,278,850 Total deferred tax assets 96,211,514 139,199,506 Less: Valuation allowance (17,110,947) (8,523,851) Deferred tax assetscurrent, net 79,100,567 130,675,655 Other temporary differences (9,266,399) (17,074,064) Deferred tax liabilitiescurrent, net (9,266,399) (17,074,064) |
Schedule of Noncurrent Deferred Tax Assets | For the year ended December 31 2015 2016 RMB RMB Net operating losses 37,681,060 57,699,650 Accrued warranty costs 73,807,284 118,214,437 Timing difference for project assets, property, plant and equipment 22,735,289 8,463,603 Timing difference for revenue recognition of retainage contract 21,260,336 8,113,322 Total deferred tax assets 155,483,969 192,491,012 Less: Valuation allowance (37,681,059) (57,699,650) Deferred tax assetsnon-current, net 117,802,910 134,791,362 Timing difference for project assets, property, plant and equipment - (50,625,310) Other temporary differences (25,220) (25,220) Deferred tax liabilitiesnon-current, net (25,220) (50,650,530) |
Schedule of Movement of Valuation Allowances | For the year ended December 31 2014 2015 2016 RMB RMB RMB At beginning of year (229,484,242) (67,263,314) (54,792,006) Current year additions (51,335,333) (20,392,519) (38,362,418) Utilization and reversal of valuation allowances 213,556,261 32,863,827 26,930,923 At end of year (67,263,314) (54,792,006) (66,223,501) |
REDEEMABLE NON-CONTROLLING IN50
REDEEMABLE NON-CONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
REDEEMABLE NON-CONTROLLING INTERESTS [Abstract] | |
Schedule of change in the carrying amount of redeemable non-controlling interests | For the year ended December 31 2015 2016 RMB RMB Beginning Balance 1,435,585,290 1,607,925,732 Accretion to redemption value of redeemable non-controlling interests 172,340,442 159,477,930 Disposition of Jiangxi Jinko Engineering - (1,767,403,662) Ending Balance 1,607,925,732 - |
ACQUISITION OF SOLAR POWER PL51
ACQUISITION OF SOLAR POWER PLANTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ACQUISITION OF SOLAR POWER PLANTS [Abstract] | |
Schedule of allocation of the purchase price of the assets acquired and liabilities assumed based on their fair values | RMB Total assets acquired 574,202,912 Total liabilities acquired (502,202,912) Net assets acquired 71,670,000 Total considerations 71,670,000 |
ACCOUNTS RECEIVABLE, NET-THIR52
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Abstract] | |
Schedule of Accounts Receivable | As of December 31, 2015 2016 RMB RMB Accounts receivables 3,026,232,432 5,130,289,380 Allowance for doubtful accounts (335,713,383) (376,574,061) Accounts receivable, net 2,690,519,049 4,753,715,319 |
Schedule of Movement of Allowance for Doubtful Accounts | As of December 31, 2014 2015 2016 RMB RMB RMB At beginning of year 445,956,167 428,570,077 335,713,383 Addition 188,572,147 151,959,676 274,128,700 Write-off (44,538,077) (38,500,106) (41,816,165) Reversal (161,420,160) (206,316,264) (191,451,857) At end of year 428,570,077 335,713,383 376,574,061 |
ADVANCES TO SUPPLIERS, NET - 53
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ADVANCES TO SUPPLIERS, NET - THIRD PARTY [Abstract] | |
Schedule of Advances to Suppliers | As of December 31, 2015 2016 RMB RMB Advances to suppliers - current 258,114,710 333,291,005 Provision for advances to suppliers (6,724,857) (7,524,746) Advances to suppliers, net 251,389,853 325,766,259 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INVENTORIES [Abstract] | |
Schedule of Inventories | As of December 31, 2015 2016 RMB RMB Raw materials 530,073,129 943,958,480 Work-in-progress 591,775,978 809,571,580 Finished goods 2,081,475,935 2,719,984,637 Total 3,203,325,042 4,473,514,697 |
PREPAYMENTS AND OTHER CURRENT55
PREPAYMENTS AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PREPAYMENTS AND OTHER CURRENT ASSETS [Abstract] | |
Schedule of Prepayments and Other Current Assets | As of December 31, 2015 2016 RMB RMB Value-added tax deductible 443,761,055 286,198,731 Deposit for customer duty, bidding and others 93,536,791 154,023,704 Assets held for sale related to land use right 38,832,489 - Prepayment for income tax 29,879,013 24,323,033 Receivables related to land use right disposal 20,435,188 23,172,107 Prepaid commission 18,970,826 2,013,070 Prepaid insurance premium 16,851,945 19,237,805 Rental deposit and prepayment 4,297,689 5,897,704 Employee advances 7,285,193 8,584,936 Receivables of option exercised 10,210,003 6,135,783 Derivative assets 7,277,406 - Prepaid professional service fee 4,057,488 4,095,436 Receivable related to disposal of subsidiaries (note 1) - 185,380,069 Others 20,053,820 47,581,875 Total 715,448,906 766,644,253 |
PROPERTY, PLANT AND EQUIPMENT56
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract] | |
Schedule of Property and Equipment | As of December 31, 2015 2016 RMB RMB Buildings 843,434,718 1,429,839,237 Machinery and equipment 4,109,495,144 4,886,493,031 Motor vehicles 32,196,288 34,434,859 Furniture, fixture and office equipment 88,284,199 136,797,799 5,073,410,349 6,487,564,926 Less: Accumulated depreciation (1,731,339,034) (2,028,991,593) Less: Impairment (35,263,789) (51,439,373) Subtotal 3,306,807,526 4,407,133,960 Construction in progress 459,628,038 331,547,393 Property, plant and equipment, net 3,766,435,564 4,738,681,353 |
PROJECT ASSETS, NET (Tables)
PROJECT ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PROJECT ASSETS [Abstract] | |
Schedule of project assets and related accumulated depreciation | As of December 31, 2015 2016 RMB RMB Completed - 30,188,445 Under construction - 31,935,354 Less: Accumulated depreciation - (7,060,303) Project Assets, net - 55,063,496 |
LAND USE RIGHTS, NET (Tables)
LAND USE RIGHTS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
LAND USE RIGHTS, NET [Abstract] | |
Schedule of Land Use Rights | As of December 31, 2015 2016 RMB RMB Land use rights 386,633,770 495,555,226 Less: accumulated amortization (36,719,630) (44,614,631) Land use rights, net 349,914,140 450,940,595 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INTANGIBLE ASSETS, NET [Abstract] | |
Schedule of Intangible Assets | As of December 31, 2015 2016 RMB RMB Trademark 3,071,480 3,071,480 Computer software 22,709,977 24,964,233 Less: accumulated amortization (5,309,010) (7,738,986) Intangible assets, net 20,472,447 20,296,727 |
OTHER ASSETS -THIRD PARTIES (Ta
OTHER ASSETS -THIRD PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
OTHER ASSETS [Abstract] | |
Schedule of Other Assets | As of December 31, 2015 2016 RMB RMB Prepayment for warranty insurance premium 87,195,213 103,714,696 Prepayments for purchase of property, plant and equipment 71,631,287 491,201,438 Deferred charges 59,874,717 22,863,614 Others 9,000,000 - Total 227,701,217 617,779,748 |
OTHER PAYABLES AND ACCRUALS (Ta
OTHER PAYABLES AND ACCRUALS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
OTHER PAYABLES AND ACCRUALS [Abstract] | |
Schedule of Other Payables and Accruals | As of December 31, 2015 2016 RMB RMB Payables for purchase of property, plant and equipment 323,124,629 410,326,566 Freight payables 142,678,891 208,186,310 Value-added tax and other tax payables 73,936,622 84,469,920 Accrued warranty cost 88,911,062 64,045,947 Accrued utilities, rentals and interest 52,704,521 36,748,524 Government grants related to assets 39,359,068 21,436,902 Contracted labor fee 37,451,104 25,873,505 Countervailing and anti-dumping duty 30,052,841 15,033,545 Accrued professional service fees 17,283,935 11,378,367 Commission payables 17,106,323 1,125,092 Deposits 7,409,000 - Insurance premium payables 2,557,415 735,408 Sale-lease back payable (note 23) - 59,553,667 Public offering issuance cost 2,328,174 2,328,174 Others 63,270,002 78,178,444 Total 898,173,587 1,019,420,371 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
BORROWINGS [Abstract] | |
Schedule of Short-term Borrowings | As of December 31, 2015 2016 RMB RMB Short-term bank borrowings 2,562,383,328 5,245,641,157 Long-term bank borrowingscurrent portion 27,480,800 242,987,883 Total short-term borrowings 2,589,864,128 5,488,629,040 |
Schedule of Long-term Borrowings | As of December 31, 2015 2016 RMB RMB Long-term bank borrowings 1,336,160,627 731,507,442 Less: Current portion (27,480,800) (242,987,883) Total long-term borrowings 1,308,679,827 488,519,559 |
Schedule of Long-term Future Principal Repayments | Year ended December 31, RMB 2017 242,987,883 2018 184,370,000 Thereafter 304,149,559 Total 731,507,442 |
LONG-TERM PAYABLES (Tables)
LONG-TERM PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Sale Leaseback Transactions [Table Text Block] | As of December 31, 2015 2016 RMB RMB Carrying amount of the equipment sold - 173,699,493 Cash consideration - 159,980,000 Loss recognized - 13,719,493 |
Schedule of Capital Leased Assets [Table Text Block] | As of December 31, 2015 2016 RMB RMB Equipment - 159,980,000 Less: accumulated depreciation - (11,440,625) Net Value - 148,539,375 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ending December 31, RMB Year ended December 31, 2017 61,379,772 2018 39,341,865 2019 5,033,868 Total minimum lease payments 105,755,505 Less: Amount representing interest (2,186,207) Present value of net minimum lease payments 103,569,298 Current portion 59,553,667 Non-current portion 44,015,631 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
EARNINGS PER SHARE [Abstract] | |
Schedule of Earnings Per Share | For the years ended December 31, 2014 2015 2016 RMB RMB RMB Numerator: Net income from continuing operations 698,142,945 766,539,314 990,235,555 Net income from discontinued operations 28,053,977 93,759,774 1,001,564,260 Total net income 726,196,922 860,299,088 1,991,799,815 Net income from continuing operations 698,142,945 766,539,314 990,235,555 Less: Net loss attributable to non-controlling interests from continuing operations - (63,348) (432,541) Net income attributable to Jinkosolar’s ordinary shareholders from continuing operations 698,142,945 766,602,662 990,668,096 Net income from discontinued operations 28,053,977 93,759,774 1,001,564,260 Less: Net income attributable to non-controlling interests from discontinued operations 851,167 4,270,460 6,044,451 Less: Accretion to redemption value of redeemable non-controlling interests from discontinued operations 52,320,700 172,340,442 159,477,930 Net income/(loss) attributable to Jinkosolar’s ordinary shareholders from discontinued operations (25,117,890) (82,851,128) 836,041,879 Net income attributable to Jinkosolar’s ordinary shareholders from continuing operations 698,142,945 766,602,662 990,668,096 Dilutive effects of Convertible senior notes (79,967,781) - 6,142,661 Numerator for diluted income per share for continuing operations 618,175,164 766,602,662 996,810,757 Numerator for diluted income/(loss) per share for discontinued operations (25,117,890) (82,851,128) 836,041,879 Denominator: Denominator for basic earnings per share - weighted average number of ordinary shares outstanding 122,980,870 124,618,416 125,870,272 Dilutive effects of share options 3,934,741 3,184,545 2,246,095 Assumed conversion of convertible senior notes 26,870,920 - 2,474,074 Denominator for diluted calculation - weighted average number of ordinary shares outstanding 153,786,531 127,802,961 130,590,441 Continuing operations: Basic earnings per share attributable to Jinkosolar's ordinary shareholders from continuing operations 5.67 6.15 7.87 Diluted earnings per share attributable to Jinkosolar's ordinary shareholders from continuing operations 4.02 6.00 7.63 Discontinued operations Basic earnings/(loss) per share attributable to Jinkosolar's ordinary shareholders from discontinued operations (0.20) (0.66) 6.64 Diluted earnings/(loss) per share attributable to Jinkosolar's ordinary shareholders from discontinued operations (0.16) (0.65) 6.40 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock Option Activity | Number of Weighted-average option Weighted-average remaining Aggregate outstanding exercise price contractual term intrinsic value (US$/share) (in years) (RMB) Balance as of January 1, 2016 14,627,422 4.77 Granted 1,760,000 3.29 Exercise (1,259,336) 2.07 Forfeited (472,000) 3.19 Balance as of December 31, 2016 14,656,086 3.11 6.47 75,543,554 Vested and expected to vest as of December 31, 2016 10,301,274 3.04 5.66 59,982,288 Vested and exercisable as of December 31, 2016 7,268,086 2.92 4.80 49,148,244 |
Summary of Non-vested Shares | Number of option Weighted-average fair outstanding value on grant date (RMB/Share) Non-vested at January 1, 2016 9,152,000 26.52 Granted 1,760,000 17.48 Vested (3,244,000) 20.89 Forfeited (280,000) 24.17 Non-vested at December 31, 2016 7,388,000 14.97 Expected to vest as of December 31, 2016 3,033,188 14.52 |
Schedule of Expense Allocation | As of December 31, 2014 2015 2016 RMB RMB RMB Costs of revenues 203,140 118,301 333,338 Selling expenses 6,397,902 23,625,827 15,980,509 General and administrative expenses 34,164,506 81,024,667 67,152,462 Research and development expenses 1,924,447 7,945,590 6,101,390 Total 42,689,995 112,714,385 89,567,699 |
Schedule of Assumptions | 2014 2015 2016 Expected volatility 93.29 % 83.49% - 91.68% 77.72% - 79.56% Expected dividend yield 0 % 0 % 0 % Expected terms 6.5 6.5 5.3 - 6.5 Risk-free interest rate 1.93 % 1.50% - 1.74% 1.74% - 1.94% Fair value per option at grant date (RMB) 28.42 25.62 35.31 16.94 - 17.93 |
JinkoSolar Power [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Assumptions | 2015 Expected volatility 53.56 % Expected dividend yield 0 % Option term 10 years Risk-free interest rate 2.36 % Expected forfeiture rate (post-vesting) 0% or 10% Fair value per option at grant date (USD) 1.88-2.01 |
RELATED PARTY TRANSACTIONS AN66
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
RELATED PARTY TRANSACTIONS AND BALANCES [Abstract] | |
Schedule of related party balances | As of December 31, 2015 2016 RMB RMB Accounts receivable from related parties: Accounts receivable due from Gausu Jintai Electronic Power Company Ltd.("Gansu Jintai")* 60,973,795 - Accounts receivable from Gansu Heihe Hydropower Industrial Investment LLC. (" Gansu Heihe", in which the Group owns 9% equity interests) - 44,616 Accounts receivable from Jiangxi Jinko Engineering for sales of solar modules - 1,414,039,443 Advances to related parties Advances to ReneSola Ltd. 1,021,128 661,788 Notes receivables from related parties: Notes receivables from Jiangxi Jinko Engineering for sales of solar modules - 610,200,000 Other receivables from related parties: Advances of travel and other business expenses to executive directors who are also shareholders - 68,106 Other receivables from Jiangxi Jinko Engineering for miscellaneous transactions - 16,704,113 Other receivables from Jiangxi Jinko Engineering for provision of guarantee - 62,352,655 Other assets from related parties: Other assets from Jiangxi Jinko Engineering for provision of guarantee - 173,375,586 Total 61,994,923 2,277,446,307 Accounts payable due to a related party: Accounts payable due to a subsidiary of ReneSola 12,544 - Accounts payable due to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which the Shareholders, each holds more than 10%, and collectively hold 73%, of the equity interest) 1,465,985 - Advances from related parties Advances from Jiangxi Jinko Engineering for sales of solar modules - 60,541,490 Other payables due to a related party: Other payables to Desun for leasing of land and buildings 4,969,104 7,528,551 Payable of travel reimbursement 23,871 - Other payables due to Jiangxi Jinko Engineering for payments on behalf of the Company - 68,505,022 Total 6,471,504 136,575,063 Borrowings due to subsidiaries of China Development Bank** 2,156,500,000 - Accrued interest due to subsidiaries of China Development Bank** 3,252,783 - *Gansu Jintai is an affiliated company in which Jiangxi Jinko Engineering owns 28% equity interest after the disposition of the Group’s downstream solar projects business, and it is no longer of the Group’s related party. ** In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds 21% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank. After the disposition of the Group’s downstream solar projects business, China Development Bank is no longer of the Group’s related party. (1) Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities. (2) Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Schedule of Future Minimum Payments Under Operating Leases | Year ending December 31, RMB 2017 43,825,570 2018 18,637,336 2019 6,776,200 2020 2,777,707 2021 2,400,000 Thereafter 12,000,000 Total 86,416,813 |
Schedule of Long-term Purchase Commitment | Year ending December 31, RMB 2017 783,540,388 2018 92,543,074 Thereafter 2,710,717 Total 878,794,179 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Schedule of Investments Measured at Fair Value on Recurring Basis | Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2014 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Foreign exchange forward contracts 47,712,744 - 47,712,744 - Capped call options 21,098,263 - - 21,098,263 Available-for-sale investment 20,875,725 - - 20,875,725 Liabilities: Foreign exchange forward contracts 30,901,012 - 30,901,012 - Convertible senior notes 1,540,398,645 - - 1,540,398,645 Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2015 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Call spread option 7,277,406 - - 7,277,406 Foreign exchange forward contracts 7,038,537 - 7,038,537 - Capped call options 17,490,323 - - 17,490,323 Liabilities: Foreign exchange forward contracts 4,295,737 - 4,295,737 - Convertible senior notes 1,506,981,361 - - 1,506,981,361 Warrant liability 68,377,608 - - 68,377,608 Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2016 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Guarantee receivables 235,728,241 - - 235,728,241 Foreign exchange forward contracts 640,876 - 640,876 - Liabilities: Convertible senior notes 423,739,708 - - 423,739,708 Guarantee liabilities 226,086,556 - - 226,086,556 Rate cap derivative 10,364,075 - - 10,364,075 |
Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, 770,485,897 1,540,398,645 1,506,981,361 Issuance of convertible senior notes 914,850,000 - - Foreign exchange (gain)/loss 5,853,455 96,678,461 43,448,795 Change in fair value of convertible senior notes (150,790,707) 8,400,918 92,015,957 Repurchase of convertible senior notes - (138,496,663) (1,218,706,405) Balance at December 31, 1,540,398,645 1,506,981,361 423,739,708 For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, 107,223,601 21,098,263 17,490,323 Foreign exchange (gain)/loss 563,725 2,562,342 736,212 Change in fair value of capped call options (86,689,063) (6,170,282) (18,226,535) Balance at December 31, 21,098,263 17,490,323 - For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, 30,117,797 20,875,725 - Receipt of available-for-sale investment - - - Foreign exchange gain/(loss) (3,446,112) - - Change in fair value of available-for-sale (5,795,960) - - Transfer to receivable (Note 2 (g)) - (20,875,725) - Balance at December 31, 20,875,725 - - |
Schedule of fair value of call spread option contracts | For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, - - 7,277,406 Purchase of call spread option - 7,647,843 4,761,603 Change in fair value of call spread - (370,437) - Exercise of call spread options - - (12,039,009) Balance at December 31, - 7,277,406 - |
Schedule of changes in fair value of warrant liability | For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, - - 68,377,608 Issuance of warrant liability - 62,331,211 - Exchange loss on warrant liability - 3,950,373 2,256,314 Change in fair value of warrant liability - 2,096,024 (34,937,341) Repurchase of warrant liability - - (35,696,581) Balance at December 31, - 68,377,608 - |
Schedule of Change in Fair Value of Derivatives | For the year ended December 31, 2014 2015 2016 RMB RMB RMB Balance at January 1, - - - Change in fair value of rate cap derivative - - 10,364,075 Balance at December 31, - - 10,364,075 Type of derivatives For the year ended Foreign exchange forward Call spread Rate cap Capped call Warrant December 31, Realized Unrealized options derivative options liability Total (In RMB) 2014 15,553,224 (16,267,966) - - (86,689,063) - (87,403,805) 2015 71,000,875 (14,068,932) (370,437) - (6,170,282) (2,096,024) 48,295,200 2016 (53,202,660) 640,876 - (10,364,075) (18,226,535) 34,937,341 (46,215,053) As of December 31, 2014 Fair Value Measurements at Reporting Date Using Quote Prices in active Significant Balance as of market for other Significant December 31, identical observable unobservable Total Description 2014 assets (Level 1) input (Level 2) input (Leval 3) (losses) RMB RMB RMB RMB Property, plant and equipment, net 3,101,795,172 - - 3,101,795,172 6,217,151 As of December 31, 2015 Fair Value Measurements at Reporting Date Using Quote Prices in active Significant Balance as of market for other Significant December 31, identical observable unobservable Total Description 2015 assets (Level 1) input (Level 2) input (Leval 3) (losses) RMB RMB RMB RMB Property, plant and equipment, net 3,766,435,564 - - 3,766,435,564 - As of December 31, 2016 Fair Value Measurements at Reporting Date Using Quote Prices in active Significant Balance as of market for other Significant December 31, identical observable unobservable Total Description 2016 assets (Level 1) input (Level 2) input (Leval 3) (losses) RMB RMB RMB RMB Property, plant and equipment, net 4,738,681,353 - - 4,738,681,353 125,524,021 |
ADDITIONAL INFORMATION-CONDEN69
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY [Abstract] | |
Condensed Statements of Operations | For the year ended December 31 2014 2015 2016 RMB RMB RMB USD (Note 2 (an)) Net revenue - - - - Cost of revenues - - - - Gross profit - - - - Total operating expenses (12,422,770) (11,992,992) (9,937,095) (1,431,239) Loss from operations (12,422,770) (11,992,992) (9,937,095) (1,431,239) Convertible senior notes issuance costs (26,052,881) - - - Share of income from subsidiaries and affiliates 610,091,593 692,117,271 1,949,659,745 280,809,412 Interest income, net 27,261,325 26,434,242 4,089,083 588,950 Exchange gain/(loss) 10,046,144 (8,235,787) (10,073,699) (1,450,914) Change in fair value of convertible senior notes and capped call option 64,101,644 (14,571,200) (110,242,492) (15,878,222) Other income - - 3,214,433 462,974 Income before income taxes 673,025,055 683,751,534 1,826,709,975 263,100,961 Income tax expenses - - - - Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders 673,025,055 683,751,534 1,826,709,975 263,100,961 |
Condensed Balance Sheets | December 31, 2015 December 31, 2016 RMB RMB USD (Note 2 (an)) ASSETS Current assets: Cash and cash equivalent 55,685,082 4,815,606 693,592 Due from subsidiaries 353,584,018 892,393,364 128,531,379 Other current assets 11,910,526 12,231,081 1,761,642 Capped call option 17,490,323 - - Total current assets 438,669,949 909,440,051 130,986,613 Investments in subsidiaries 4,249,348,844 6,403,914,947 922,355,602 Due from subsidiaries-non current 1,228,006,309 - - Total assets 5,916,025,102 7,313,354,998 1,053,342,215 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Due to subsidiaries 62,633,444 415,199,410 59,801,154 Other current liabilities 24,542,051 13,706,994 1,974,218 Convertible senior notes-current 650,916,976 423,739,708 61,031,212 Total current liabilities 738,092,471 852,646,112 122,806,584 Convertible senior notes 856,064,385 - - Total liabilities 1,594,156,856 852,646,112 122,806,584 Shareholders’ equity: Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 125,473,930 and 126,733,266 shares issued and outstanding as of December 31, 2015 and 2016, respectively) 17,711 17,881 2,575 Additional paid-in capital 2,924,336,179 3,145,262,253 453,011,991 Accumulated other comprehensive income 12,582,041 104,784,173 15,092,060 Treasury stock, at cost: 1,723,200 shares of ordinary shares as of December 31, 2015 and 2016, respectively (13,875,553) (13,875,553) (1,998,495) Retained earnings 1,398,807,868 3,224,520,132 464,427,500 Total shareholders' equity 4,321,868,246 6,460,708,886 930,535,631 Total liabilities and shareholders' equity 5,916,025,102 7,313,354,998 1,053,342,215 |
Condensed Cash Flows | For the year ended December 31, 2014 2015 2016 RMB RMB RMB USD (Note2(an)) Cash flows from operating activities: Net income 673,025,055 683,751,534 1,826,709,975 263,100,961 Adjustments to reconcile net income to net cash provided by (used in) operating activities: - - - - Change in fair value of convertible senior notes (150,790,707) 8,400,918 92,015,957 13,253,054 Change in fair value of capped call option 86,689,063 6,170,282 18,226,535 2,625,167 Share of loss from subsidiaries (610,091,593) (692,117,271) (1,949,659,745) (280,809,412) Convertible senior notes issuance cost 26,052,881 - - - Exchange (gain)/loss (10,046,144) 8,235,787 10,073,699 1,450,914 Changes in operating assets and liabilities: (Increase)/decrease in due from subsidiaries (572,172,865) 104,043,486 809,466,119 116,587,371 Decrease/(increase) in other current assets 299,752 (1,080,514) (4,394,605) (632,955) Increase/(Decrease) in due to a subsidiary 26,234,900 21,721,556 352,565,966 50,780,061 (Decrease)/increase in other current liabilities 16,276,144 316,410 (10,835,057) (1,560,573) Net cash (used in)/provided by operating activities (514,523,514) 139,442,188 1,144,168,844 164,794,588 Cash flows from investing activities: Investments in subsidiaries (1,141,190,434) (5,620,197) - - Net cash used in investing activities (1,141,190,434) (5,620,197) - - Cash flows from financing activities: Proceeds from issuance of ordinary shares 770,201,158 - - - Proceeds from exercise of share options 14,528,109 7,613,965 21,730,663 3,129,866 Proceeds from issuance of convertible senior notes 888,797,119 - - Repurchase of convertible senior notes (113,025,510) (1,218,706,405) (175,530,233) Cash paid for capped call option - - - Prepayment for share repurchase - - - - Repurchase of common stock - - - - Net cash provided by/(used in) financing activities 1,673,526,386 (105,411,545) (1,196,975,742) (172,400,367) - Effect of foreign exchange rate changes on cash and cash equivalents (94,929) 2,227,375 1,937,422 279,051 Net (decrease)/increase in cash and cash equivalents 17,717,509 30,637,821 (50,869,476) (7,326,728) Cash and cash equivalents, beginning of year 7,329,752 25,047,261 55,685,082 8,020,320 Cash and cash equivalents, end of year 25,047,261 55,685,082 4,815,606 693,592 Supplemental disclosure of non-cash investing and financing cash flow information Proceeds from exercise of share options received in subsequent period 226,952 10,210,003 6,135,783 883,737 Payment of issuance cost for follow-on offering in subsequent period 2,328,174 - - - |
ORGANIZATION AND NATURE OF OP70
ORGANIZATION AND NATURE OF OPERATIONS (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Business Acquisition [Line Items] | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | ¥ 4,716,918 | $ 679,378 | |||||
Wide Wealth Hong Kong [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 55.00% | ||||||
Jinkosolar Household PV System Ltd [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Sale of Equity Method Investments | ¥ 27,000,000 | $ 3,900,000 | |||||
Gain (Loss) on Sale of Equity Investments | 15,400,000 | 2,200,000 | |||||
Zhejiang Jinko Financial Leasing [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Gain (Loss) on Sale of Capital Leases, Net | 15,200,000 | 2,200,000 | |||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | ¥ 183,000,000 | $ 26,400,000 | |||||
Jiangxi Jinko Engineering [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 55.00% | 55.00% | 55.00% | 55.00% | |||
Equity Method Investment, Amount Sold | $ 250,000,000 | $ 250,000,000 | |||||
Treasury Stock Value Acquired Cost Method | $ 225,000,000 | ||||||
Jiangxi Jinko Engineering [Member] | Wide Wealth Hong Kong [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% | 45.00% | 45.00% | |||
Equity Method Investment, Amount Sold | $ 225,000,000 | ||||||
Jinkosolar International Development Limited [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Sale of Equity Method Investments | ¥ 2,400,000 | $ 400,000 | |||||
Gain (Loss) on Sale of Equity Investments | 100,000 | 20,000 | |||||
Jinko Solar International Limited [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | ¥ 4,700,000 | $ 700,000 | |||||
JinkoSolar Power [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Treasury Stock Value Acquired Cost Method | $ 225,000,000 |
ORGANIZATION AND NATURE OF OP71
ORGANIZATION AND NATURE OF OPERATIONS (Schedule of Subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2016 | ||
JinkoSolar WWG Investment Co., Ltd (“WWG Investment”) [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Apr. 8, 2014 | |
Percentage of Ownership | 100.00% | |
Canton Best Limited ("Canton Best BVI") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Sep. 16, 2013 | |
Percentage of Ownership | 100.00% | |
JinkoSolar Household PV System Ltd. [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jan. 12, 2015 | [1],[2] |
Percentage of Ownership | 100.00% | [2] |
JinkoSolar Technology Limited ("Paker") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Nov. 10, 2006 | [3] |
Percentage of Ownership | 100.00% | [3] |
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Dec. 13, 2006 | |
Percentage of Ownership | 100.00% | |
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jun. 30, 2009 | |
Percentage of Ownership | 100.00% | |
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Dec. 24, 2009 | |
Percentage of Ownership | 100.00% | |
JinkoSolar GmbH ("Jinko GmbH") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Apr. 1, 2010 | |
Percentage of Ownership | 100.00% | |
Zhejiang Jinko Trading Co., Ltd. ("Zhejiang Trading") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jun. 13, 2010 | |
Percentage of Ownership | 100.00% | |
Xinjiang Jinko Solar Co., Ltd. [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | May 30, 2016 | |
Percentage of Ownership | 100.00% | |
Yuhuan Jinko Solar Co., Ltd. [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jul. 29, 2016 | |
Percentage of Ownership | 100.00% | |
JinkoSolar (U.S.) Inc. ("Jinko US") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Aug. 19, 2010 | |
Percentage of Ownership | 100.00% | |
Jiangxi Photovoltaic Materials Co., Ltd. ("Jiangxi Materials") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Dec. 1, 2010 | |
Percentage of Ownership | 100.00% | |
JinkoSolar (Switzerland) AG ("Jinko Switzerland") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | May 3, 2011 | |
Percentage of Ownership | 100.00% | |
JinkoSolar (US) Holdings Inc. ("Jinko US Holding") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jun. 7, 2011 | |
Percentage of Ownership | 100.00% | |
JinkoSolar Italy S.R.L. ("Jinko Italy") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jul. 8, 2011 | |
Percentage of Ownership | 100.00% | |
JinkoSolar SAS ("Jinko France") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Sep. 12, 2011 | |
Percentage of Ownership | 100.00% | |
Jinko Solar Canada Co., Ltd ("Jinko Canada") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Nov. 18, 2011 | |
Percentage of Ownership | 100.00% | |
Jinko Solar Australia Holdings Co. Pty Ltd ("Jinko Australia") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Dec. 7, 2011 | |
Percentage of Ownership | 100.00% | |
Jinko Solar Pty Ltd. ("JinkoSolar South Africa") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Apr. 13, 2012 | |
Percentage of Ownership | 100.00% | |
Jinko Solar Japan K.K. ("JinkoSolar Japan") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | May 21, 2012 | |
Percentage of Ownership | 100.00% | |
Wide Wealth Group Holding Limited(“Wide Wealth Hong Kong”) [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jun. 11, 2012 | [4] |
Percentage of Ownership | 100.00% | [4] |
JinkoSolar Power Engineering Group Limited ("JinkoSolar Power") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Nov. 12, 2013 | |
Percentage of Ownership | 100.00% | |
JinkoSolar Comercio do Brazil Ltda ("JinkoSolar Brazil") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jan. 14, 2014 | |
Percentage of Ownership | 100.00% | |
Projinko Solar Portugal Unipessoal LDA. ("JinkoSolar Portugal") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Feb. 20, 2014 | |
Percentage of Ownership | 100.00% | |
JinkoSolar Mexico S.DE R.L. DE C.V. ("JinkoSolar Mexico") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Feb. 25, 2014 | |
Percentage of Ownership | 100.00% | |
Shanghai Jinko Financial Information Service Co., Ltd [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Nov. 7, 2014 | |
Percentage of Ownership | 100.00% | |
Jinko Solar Technology SDN.BHD. ("JinkoSolar Malaysia") [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jan. 21, 2015 | |
Percentage of Ownership | 100.00% | |
Jinko Power International (Hongkong) Limited [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Jul. 10, 2015 | |
Percentage of Ownership | 100.00% | |
JinkoSolar International Development Limited [Member] | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Date of Incorporation/Acquisition | Aug. 28, 2015 | [5] |
Percentage of Ownership | 100.00% | [5] |
[1] | Gansu Jintai is an affiliated company in which Jiangxi Jinko Engineering owns 28% equity interest after the disposition of the Group’s downstream solar projects business,and it is no longer of the Group’s related party. | |
[2] | In the fourth quarter of 2016, Jinkosolar Household PV System Ltd. disposed its household solar project business with the consideration of RMB 27 million (USD 3.9 million) . Gain on disposal amounted to RMB15.4 million (USD2.2 million) was recognized. Considerations associated with the transaction have been collected as of December 31, 2016. | |
[3] | In the fourth quarter of 2016, Paker disposed Zhejiang Jinko Financial Leasing Co., Ltd with the consideration of RMB183 million (USD26.4 million). Loss on disposal amounted to RMB15.2 million (USD2.2 million) was recognized. Considerations associated with the transaction have not been collected as of December 31, 2016. In the fourth quarter of 2016, Paker closed JinkoSolar International Limited. Accumulated translation differences associated with the entity amounted to RMB 4.7 million (USD 0.7 million) recognized as a gain in net income upon the liquidation of the entity. | |
[4] | In the fourth quarter of 2016, Wide Wealth Hong Kong disposed all of the 55% equity interest indirectly held by the Company in Jiangxi JinkoSolar Engineering Co., Ltd. (“Jiangxi Jinko Engineering”) to Shangrao Kangsheng Technology Co., Ltd., a company incorporated with limited liability under the laws of the People’s Republic of China, formed by a buyer consortium led by Mr. Xiande Li, chairman of the board of directors of the Company for a total consideration of US$250 million. | |
[5] | In the fourth quarter of 2016, JinkoSolar International Development Limited disposed Jinko Solar (Thailand) Co. Ltd with the consideration of RMB2.4 million (USD0.4 million). Loss of disposal amounted to RMB0.1 million (USD0.02 million) was recognized. Considerations associated with the transaction have not been collected as of December 31, 2016. |
PRINCIPAL ACCOUNTING POLICIES72
PRINCIPAL ACCOUNTING POLICIES (Details) | 12 Months Ended | |||||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | Sep. 20, 2013EUR (€) | |||
Foreign currency translation | ||||||||
Cash, cash equivalents, and restricted cash | ¥ 4,136,500,000 | ¥ 1,721,100,000 | ||||||
Available-for-sale investment | ||||||||
Provision for other receivables | (11,666,061) | $ (1,680,262) | 21,923,756 | |||||
Proceeds from Sale and Maturity of Available-for-sale Securities | 11,636,130 | |||||||
Due to related parties | [1] | 2,156,500,000 | [1] | € 2,948,489 | ||||
Short-term and long-term advances to suppliers | ||||||||
Provision for advance to suppliers | ¥ 799,899 | $ 115,209 | 2,694,857 | |||||
Project assets | ||||||||
Project assets, useful life | 20 years | 20 years | ||||||
Revenue recognition | ||||||||
Return percentage, minimum | 5.00% | 5.00% | ||||||
Retainage | ¥ 144,875,453 | 156,158,834 | ||||||
Retain percentage, maximum | 10.00% | 10.00% | ||||||
Cost of revenue | ||||||||
Cost of electricity sales | ¥ 600,000 | 0 | 0 | |||||
Warranty cost | ||||||||
Product defect, minimum warranty | 5 years | 5 years | ||||||
Product defect, maximum warranty | 10 years | 10 years | ||||||
Product decline, minimum warranty | 10 years | 10 years | ||||||
Product decline, maximum warranty | 25 years | 25 years | ||||||
Warranty cost expenses | ¥ 257,464,846 | 149,304,487 | 92,255,203 | |||||
Utilization of warranty accruals | ¥ 11,957,359 | 18,244,745 | 402,425 | |||||
Product decline, minimum percentage | 10.00% | 10.00% | ||||||
Product decline, maximum percentage | 20.00% | 20.00% | ||||||
Fair Value Inputs, Expected Failure Rate | 1.00% | 1.00% | ||||||
Shipping and handling | ||||||||
Shipping and handling costs | ¥ 831,693,851 | 542,857,593 | 353,352,484 | |||||
Government grants | ||||||||
Subsidy income | 168,646,557 | $ 24,290,157 | 101,873,574 | 48,829,618 | ||||
Government grants related to assets | 0 | 0 | 92,440,000 | |||||
Disclosure of Other Reserve Information [Abstract] | ||||||||
Appropriation to statutory reserves | ||||||||
Convenience translation | ||||||||
Exchange rate | 6.9430 | 6.9430 | ||||||
Recent accounting pronouncements | ||||||||
Current deferred tax assets | ¥ 130,675,655 | 79,100,567 | $ 18,821,209 | |||||
Current deferred tax liabilities | 17,074,064 | 9,266,399 | $ 2,459,177 | |||||
Standard and Extended Product Warranty Accrual | 92,083,351 | |||||||
Contract Retainage Receivable, Additions | 19,809,181 | 35,682,215 | 69,588,365 | |||||
Contract Retainage Revenue | 31,092,562 | 73,766,543 | 44,975,763 | |||||
Project Assets Of Discontinued Operations [Member] | ||||||||
Interest Capitalization | ||||||||
Interest capitalized | 58,624,205 | 66,896,537 | 0 | |||||
Construction Projects Of Continuing Operation [Member] | ||||||||
Interest Capitalization | ||||||||
Interest capitalized | 8,915,817 | 7,381,757 | 4,103,426 | |||||
Statutory reserves [Member] | ||||||||
Disclosure of Other Reserve Information [Abstract] | ||||||||
Appropriation to statutory reserves | ¥ 115,487,297 | ¥ 99,858,201 | ¥ 66,975,887 | |||||
Land use rights [Member] | ||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||||
Intangible asset, useful life, minimum | 50 years | 50 years | ||||||
Intangible asset, useful life, maximum | 70 years | 70 years | ||||||
Land use rights [Member] | Manufacturing [Member] | ||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||||
Intangible asset, useful life, minimum | 50 years | 50 years | ||||||
Intangible asset, useful life, maximum | 70 years | 70 years | ||||||
Purchased software and trademark registration fees [Member] | ||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||||
Intangible asset, useful life, minimum | 5 years | 5 years | ||||||
Intangible asset, useful life, maximum | 10 years | 10 years | ||||||
Building [Member] | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 20 years | 20 years | ||||||
Machinery and Equipment [Member] | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 10 years | 10 years | ||||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 3 years | 3 years | ||||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 5 years | 5 years | ||||||
Vehicles [Member] | Minimum [Member] | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 4 years | 4 years | ||||||
Vehicles [Member] | Maximum [Member] | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 5 years | 5 years | ||||||
Solar power projects [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||||
Lease term | 20 years | 20 years | ||||||
Solar power projects [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||||||
Lease term | 50 years | 50 years | ||||||
Bond [Member] | ||||||||
Available-for-sale investment | ||||||||
Convertible debt, conversion rate | 1 | 1 | ||||||
Stated interest rate | 5.00% | |||||||
[1] | In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds 21% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank. After the disposition of the Group’s downstream solar projects business, China Development Bank is no longer of the Group’s related party. |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Oct. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2016CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Disposal Group, Including Discontinued Operation, Consideration | ¥ 1,693,200,000 | $ 250,000,000 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ¥ 1,007,884,060 | 1,007,884,060 | $ 145,165,499 | |||||
Discontinued Operation, Tax Effect of Discontinued Operation | ¥ 54,466,059 | ¥ 54,466,059 | 7,844,744 | ¥ 11,329,810 | ¥ 1,058,939 | |||
Wide Wealth Hong Kong [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 55.00% | 55.00% | ||||||
Jiangxi Jinko Engineering [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 55.00% | 55.00% | ||||||
Equity Method Investment, Amount Sold | $ 250,000,000 | $ 250,000,000 | ||||||
Treasury Stock Value Acquired Cost Method | 225,000,000 | |||||||
Discontinued Operation, Tax Effect of Discontinued Operation | ¥ | ¥ 54,466,059 | |||||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | ¥ | ¥ 39,952,408 | |||||||
Jiangxi Jinko Engineering [Member] | Wide Wealth Hong Kong [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% | ||||||
Equity Method Investment, Amount Sold | $ 225,000,000 |
DISCONTINUED OPERATIONS (Result
DISCONTINUED OPERATIONS (Results of the discontinued operations) (Details) | 10 Months Ended | 12 Months Ended | |||
Oct. 31, 2016CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Revenues | ¥ 952,968,658 | ¥ 622,107,137 | ¥ 237,652,141 | ||
Cost of revenues | (407,369,723) | (283,766,608) | (94,800,620) | ||
Gross Profit | 545,598,935 | 338,340,529 | 142,851,521 | ||
Operating expenses | |||||
Selling and marketing | (753,011) | ||||
General and administrative | (276,685,730) | (126,468,315) | (54,540,610) | ||
Total operating expenses | (276,685,730) | (126,468,315) | (55,293,621) | ||
Income from operations | 268,913,205 | 211,872,214 | 87,557,900 | ||
Interest expenses, net | (215,226,564) | (74,923,604) | (61,325,089) | ||
Exchange loss | (25,441,221) | (31,214,031) | (7,491,271) | ||
Change in fair value of forward contracts | 4,455,731 | ||||
Other income/(expenses), net | 37,675 | (16,018,551) | (133,616) | ||
Subsidy income | 141,496 | 1,704,445 | 955,703 | ||
Equity income in affiliated companies | 15,265,937 | 13,669,111 | 9,549,289 | ||
Gain on disposal of discontinued operations | 1,007,884,060 | ¥ 1,007,884,060 | $ 145,165,499 | ||
Income from discontinued operations before income taxes | 1,056,030,319 | 48,146,259 | 6,934,504 | 105,089,584 | 29,112,916 |
Income tax expense, net | (54,466,059) | ¥ (54,466,059) | $ (7,844,744) | (11,329,810) | (1,058,939) |
Income from discontinued operations, net of tax | ¥ 1,001,564,260 | ¥ 93,759,774 | ¥ 28,053,977 |
DISCONTINUED OPERATIONS (Assets
DISCONTINUED OPERATIONS (Assets and liabilities of the discontinued operations) (Details) | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Assets | ||||
Cash and cash equivalents | ¥ 1,291,072,949 | |||
Restricted short-term investments | 599,048,331 | |||
Notes receivable, net - third parties | 38,644,600 | |||
Accounts receivable, net - third parties | 666,200,351 | |||
Other receivables, net - third parties | 308,610,206 | |||
Prepayments and other current assets | 11,004,290 | |||
Total current assets | 2,914,580,727 | |||
Long-term investments | 109,587,142 | |||
Property, plant and equipment, net | 5,019,914 | |||
Intangible assets, net | 730,794 | |||
Other assets - third parties | 558,575,058 | |||
Restricted cash - non current | 173,531,731 | |||
Project Assets | 7,044,728,804 | |||
Deferred tax assets - non current | 8,040,685 | |||
Total assets held for sale | 10,814,794,855 | |||
Liabilities | ||||
Short-term borrowings from third parties, including current portion of long-term bank borrowings | 700,285,077 | |||
Notes payable - third parties | 589,266,149 | |||
Accrued payroll and welfare expenses | 21,386,968 | |||
Income tax payable | 15,670,018 | |||
Advances from third parties | 313,741 | |||
Other payables and accruals | 1,314,766,124 | |||
Total current liabilities | 6,029,222,824 | |||
Long-term borrowings | 3,319,224,224 | |||
Long-term payables | 56,955,933 | |||
Deferred tax liability - non current | 11,354,590 | |||
Total liabilities held for sale | 6,029,222,824 | |||
Cash flows generated from/(used in ) discontinued operations | ||||
Net cash used in operating activities | (2,017,319,542) | (1,431,244,810) | ¥ (406,886,606) | |
Net cash used in investing activities | (2,048,843,302) | (2,129,264,757) | (2,511,677,528) | |
Net cash provided by financing activities | 5,074,465,592 | 4,390,737,581 | 3,323,916,670 | |
Net increase in cash and cash equivalent | ¥ 1,008,302,748 | ¥ 830,228,014 | ¥ 405,352,536 |
REVENUES (Revenues by Product)
REVENUES (Revenues by Product) (Details) | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Operating Revenue By Product Type [Line Items] | ||||
Revenues | ¥ 21,400,638,092 | $ 3,082,333,011 | ¥ 15,454,374,366 | ¥ 9,740,876,507 |
Solar Modules [Member] | ||||
Operating Revenue By Product Type [Line Items] | ||||
Revenues | 20,825,750,050 | 15,086,256,789 | 9,155,395,954 | |
Silicon Wafers [Member] | ||||
Operating Revenue By Product Type [Line Items] | ||||
Revenues | 136,079,690 | 138,293,365 | 286,585,049 | |
Solar Cells [Member] | ||||
Operating Revenue By Product Type [Line Items] | ||||
Revenues | 155,016,285 | 215,048,296 | 200,643,639 | |
Recovered Silicon Materials [Member] | ||||
Operating Revenue By Product Type [Line Items] | ||||
Revenues | 860,047 | 5,201,794 | 11,272,636 | |
Processing Service Fees [Member] | ||||
Operating Revenue By Product Type [Line Items] | ||||
Revenues | 69,581,435 | |||
Generated Electricity [Member] | ||||
Operating Revenue By Product Type [Line Items] | ||||
Revenues | 13,270,367 | 9,574,122 | 6,188,194 | |
Solar system integration projects [Member] | ||||
Operating Revenue By Product Type [Line Items] | ||||
Revenues | ¥ 269,661,653 | ¥ 11,209,600 |
REVENUES (Revenues by Location)
REVENUES (Revenues by Location) (Details) | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | ¥ 21,400,638,092 | $ 3,082,333,011 | ¥ 15,454,374,366 | ¥ 9,740,876,507 |
CHINA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 8,249,043,110 | 5,608,963,991 | 4,119,710,430 | |
INDIA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 775,458,207 | 280,481,768 | 272,142,427 | |
BRAZIL [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 479,569,191 | 44,251,671 | 5,033,329 | |
USA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 7,701,560,171 | 4,146,330,928 | 1,766,283,018 | |
UNITED KINGDOM [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 342,655,734 | 839,243,321 | 1,266,982,317 | |
CHILE [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 898,465,062 | 1,018,522,680 | 580,383,748 | |
Turkey [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 366,929,805 | 377,663,473 | 50,119,561 | |
Thailand [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 97,904,537 | 328,505,810 | 65,578,638 | |
SOUTH AFRICA [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 37,324,002 | 346,904,294 | 534,571,266 | |
JAPAN [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | 992,645,497 | 997,526,339 | 486,201,347 | |
Rest Of The World [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales Revenue Net | ¥ 1,459,082,776 | ¥ 1,465,980,091 | ¥ 593,870,426 |
OTHER INCOME_(EXPENSES), NET (S
OTHER INCOME/(EXPENSES), NET (Schedule Of Other Nonoperating Income/Expense) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Guarantee income | ¥ 9,641,685 | ¥ 0 | ¥ 0 |
Donations | (873,320) | 0 | (1,558,583) |
Others | 0 | 1,036,319 | 0 |
Total | ¥ 8,768,365 | ¥ 1,036,319 | ¥ (1,558,583) |
TAXATION (Narrative) (Details)
TAXATION (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 25.00% | 25.00% | 25.00% | |
Statutory reserves | ¥ 466,252,857 | ¥ 351,763,271 | $ 67,154,380 | |
Impact of change of enacted tax rate | 5,603,309 | 30,046,299 | ¥ 51,987,023 | |
Utilization and reversal of valuation allowances | ¥ 26,930,923 | 32,863,827 | 213,556,261 | |
CHINA [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 25.00% | |||
Reduced statutory rate | 15.00% | |||
Dividend distribution witholding tax | 10.00% | |||
Statutory reserves | ¥ 2,869,500,611 | 2,025,814,478 | 1,259,750,077 | |
Deferred tax liability reinvested earnings | ¥ 143,475,031 | ¥ 101,290,724 | ¥ 62,897,504 | |
CHINA [Member] | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Dividend distribution witholding tax | 5.00% | |||
HONG KONG [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 16.50% | |||
LUXEMBURG [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 28.80% | |||
JAPAN [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 38.00% | |||
SWITZERLAND [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 8.50% | |||
GERMANY [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 33.00% | |||
ITALY [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 31.40% | |||
FRANCE [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 33.33% | |||
PORTUGAL [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 23.00% | |||
UNITED STATES [Member] | ||||
Income Tax [Line Items] | ||||
State/Province tax rate | 8.84% | |||
UNITED STATES [Member] | Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 15.00% | |||
UNITED STATES [Member] | Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 35.00% | |||
CANADA [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 15.00% | |||
State/Province tax rate | 11.50% | |||
AUSTRALIA [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 30.00% | |||
SOUTH AFRICA [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 28.00% | |||
BRAZIL [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 15.00% | |||
MEXICO [Member] | ||||
Income Tax [Line Items] | ||||
Federal corporate income tax rate | 30.00% |
TAXATION (Earnings Before Incom
TAXATION (Earnings Before Income Taxes) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||
Income from continuing operations before income taxes and equity in (loss)/income of affiliated companies | ¥ 1,247,722,561 | ¥ 867,073,143 | ¥ 562,749,983 |
CAYMAN ISLANDS [Member] | |||
Income Tax [Line Items] | |||
Income from continuing operations before income taxes and equity in (loss)/income of affiliated companies | (122,966,973) | (5,667,142) | 73,715,803 |
PRC [Member] | |||
Income Tax [Line Items] | |||
Income from continuing operations before income taxes and equity in (loss)/income of affiliated companies | 1,394,413,594 | 786,947,233 | 684,876,769 |
Other Countries [Member] | |||
Income Tax [Line Items] | |||
Income from continuing operations before income taxes and equity in (loss)/income of affiliated companies | ¥ (23,724,060) | ¥ 85,793,052 | ¥ (195,842,589) |
TAXATION (Current and Deferred
TAXATION (Current and Deferred Income Taxes) (Details) | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
PRC | ¥ (234,278,825) | ¥ (104,597,580) | ¥ (28,241,780) | |
Other countries | (35,469,815) | (12,024,951) | (7,722,360) | |
Total current income tax expenses | (269,748,640) | (116,622,531) | (35,964,140) | |
Deferred tax benefit | (22,048,774) | $ (3,175,684) | 6,554,493 | 170,760,020 |
Income tax (expense)/benefit, net | ¥ (257,487,006) | $ (37,085,843) | ¥ (100,533,829) | ¥ 135,392,962 |
TAXATION (Income Tax Rate Recon
TAXATION (Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory CIT rate | 25.00% | 25.00% | 25.00% |
Share-based compensation expenses | 1.10% | 2.00% | 1.10% |
Change in fair value of convertible senior notes and capped call options | 2.20% | 0.40% | (2.80%) |
Accrued payroll and welfare expenses | 1.00% | 1.30% | 0.50% |
Change of enacted tax rate | 0.40% | (3.50%) | (9.20%) |
Other permanent differences | (0.00%) | (2.00%) | 1.10% |
Difference in tax rate of a subsidiary outside the PRC | 0.90% | (1.10%) | 0.90% |
Effect of tax holiday for subsidiaries | (10.90%) | (9.10%) | (11.90%) |
Change in valuation allowance | 0.90% | (1.40%) | (28.80%) |
Effective CIT rate | 20.60% | 11.60% | (24.10%) |
TAXATION (Aggregate Amount and
TAXATION (Aggregate Amount and Per Share Effect of Reduction of CIT) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
The aggregate amount of effect | ¥ 135,724,429 | ¥ 79,037,989 | ¥ 66,792,435 |
Per share effect - basic | ¥ 1.08 | ¥ 0.63 | ¥ 0.54 |
Per share effect - diluted | ¥ 1.04 | ¥ 0.62 | ¥ 0.43 |
TAXATION (Deferred Tax Assets)
TAXATION (Deferred Tax Assets) (Details) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) |
Deferred Tax Asset [Line Items] | |||||
Less: Valuation allowance | ¥ (66,223,501) | ¥ (54,792,006) | ¥ (67,263,314) | ¥ (229,484,242) | |
Deferred tax assets-current, net | 130,675,655 | $ 18,821,209 | 79,100,567 | ||
Deferred tax assets-non-current, net | 134,791,362 | 19,413,994 | 117,802,910 | ||
Deferred tax liabilities-current, net | (17,074,064) | (2,459,177) | (9,266,399) | ||
Deferred tax liabilities-non-current,net | (50,650,530) | $ (7,295,194) | (25,220) | ||
Deferred Tax Asset Current [Member] | |||||
Deferred Tax Asset [Line Items] | |||||
Net operating losses | 17,458,359 | 0 | |||
Provision for inventories, accounts receivable, other receivable | 81,441,291 | 74,388,533 | |||
Change in fair value of forward contracts | (96,131) | (244,141) | |||
Accrued warranty costs | 10,505,141 | 20,135,070 | |||
Accrued interest | 637,754 | 1,112,954 | |||
Timing difference for revenue recognition | 10,974,242 | (17,679,078) | |||
Other temporary differences | 18,278,850 | 18,498,176 | |||
Total deferred tax assets | 139,199,506 | 96,211,514 | |||
Less: Valuation allowance | (8,523,851) | (17,110,947) | |||
Deferred tax assets-current, net | 130,675,655 | 79,100,567 | |||
Deferred Tax Asset Noncurrent [Member] | |||||
Deferred Tax Asset [Line Items] | |||||
Net operating losses | 57,699,650 | 37,681,060 | |||
Accrued warranty costs | 118,214,437 | 73,807,284 | |||
Timing difference for project assets, property, plant and equipment | 8,463,603 | 22,735,289 | |||
Timing difference for revenue recognition of retainage contract | 8,113,322 | 21,260,336 | |||
Total deferred tax assets | 192,491,012 | 155,483,969 | |||
Less: Valuation allowance | (57,699,650) | (37,681,059) | |||
Deferred tax assets-non-current, net | 134,791,362 | 117,802,910 | |||
Deferred Tax Liability Current [Member] | |||||
Deferred Tax Asset [Line Items] | |||||
Other temporary differences | (17,074,064) | (9,266,399) | |||
Deferred tax liabilities-current, net | (17,074,064) | (9,266,399) | |||
Deferred Tax Liability Noncurrent [Member] | |||||
Deferred Tax Asset [Line Items] | |||||
Timing difference for project assets, property, plant and equipment | (50,625,310) | ||||
Other temporary differences | (25,220) | (25,220) | |||
Deferred tax liabilities-non-current,net | ¥ (50,650,530) | ¥ (25,220) |
TAXATION (Schedule of Movement
TAXATION (Schedule of Movement of Valuation Allowances) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
At beginning of year | ¥ (54,792,006) | ¥ (67,263,314) | ¥ (229,484,242) |
Current year additions | (38,362,418) | (20,392,519) | (51,335,333) |
Utilization and reversal of valuation allowances | 26,930,923 | 32,863,827 | 213,556,261 |
At end of year | ¥ (66,223,501) | ¥ (54,792,006) | ¥ (67,263,314) |
REDEEMABLE NON-CONTROLLING IN86
REDEEMABLE NON-CONTROLLING INTERESTS (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2014CNY (¥)shares | Jul. 31, 2014USD ($)$ / sharesshares | Jan. 22, 2014USD ($)shares | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
REDEEMABLE NON-CONTROLLING INTERESTS | |||||||
Number of shares issued | shares | 15,000,000 | ||||||
Value of shares issued | $ 126.3 | ¥ 769,146,293 | |||||
Change in the carrying amount of redeemable non-controlling interests | |||||||
Disposition of Jiangxi Jinko Engineering | ¥ 37,034,553 | ||||||
Jiangxi Jinko [Member] | |||||||
REDEEMABLE NON-CONTROLLING INTERESTS | |||||||
Ownership percentage by noncontrolling owner | 45.00% | 45.00% | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | 45.00% | |||||
Redeemable Convertible Preferred Stock [Member] | |||||||
REDEEMABLE NON-CONTROLLING INTERESTS | |||||||
Stock Repurchased During Period, Value | $ | $ 225 | ||||||
Series A Preferred Shares [Member] | |||||||
REDEEMABLE NON-CONTROLLING INTERESTS | |||||||
Number of shares issued | shares | 25,532 | 25,532 | |||||
Series A-1 Preferred Shares [Member] | |||||||
REDEEMABLE NON-CONTROLLING INTERESTS | |||||||
Number of shares issued | shares | 26,809 | 26,809 | |||||
Series A-2 Preferred Shares [Member] | |||||||
REDEEMABLE NON-CONTROLLING INTERESTS | |||||||
Number of shares issued | shares | 5,106 | 5,106 | |||||
JinkoSolar Power [Member] | |||||||
REDEEMABLE NON-CONTROLLING INTERESTS | |||||||
Shares issue price per share | $ / shares | $ 3,917 | ||||||
Value of shares issued | ¥ 1,385,000,000 | $ 225 | |||||
Ownership percentage by noncontrolling owner | 45.00% | ||||||
Ownership percentage by the Company | 55.00% | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | ||||||
Change in the carrying amount of redeemable non-controlling interests | |||||||
Beginning Balance | ¥ 1,607,925,732 | ¥ 1,435,585,290 | |||||
Accretion to redemption value of redeemable non-controlling interests | 159,477,930 | 172,340,442 | |||||
Disposition of Jiangxi Jinko Engineering | (1,767,403,662) | ||||||
Ending Balance | ¥ 1,607,925,732 | ¥ 1,435,585,290 | |||||
Wide Wealth Group Holding Limited [Member] | |||||||
REDEEMABLE NON-CONTROLLING INTERESTS | |||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% |
ACQUISITION OF SOLAR POWER PL87
ACQUISITION OF SOLAR POWER PLANTS (Details) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2016 | Aug. 31, 2016 | Dec. 31, 2015 | May 31, 2012 | |
Business Acquisition [Line Items] | ||||
Percentage of equity interests acquired | 9.00% | |||
Solar power project companies [Member] | ||||
Business Acquisition [Line Items] | ||||
Total assets acquired | ¥ 574,202,912 | |||
Total liabilities acquired | (502,202,912) | |||
Net assets acquired | 71,670,000 | ¥ 114,000,000 | ||
Total considerations | ¥ 71,670,000 | |||
Percentage of equity interests acquired | 100.00% |
ACCOUNTS RECEIVABLE, NET-THIR88
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES (Schedule of Accounts Receivable) (Details) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) |
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Line Items] | |||||
Accounts receivables | ¥ 5,130,289,380 | ¥ 3,026,232,432 | |||
Allowance for doubtful accounts | (376,574,061) | (335,713,383) | ¥ (428,570,077) | ¥ (445,956,167) | |
Accounts receivable, net | 4,753,715,319 | $ 684,677,419 | 2,690,519,049 | ||
Amount of accounts receivable pledged as collateral for borrowings | ¥ 420,422,895 |
ACCOUNTS RECEIVABLE, NET-THIR89
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES (Schedule of Movement of Allowance for Doubtful Accounts) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
At beginning of year | ¥ 335,713,383 | ¥ 428,570,077 | ¥ 445,956,167 |
Addition | 274,128,700 | 151,959,676 | 188,572,147 |
Write-off | (41,816,165) | (38,500,106) | (44,538,077) |
Reversal | (191,451,857) | (206,316,264) | (161,420,160) |
At end of year | ¥ 376,574,061 | ¥ 335,713,383 | ¥ 428,570,077 |
ADVANCES TO SUPPLIERS, NET - 90
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES (Details) | 12 Months Ended | ||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Advances to suppliers - current | ¥ 333,291,005 | ¥ 258,114,710 | |||
Provision for advances to suppliers | (7,524,746) | (6,724,857) | |||
Advances to suppliers, net | 325,766,259 | 251,389,853 | $ 46,920,101 | ||
Provision for advance to suppliers | ¥ 799,899 | $ 115,209 | ¥ 2,694,857 |
INVENTORIES (Details)
INVENTORIES (Details) | 12 Months Ended | ||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Raw materials | ¥ 943,958,480 | ¥ 530,073,129 | |||
Work-in-progress | 809,571,580 | 591,775,978 | |||
Finished goods | 2,719,984,637 | 2,081,475,935 | |||
Total | 4,473,514,697 | 3,203,325,042 | $ 644,320,135 | ||
Inventories provision | 439,000,231 | $ 63,229,185 | 98,791,960 | ¥ 75,935,281 | |
Pledged inventories | ¥ 61,000,000 | ¥ 420,422,895 |
PREPAYMENTS AND OTHER CURRENT92
PREPAYMENTS AND OTHER CURRENT ASSETS (Details) | 12 Months Ended | ||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Derivative [Line Items] | |||||
Value-added tax deductable | ¥ 286,198,731 | ¥ 443,761,055 | |||
Deposit for customer duty, bidding and others | 154,023,704 | 93,536,791 | |||
Assets held for sale related to land use right | 38,832,489 | ||||
Prepayment for income tax | 24,323,033 | 29,879,013 | |||
Receivables related to land use right disposal | 23,172,107 | 20,435,188 | |||
Prepaid Commision | 2,013,070 | 18,970,826 | |||
Prepaid insurance premium | 19,237,805 | 16,851,945 | |||
Rental deposit and prepayment | 5,897,704 | 4,297,689 | |||
Employee advances | 8,584,936 | 7,285,193 | |||
Receivables of option exercised | 6,135,783 | 10,210,003 | |||
Derivative assets | 7,277,406 | ||||
Prepaid professional service fee | 4,095,436 | 4,057,488 | |||
Receivable related to disposal of subsidiaries (note 1) | 185,380,069 | ||||
Others | 47,581,875 | 20,053,820 | |||
Total | 766,644,253 | $ 110,419,740 | 715,448,906 | ||
Foreign exchange call spread combined option contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative assets | ¥ 7,277,406 | ||||
Maturity period of derivative | 12 months |
INVESTMENTS IN AFFILIATES (Narr
INVESTMENTS IN AFFILIATES (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2012CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 20, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in (loss)/income of affiliated companies | ¥ 15,265,937 | $ 2,198,752 | ¥ 13,669,112 | ¥ 9,549,289 | ||
Percentage of equity interests acquired | 9.00% | |||||
Acquisitions of businesses and investments, net of cash acquired | ¥ 7,200,000 | (69,606,835) | $ (10,025,470) | 75,235,668 | 129,047,885 | |
Cost Method Investments | ¥ 7,200,000 | |||||
Jinko Power Co Ltd [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in (loss)/income of affiliated companies | ¥ 15,265,937 | ¥ 13,669,112 | ¥ 9,549,284 | |||
Percentage of Ownership | 28.00% |
PROPERTY, PLANT AND EQUIPMENT94
PROPERTY, PLANT AND EQUIPMENT, NET (Details) | 12 Months Ended | ||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | ¥ 6,487,564,926 | ¥ 5,073,410,349 | |||
Less: Accumulated depreciation | (2,028,991,593) | (1,731,339,034) | |||
Less: Impairment | (51,439,373) | (35,263,789) | |||
Subtotal | 4,407,133,960 | 3,306,807,526 | |||
Construction in progress | 331,547,393 | 459,628,038 | |||
Property, plant and equipment, net | 4,738,681,353 | 3,766,435,564 | $ 682,512,077 | ||
Depreciation of property, plant and equipment | 449,079,007 | $ 64,680,831 | 393,162,784 | ¥ 348,022,445 | |
Property, plant and equipment impairment | 125,524,021 | $ 18,079,220 | ¥ 6,217,151 | ||
Pledged property, plant and equipment | 1,899,053,100 | 2,063,567,296 | |||
Buildings [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 1,429,839,237 | 843,434,718 | |||
Machinery and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 4,886,493,031 | 4,109,495,144 | |||
Motor vehicles [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 34,434,859 | 32,196,288 | |||
Furniture, fixture and office equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | ¥ 136,797,799 | ¥ 88,284,199 |
PROJECT ASSETS, NET (Schedule o
PROJECT ASSETS, NET (Schedule of Project Assets and Related Accumulated Depreciation) (Details) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) |
PROJECT ASSETS [Abstract] | |||
Completed | ¥ 30,188,445 | ||
Under construction | 31,935,354 | ||
Less: Accumulated depreciation | (7,060,303) | ||
Project Assets, net | ¥ 55,063,496 | $ 7,930,793 |
LONG-TERM PAYABLES (Details)
LONG-TERM PAYABLES (Details) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Carrying amount of the equipment sold | ¥ 173,699,493 | |
Cash consideration | 159,980,000 | |
Loss recognized | ¥ 13,719,493 |
LONG-TERM PAYABLES (Details 1)
LONG-TERM PAYABLES (Details 1) - CNY (¥) | Dec. 31, 2016 | Dec. 31, 2015 |
Equipment | ¥ 159,980,000 | |
Less: accumulated depreciation | (11,440,625) | |
Net Value | ¥ 148,539,375 |
LONG-TERM PAYABLES (Details 2)
LONG-TERM PAYABLES (Details 2) | Dec. 31, 2016CNY (¥) |
2,017 | ¥ 61,379,772 |
2,018 | 39,341,865 |
2,019 | 5,033,868 |
Total minimum lease payments | 105,755,505 |
Less: Amount representing interest | (2,186,207) |
Present value of net minimum lease payments | 103,569,298 |
Current portion | 59,553,667 |
Non-current portion | ¥ 44,015,631 |
LONG-TERM PAYABLES (Narrative)
LONG-TERM PAYABLES (Narrative) (Details) ¥ in Millions, $ in Millions | Nov. 07, 2016CNY (¥) | Nov. 07, 2016USD ($) | May 26, 2016 |
Zhejiang Jinko Financial Leasing [Member] | |||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | ¥ 183 | $ 26.4 | |
Gain (Loss) on Disposition of Business | ¥ 15.2 | $ 2.2 | |
Module Equipment [Member] | |||
Sale Leaseback Transaction, Lease Terms | 3 |
LAND USE RIGHTS, NET (Details)
LAND USE RIGHTS, NET (Details) | 12 Months Ended | ||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Land use rights | ¥ 495,555,226 | ¥ 386,633,770 | |||
Less: accumulated amortization | (44,614,631) | (36,719,630) | |||
Land use rights, net | 450,940,595 | 349,914,140 | $ 64,948,955 | ||
Amortization of land use rights | 7,895,001 | $ 1,137,117 | 6,300,488 | ¥ 6,882,863 | |
Estimated future amortization expense | 8,909,209 | ||||
Land use rights pledged | 120,325,828 | 303,519,533 | |||
Gain on disposal of land use right | ¥ 3,727,161 | $ 536,823 | ¥ 3,013,258 | ||
Land use rights [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible asset, useful life, minimum | 50 years | 50 years | |||
Intangible asset, useful life, maximum | 70 years | 70 years |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details) | 12 Months Ended | ||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Less: accumulated amortization | ¥ (7,738,986) | ¥ (5,309,010) | |||
Intangible assets, net | 20,296,727 | 20,472,447 | $ 2,923,337 | ||
Amortization of intangible assets | 3,202,787 | $ 461,298 | 2,223,458 | ¥ 1,136,953 | |
Trademark [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 3,071,480 | 3,071,480 | |||
Computer software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | ¥ 24,964,233 | ¥ 22,709,977 |
OTHER ASSETS -THIRD PARTIES (De
OTHER ASSETS -THIRD PARTIES (Details) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) |
Other Assets [Line Items] | |||
Other assets | ¥ 617,779,748 | $ 88,978,791 | ¥ 227,701,217 |
Prepayment for warranty insurance premium [Member] | |||
Other Assets [Line Items] | |||
Other assets | 103,714,696 | 87,195,213 | |
Prepayments for purchase of property, plant and equipment [Member] | |||
Other Assets [Line Items] | |||
Other assets | 491,201,438 | 71,631,287 | |
Deferred charges [Member] | |||
Other Assets [Line Items] | |||
Other assets | 22,863,614 | 59,874,717 | |
Others [Member] | |||
Other Assets [Line Items] | |||
Other assets | ¥ 9,000,000 |
OTHER PAYABLES AND ACCRUALS (De
OTHER PAYABLES AND ACCRUALS (Details) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) |
Other Liabilities [Line Items] | |||
Other payables and accruals | ¥ 1,019,420,371 | $ 146,827,075 | ¥ 898,173,587 |
Payables For Purchase Of Property Plant And Equipment [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 410,326,566 | 323,124,629 | |
Freight Payables [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 208,186,310 | 142,678,891 | |
Value -Added Tax And Other Tax Payable [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 84,469,920 | 73,936,622 | |
Accrued Warranty Cost [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 64,045,947 | 88,911,062 | |
Accrued Utilities Rentals And Interest [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 36,748,524 | 52,704,521 | |
Government Grants Related To Assets [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 21,436,902 | 39,359,068 | |
Contracted Labor Fee [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 25,873,505 | 37,451,104 | |
Countervailing and anti-dumping duty [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 15,033,545 | 30,052,841 | |
Accrued Professional Service Fees [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 11,378,367 | 17,283,935 | |
Commission payables [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 1,125,092 | 17,106,323 | |
Deposits [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 0 | 7,409,000 | |
Insurance premium payables [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 735,408 | 2,557,415 | |
Public offering issuance cost [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 2,328,174 | 2,328,174 | |
Others [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | 78,178,444 | 63,270,002 | |
Sale Lease Back Payable [Member] | |||
Other Liabilities [Line Items] | |||
Other payables and accruals | ¥ 59,553,667 |
BONDS PAYABLE AND ACCRUED IN104
BONDS PAYABLE AND ACCRUED INTEREST (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jan. 29, 2013 | |
Bonds Payable And Accrued Interest [Line Items] | |||
Debt, face amount | ¥ 800,000,000 | ||
Short Term Bonds [Member] | |||
Bonds Payable And Accrued Interest [Line Items] | |||
Debt, face amount | ¥ 800,000,000 | ||
Stated interest rate | 8.99% | ||
Debt maturity date | Jan. 28, 2019 | ||
Interest expense for bonds | ¥ 66,725,778 | ¥ 66,725,778 |
BORROWINGS (Short-term) (Detail
BORROWINGS (Short-term) (Details) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) |
Short-term bank borrowings | ¥ 5,245,641,157 | ¥ 2,562,383,328 | |
Long-term bank borrowings-current portion | 242,987,883 | 27,480,800 | |
Total short-term borrowings | ¥ 5,488,629,040 | $ 790,527,011 | ¥ 2,589,864,128 |
BORROWINGS (Long-term) (Details
BORROWINGS (Long-term) (Details) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) |
Long-term bank borrowings | ¥ 731,507,442 | ¥ 1,336,160,627 | |
Less: Current portion | (242,987,883) | (27,480,800) | |
Total long-term borrowings | ¥ 488,519,559 | $ 70,361,452 | ¥ 1,308,679,827 |
BORROWINGS (Long-term Future Pr
BORROWINGS (Long-term Future Principal Repayments) (Details) | Dec. 31, 2016CNY (¥) |
2,017 | ¥ 242,987,883 |
2,018 | 184,370,000 |
Thereafter | 304,149,559 |
Total | ¥ 731,507,442 |
BORROWINGS (Short-term Narrativ
BORROWINGS (Short-term Narrative) (Details) - CNY (¥) | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Short-term loans interest rate | 3.72% | 4.72% |
Short-term bank borrowings | ¥ 5,245,641,157 | ¥ 2,562,383,328 |
Amount of short-term bank borrowings guaranteed or collateralized | 3,058,157,062 | |
Loans denominated and repayable in EURO [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 1,489,987 | |
Loans denominated and repayable in USD [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 2,209,265,547 | |
Loans denominated and repayable in JPY [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 108,530,522 | |
Loan Seven [Member] | Land use rights [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 120,325,828 | |
Loan Seven [Member] | Buildings [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 1,899,053,100 | |
Loan Seven [Member] | Certain equipments [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 61,000,000 | |
Guaranteed by pledged assets [Member] | Loan Seven [Member] | Inventories [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 136,000,000 | |
Guaranteed by affiliate [Member] | Loan One [Member] | Bank acceptance note [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 50,000,000 | |
Guaranteed by affiliate [Member] | Loan Five [Member] | Building and Equipment [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 902,885,000 | |
Guaranteed by shareholders [Member] | Loan Two [Member] | Bank Deposit [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 76,307,000 | |
Guaranteed by shareholders [Member] | Loan Three [Member] | Letter Of Guarantee [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 234,114,732 | |
Guaranteed by shareholders [Member] | Loan Four [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 381,535,000 | |
Guaranteed by shareholders [Member] | Loan Seven [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 184,900,000 | |
Guaranteed by shareholders and affiliate [Member] | Loan Six [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 540,758,000 | |
Jiangxi Jinko [Member] | Guaranteed by affiliate [Member] | Loan One [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 270,000,000 | |
Jinko Holding [Member] | Guaranteed by affiliate [Member] | Loan One [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 286,458,230 | |
Jiangxi Jinko, Jiangxi Import Export [Member] | Loan Seven [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 20,000,000 | |
Jiangxi Jinko, Jiangxi Import Export [Member] | Guaranteed by affiliate [Member] | Loan One [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 33,000,000 | |
Zhejiang Jinko,Jinko Solar Holding [Member] | Loan Seven [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 283,855,116 | |
Zhejiang Jinko,Jinko Solar Holding [Member] | Guaranteed by affiliate [Member] | Loan One [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 335,858,000 | |
Heji [Member] | Guaranteed by affiliate [Member] | Loan One [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 487,999,100 | |
Zhejiang Jinko And Jinko Solar Holding [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 90,000,000 | |
Credit Loans [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | 1,580,871,978 | |
Letter of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Short-term bank borrowings | ¥ 849,600,000 |
BORROWINGS (Long-term Narrative
BORROWINGS (Long-term Narrative) (Details) | 1 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2015USD ($)shares | Oct. 31, 2016CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2015CNY (¥) | Jul. 24, 2015CNY (¥) | Jul. 24, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | ¥ 800,000,000 | |||||||||||
Total debt issuance cost | ¥ 26,052,881 | |||||||||||
Change in fair value of warrants | (34,937,341) | (5,032,024) | 2,096,024 | |||||||||
Carrying amount of solar project sold | 173,699,493 | |||||||||||
Long-term borrowings | 488,519,559 | 1,308,679,827 | $ 70,361,452 | |||||||||
Current portion of debt | 866,725,777 | |||||||||||
Long-term Debt | 731,507,442 | |||||||||||
Disposal Group, Including Discontinued Operation, Interest Expense | ¥ 215,226,564 | 74,923,604 | ¥ 61,325,089 | |||||||||
Loan Agreement With Financial Investment Management Center [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | ¥ 20,000,000 | |||||||||||
Debt term | 3 years | 3 years | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | ||||||||||
Long term Borrowings With Embedded Warrants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Expense, Debt | 119,050,121 | $ 18,109,126 | ||||||||||
Loan agreement with The Export-Import Bank of China [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | ¥ 609,283,000 | ¥ 609,283,000 | ||||||||||
Effective interest rate | 3.94% | 3.94% | ||||||||||
Long-term Debt | ¥ 609,283,000 | |||||||||||
Loan agreement with The Export-Import Bank of China [Member] | Loan Agreement Due April 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current portion of debt | ¥ 235,858,000 | |||||||||||
Debt maturity date | Apr. 30, 2017 | Apr. 30, 2017 | ||||||||||
Loan agreement with The Export-Import Bank of China [Member] | Loan Agreement Due June 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt maturity date | Jun. 30, 2020 | Jun. 30, 2020 | ||||||||||
Loan Eight [Member] | Plants [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | ¥ 194,531,251 | |||||||||||
China Merchants Bank [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | ¥ 87,880,000 | |||||||||||
Debt term | 10 years | 10 years | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.39% | 5.39% | ||||||||||
Long-term Debt | ¥ 82,224,442 | |||||||||||
China Merchants Bank [Member] | Loan Agreement Due April 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current portion of debt | ¥ 7,129,883 | |||||||||||
China Merchants Bank [Member] | Loan Agreement Due January 2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt maturity date | Jan. 31, 2026 | Jan. 31, 2026 | ||||||||||
China Merchants Bank [Member] | Loan Agreement Due February 2016 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt maturity date | Feb. 29, 2016 | Feb. 29, 2016 | ||||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member] | Loan agreement with The Export-Import Bank of China [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | ¥ 700,000,000 | |||||||||||
Line of credit, amount outstanding | ¥ 388,800,000 | |||||||||||
Weighted average interest rate | 4.47% | 4.47% | ||||||||||
Guochuang Investment [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | ¥ 20,000,000 | |||||||||||
Debt term | 3 years | 3 years | ||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Long term Borrowings With Embedded Warrants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, face amount | $ | $ 150,000,000 | |||||||||||
Debt term | 18 years | 18 months | 18 months | |||||||||
Number of financial institutions other than Credit Suisse | 6 | |||||||||||
Debt instrument, interest rate spread | 6.00% | |||||||||||
Debt instrument, description of variable rate basis | LIBOR | LIBOR | ||||||||||
Frequency of interest payment | six | six | ||||||||||
Total debt issuance cost | $ | $ 4,000,000 | |||||||||||
Warrants issued | shares | 6,750 | |||||||||||
Percentage of subsidiary shares to be diluted upon exercise of warrants issued to financial institutions | 0.675% | |||||||||||
Number of financial institutions | 7 | |||||||||||
Internal rate of return on the aggregate principal amount of the loan | 10.00% | |||||||||||
Fair value of the warrants | 68,377,608 | $ 10,530,000 | ¥ 62,331,211 | $ 10,190,000 | ||||||||
Fair value of the warrants residual allocated to the loan | 855,203,789 | 139,810,000 | ||||||||||
Total transaction cost | 26,658,170 | $ 4,358,118 | ||||||||||
Transaction cost related to warrants charged to financial costs | 1,810,978 | 296,061 | ||||||||||
Debt discount | 24,847,192 | 4,062,057 | ||||||||||
Change in fair value of warrants | 2,096,024 | 340,000 | ||||||||||
Interest cost | 49,954,794 | 8,017,525 | ||||||||||
Carrying value of the loan | 905,557,426 | $ 139,453,836 | ||||||||||
Debt discount amortization | ¥ 24,064,580 | $ 3,705,892 | ||||||||||
Effective interest rate | 13.95% | 13.95% | ||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Long term Borrowings With Embedded Warrants [Member] | IPO One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of subsidiary shares to be diluted upon exercise of warrants issued to financial institutions | 0.675% | |||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Long term Borrowings With Embedded Warrants [Member] | IPO Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of subsidiary shares to be diluted upon exercise of warrants issued to financial institutions | 1.425% | |||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Long term Borrowings With Embedded Warrants [Member] | IPO Three [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of subsidiary shares to be diluted upon exercise of warrants issued to financial institutions | 2.10% | |||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Financings Associated With Failed Sale Lease Back Transactions [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest cost | ¥ 9,813,448 | |||||||||||
Carrying amount of solar project sold | ¥ 1,276,496,254 | |||||||||||
Cash consideration for solar project sold | ¥ 2,033,000,000 | |||||||||||
Proceeds received from the seller-lessee, netting off the transaction costs | 1,589,704,880 | |||||||||||
Transaction costs | ¥ 53,295,120 | |||||||||||
Expected useful life of solar projects | 20 years | 20 years | ||||||||||
Long-term borrowings | ¥ 1,268,724,225 | |||||||||||
Current portion of debt | ¥ 149,481,917 | |||||||||||
Effective interest rate | 6.55% | 6.55% | ||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Financings Associated With Failed Sale Lease Back Transactions [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lease term | 5 years | 5 years | ||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Financings Associated With Failed Sale Lease Back Transactions [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lease term | 12 years | 12 years | ||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Financings Associated With Failed Sale Lease Back Transactions [Member] | Accounts receivable [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Pledged assets | ¥ 98,147,637 | |||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Financings Associated With Failed Sale Lease Back Transactions [Member] | Project Assets [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Pledged assets | 1,276,496,254 | |||||||||||
JinkoSolar Power Engineering Group Limited [Member] | Financings Associated With Failed Sale Lease Back Transactions [Member] | Equity Interest [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Pledged assets | ¥ 862,082,542 | |||||||||||
JinkoSolar Power [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Group, Including Discontinued Operation, Interest Expense | ¥ 142,644,823 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) | 10 Months Ended | 12 Months Ended | |||||
Oct. 31, 2016CNY (¥) | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 31, 2015$ / shares | Dec. 31, 2014CNY (¥)¥ / sharesshares | Dec. 31, 2014$ / shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Net income from continuing operations | ¥ 990,235,555 | $ 142,623,585 | ¥ 766,539,314 | ¥ 698,142,945 | |||
Net income from discontinued operations | 1,001,564,260 | 144,255,259 | 93,759,774 | 28,053,977 | |||
Total net income | 1,991,799,815 | 286,878,844 | 860,299,088 | 726,196,922 | |||
Net income from continuing operations | 990,235,555 | 142,623,585 | 766,539,314 | 698,142,945 | |||
Less: Net loss attributable to non-controlling interests from continuing operations | (432,541) | (62,299) | (63,348) | ||||
Net income attributable to Jinkosolar’s ordinary shareholders from continuing operations | 990,668,096 | 766,602,662 | 698,142,945 | ||||
Net income from discontinued operations | 1,001,564,260 | 144,255,259 | 93,759,774 | 28,053,977 | |||
Less: Net income attributable to non-controlling interests from discontinued operations | 6,044,451 | 870,582 | 4,270,460 | 851,167 | |||
Less: Accretion to redemption value of redeemable non-controlling interests from discontinued operations | 159,477,930 | $ 22,969,600 | 172,340,442 | 52,320,700 | |||
Net income/(loss) attributable to Jinkosolar’s ordinary shareholders from discontinued operations | ¥ 1,001,564,260 | 93,759,774 | 28,053,977 | ||||
Net income attributable to Jinkosolar’s ordinary shareholders from continuing operations | 990,668,096 | 766,602,662 | 698,142,945 | ||||
Dilutive effects of Convertible senior notes | ¥ 6,142,661 | ¥ (79,967,781) | |||||
Denominator for basic earnings per share - weighted average number of ordinary shares outstanding | shares | 125,870,272 | 125,870,272 | 124,618,416 | 122,980,870 | |||
Denominator for diluted calculation - weighted average number of ordinary shares outstanding | shares | 130,590,441 | 130,590,441 | 127,802,961 | 153,786,531 | |||
Continuing operations: | |||||||
Basic earnings per share attributable to Jinkosolar's ordinary shareholders from continuing operations | (per share) | ¥ 7.87 | $ 1.13 | ¥ 6.15 | ¥ 5.67 | |||
Diluted earnings per share attributable to Jinkosolar's ordinary shareholders from continuing operations | (per share) | 7.63 | 1.10 | 6 | 4.02 | |||
Discontinued operations | |||||||
Basic earnings/(loss) per share attributable to Jinkosolar's ordinary shareholders from discontinued operations | (per share) | 6.64 | 0.96 | (0.66) | $ (0.66) | (0.20) | $ (0.20) | |
Diluted earnings/(loss) per share attributable to Jinkosolar's ordinary shareholders from discontinued operations | (per share) | ¥ 6.40 | $ 0.92 | ¥ (0.65) | $ (0.65) | ¥ (0.16) | $ (0.16) | |
Continuing Operations [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Numerator for diluted income/(loss) per share | ¥ 996,810,757 | ¥ 766,602,662 | ¥ 618,175,164 | ||||
Discontinued Operations [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Net income/(loss) attributable to Jinkosolar’s ordinary shareholders from discontinued operations | 836,041,879 | (82,851,128) | (25,117,890) | ||||
Numerator for diluted income/(loss) per share | ¥ 836,041,879 | ¥ (82,851,128) | ¥ (25,117,890) | ||||
2016 Notes [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | shares | 2,474,074 | 2,474,074 | 0 | ||||
Stock Options [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | shares | 2,246,095 | 2,246,095 | 3,184,545 | 3,934,741 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | |
Penalty on daily rate basis as a percentage of outstanding contribution | 0.05% | |||
Accrued employee benefits | ¥ 355,766,607 | ¥ 281,029,823 | ¥ 25,807,949 | ¥ 12,063,712 |
CONVERTIBLE SENIOR NOTES AND112
CONVERTIBLE SENIOR NOTES AND CAPPED CALL OPTIONS (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
May 17, 2011USD ($)$ / shares | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2011USD ($) | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | ¥ 800,000,000 | ||||||
Fair value of convertible notes | ¥ 818,857,265 | ||||||
Foreign exchange gain (loss) | 43,055,871 | ¥ 51,733,120 | 2,814,189 | ||||
Derivative, fair value | 7,277,406 | ||||||
Capped Call Option [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Convertible debt, conversion price | $ / shares | $ 48.21 | ||||||
Premium paid for derivative | $ | $ 18 | ||||||
Derivative, fair value | 17,490,323 | 21,098,263 | |||||
Change in fair value of convertible senior notes and capped call option | ¥ (18,226,535) | ¥ (6,170,282) | (86,689,063) | ||||
2016 Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ | $ 125 | ||||||
Debt issuance date | May 17, 2011 | ||||||
Debt maturity date | May 15, 2016 | ||||||
Stated interest rate | 4.00% | ||||||
Convertible debt, conversion rate | 29.6307 | ||||||
Convertible debt, conversion price | $ / shares | $ 33.75 | ||||||
Debt covenant, ownership interest threshold | 50.00% | ||||||
Call feature, percentage | 100.00% | ||||||
Face value of notes repurchased | $ | $ 2 | $ 100.5 | $ 22.5 | ||||
Percentage of notes repurchased | 80.40% | 18.00% | 1.60% | ||||
Percentage of price redeemed at | 99.00% | 96.00% | 41.00% | ||||
Fair value of convertible notes | ¥ 650,916,976 | 721,541,380 | |||||
Foreign exchange gain (loss) | ¥ 392,924 | 44,945,341 | 3,039,266 | ||||
Gain (loss) from change in fair value of convertible senior notes | ¥ 5,533,892 | 51,983,783 | 22,926,918 | ||||
2019 Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ | $ 150 | ||||||
Debt issuance date | Jan. 22, 2014 | ||||||
Stated interest rate | 4.00% | 4.00% | |||||
Convertible debt, conversion rate | 21.8221 | ||||||
Convertible debt, conversion price | $ / shares | $ 45.83 | ||||||
Call feature, percentage | 100.00% | ||||||
Face value of notes repurchased | $ | $ 88.9 | ||||||
Percentage of notes repurchased | 59.30% | ||||||
Percentage of price redeemed at | 96.00% | ||||||
Fair value of convertible notes | ¥ 423,739,708 | 856,064,385 | |||||
Gain (loss) from change in fair value of convertible senior notes | ¥ (86,482,065) | ¥ 14,526,000 | ¥ 98,806,924 |
REPURCHASE OF ORDINARY SHARES (
REPURCHASE OF ORDINARY SHARES (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016CNY (¥)shares | Dec. 31, 2015CNY (¥)shares | Dec. 31, 2012CNY (¥)shares | Dec. 31, 2011USD ($) | |
American Depositary Shares [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, shares of common stock approved for repurchase | $ | $ 30 | |||
Repurchase of shares of the Company (in shares) | 430,800 | 430,800 | 173,570 | |
Repurchase of shares of the Company | ¥ | ¥ 13,875,553 | ¥ 13,875,553 | ¥ 5,521,130 | |
Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchase of shares of the Company (in shares) | 1,723,200 | 1,723,200 | 694,280 |
ISSUANCE OF ORDINARY SHARES (De
ISSUANCE OF ORDINARY SHARES (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 22, 2014USD ($)shares | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015$ / sharesshares | |
REFERRED SHARES [Line Items] | ||||
Authorized capital | $ | $ 10,000 | |||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | ||
Ordinary shares, par value | $ / shares | $ 0.00002 | $ 0.00002 | ||
Issuance of shares | $ 126,300,000 | ¥ 769,146,293 | ||
Ordinary shares, shares issued | 128,456,466 | 127,197,130 | ||
Ordinary shares, shares outstanding | 126,733,266 | 125,473,930 | ||
Issuance of shares (in shares) | 15,000,000 | |||
American Depositary Shares [Member] | ||||
REFERRED SHARES [Line Items] | ||||
Issuance of shares (in shares) | 3,750,000 |
SHARE BASED COMPENSATION (Narra
SHARE BASED COMPENSATION (Narrative) (Details) | May 04, 2015Item$ / sharesshares | Apr. 13, 2015shares | Mar. 01, 2015shares | Oct. 10, 2014$ / shares | Aug. 18, 2014shares | Nov. 16, 2016$ / sharesshares | Nov. 15, 2016$ / shares | Sep. 23, 2016shares | Aug. 25, 2016shares | Aug. 31, 2014shares | Aug. 31, 2009Itemshares | Dec. 31, 2016CNY (¥)¥ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 31, 2014CNY (¥)¥ / shares | Dec. 31, 2016$ / shares | Aug. 20, 2015shares | Apr. 30, 2015shares | Oct. 31, 2014shares | Jul. 31, 2009shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Options granted | 1,760,000 | 1,760,000 | ||||||||||||||||||
Additional stock-based compensation expense | ¥ | ¥ 1,608,968 | |||||||||||||||||||
Share-based compensation | ¥ | ¥ 89,567,699 | ¥ 112,714,385 | 42,689,995 | |||||||||||||||||
Market value of ordinary shares | (per share) | ¥ 26.45 | $ 3.81 | ||||||||||||||||||
Intrinsic value of options exercised | ¥ | ¥ 81,059,329 | ¥ 152,515,116 | ¥ 67,877,828 | |||||||||||||||||
Fair value per option at grant date (RMB) | ¥ / shares | ¥ 17.48 | ¥ 27.73 | ¥ 28.42 | |||||||||||||||||
Unrecognized share-based compensation expense | ¥ | ¥ 57,514,872 | |||||||||||||||||||
Unrecognized share-based compensation expense, weighted-average recognition period | 3 years | 3 years | ||||||||||||||||||
Cash received from the exercise of share options | ¥ | ¥ 21,730,663 | |||||||||||||||||||
Stock options outstanding | 14,656,086 | 14,627,422 | ||||||||||||||||||
Stock based compensation from issuance of options | ¥ | ¥ 89,567,699 | |||||||||||||||||||
Share Based Compensation | 203,269,631 | $ 29,276,918 | ¥ 112,714,385 | ¥ 42,689,995 | ||||||||||||||||
Discontinued Operations [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Share Based Compensation | ¥ | ¥ 113,701,932 | |||||||||||||||||||
JinkoSolar Power [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary shares that may be issued | 12,766,000 | |||||||||||||||||||
Stock Options [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Fair value per option at grant date (RMB) | ¥ / shares | ¥ 28.42 | |||||||||||||||||||
Stock Options [Member] | JinkoSolar Power [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Contractual life | 10 years | 10 years | ||||||||||||||||||
Stock Options [Member] | Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of vesting increments | 5 | |||||||||||||||||||
Options granted | 873,200 | 1,352,840 | 600,000 | 9,940,000 | ||||||||||||||||
Exercise price of options granted | $ / shares | $ 5.93 | |||||||||||||||||||
Additional stock-based compensation expense | ¥ | ¥ 1,410,137 | ¥ 35,513 | ||||||||||||||||||
Stock Options [Member] | Officer [Member] | JinkoSolar Power [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Options granted | 1,659,580 | |||||||||||||||||||
Stock Options [Member] | Officer [Member] | JinkoSolar Power [Member] | Vest on the grant date [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Vesting percentage | 40.00% | |||||||||||||||||||
Stock Options [Member] | Officer [Member] | JinkoSolar Power [Member] | Vest on the second and third anniversaries [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Vesting percentage | 30.00% | |||||||||||||||||||
Stock Options [Member] | Directors and employees [Member] | JinkoSolar Power [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Number of vesting increments | Item | 5 | |||||||||||||||||||
Options granted | 7,021,300 | |||||||||||||||||||
2009 Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary shares that may be issued | 9,325,122 | |||||||||||||||||||
Contractual life | 7 years | |||||||||||||||||||
Number of vesting increments | 5 | |||||||||||||||||||
2009 Plan [Member] | Employee [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Options granted | 953,200 | |||||||||||||||||||
Number of employees to whom options granted | Item | 1 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 36 months | |||||||||||||||||||
2014 Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary shares that may be issued | 12,796,745 | |||||||||||||||||||
Contractual life | 10 years | |||||||||||||||||||
Number of vesting increments | 5 | |||||||||||||||||||
Stock options outstanding | 9,472,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | ¥ | 19,545,720 | |||||||||||||||||||
2014 Plan [Member] | JinkoSolar Power [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary shares that may be issued | 12,766 | |||||||||||||||||||
2014 Plan [Member] | Stock Options [Member] | Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary shares that may be issued | 160,000 | |||||||||||||||||||
Contractual life | 5 years 11 months 5 days | |||||||||||||||||||
Number of vesting increments | 5 | |||||||||||||||||||
Options granted | 1,760,000 | |||||||||||||||||||
Exercise price of options granted | $ / shares | $ 3.2875 | $ 3.2875 | ||||||||||||||||||
2014 Plan [Member] | Stock Options [Member] | Directors, officers and employees [Member] | JinkoSolar Power [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Contractual life | 10 years | |||||||||||||||||||
Options granted | 8,680,880 | |||||||||||||||||||
Exercise price of options granted | $ / shares | $ 3.9166 | |||||||||||||||||||
Equity Incentive Plan [Member] | Stock Options [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary shares that may be issued | 1,352,840 | |||||||||||||||||||
Additional stock-based compensation expense | ¥ | ¥ 180,553 | |||||||||||||||||||
2009 and 2014 Plan [Member] | Stock Options [Member] | Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary shares that may be issued | 320,000 | |||||||||||||||||||
Contractual life | 5 years 11 months 5 days | |||||||||||||||||||
Number of vesting increments | 5 |
SHARE BASED COMPENSATION (Stock
SHARE BASED COMPENSATION (Stock Option Activity) (Details) | 12 Months Ended | |
Dec. 31, 2016CNY (¥)$ / sharesshares | Dec. 31, 2016$ / shares | |
Number of option outstanding | ||
Balance as of January 1, 2016 | shares | 14,627,422 | |
Granted | shares | 1,760,000 | |
Exercise | shares | (1,259,336) | |
Forfeited | shares | (472,000) | |
Balance as of December 31, 2016 | shares | 14,656,086 | |
Vested and expected to vest as of December 31, 2016 | shares | 10,301,274 | |
Vested and exercisable as of December 31, 2016 | shares | 7,268,086 | |
Weighted-Average Exercise Price | ||
Balance as of January 1, 2016 | $ / shares | $ 4.77 | |
Granted | $ / shares | 3.29 | |
Exercise | $ / shares | 2.07 | |
Forfeited | $ / shares | 3.19 | |
Balance as of December 31, 2016 | $ / shares | $ 3.11 | |
Vested and expected to vest as of December 31, 2016 | $ / shares | $ 3.04 | |
Vested and exercisable as of December 31, 2016 | $ / shares | $ 2.92 | |
Weighted-Average Remaining Contractual Term | ||
Balance as of December 31 | 6 years 5 months 19 days | |
Vested and expected to vest as of December 31, 2016 | 5 years 7 months 28 days | |
Vested and exercisable as of December 31, 2016 | 4 years 9 months 18 days | |
Aggregate Intrinsic value | ||
Balance as of December 31 | ¥ | $ 75,543,554 | |
Vested and expected to vest as of December 31, 2016 | ¥ | 59,982,288 | |
Vested and exercisable as of December 31, 2016 | ¥ | $ 49,148,244 |
SHARE BASED COMPENSATION (Summa
SHARE BASED COMPENSATION (Summary of Non-vested Shares) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of option outstanding | |||
Nonvested at January 1, 2015 | 9,152,000 | ||
Granted | 1,760,000 | ||
Vested | (3,244,000) | ||
Forfeited | (280,000) | ||
Nonvested at December 31, 2015 | 7,388,000 | 9,152,000 | |
Expected to vest as of December 31, 2015 | 3,033,188 | ||
Weighted-average fair value on grant date (RMB/Share) | |||
Non-vested at January 1, 2016 | ¥ 26.52 | ||
Granted | 17.48 | ||
Vested | 20.89 | ||
Forfeited | 24.17 | ||
Non-vested at December 31, 2016 | 14.97 | ¥ 26.52 | |
Expected to vest as of December 31, 2016 | ¥ 14.52 | ||
Fair Value Of Shares Vested | ¥ 67,773,486 | ¥ 67,627,740 | ¥ 20,422,248 |
SHARE BASED COMPENSATION (Expen
SHARE BASED COMPENSATION (Expense Allocation) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation | ¥ 89,567,699 | ¥ 112,714,385 | ¥ 42,689,995 |
Costs of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation | 333,338 | 118,301 | 203,140 |
Selling Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation | 15,980,509 | 23,625,827 | 6,397,902 |
General and Administration Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation | 67,152,462 | 81,024,667 | 34,164,506 |
Research and Development Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based compensation | ¥ 6,101,390 | ¥ 7,945,590 | ¥ 1,924,447 |
SHARE BASED COMPENSATION (Assum
SHARE BASED COMPENSATION (Assumptions) (Details) | 12 Months Ended | |||
Dec. 31, 2016¥ / shares | Dec. 31, 2015$ / shares | Dec. 31, 2015¥ / shares | Dec. 31, 2014¥ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value per option at grant date (RMB) | ¥ 17.48 | ¥ 27.73 | ¥ 28.42 | |
JinkoSolar Power [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 53.56% | 53.56% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Expected term | 10 years | 10 years | ||
Risk-free interest rate | 2.36% | 2.36% | ||
Minimum [Member] | JinkoSolar Power [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected forfeiture rate (post-vesting) | 0.00% | 0.00% | ||
Fair value per option at grant date (RMB) | $ / shares | $ 1.88 | |||
Maximum [Member] | JinkoSolar Power [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected forfeiture rate (post-vesting) | 10.00% | 10.00% | ||
Fair value per option at grant date (RMB) | $ / shares | $ 2.01 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 93.29% | |||
Expected dividend yield | 0.00% | |||
Expected term | 6 years 6 months | 6 years 6 months | 6 years 6 months | |
Risk-free interest rate | 1.93% | |||
Fair value per option at grant date (RMB) | ¥ 28.42 | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 77.72% | 83.49% | 83.49% | |
Expected term | 5 years 3 months 18 days | |||
Risk-free interest rate | 1.74% | 1.50% | 1.50% | |
Fair value per option at grant date (RMB) | ¥ 16.94 | ¥ 25.62 | ||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 79.56% | 91.68% | 91.68% | |
Expected term | 6 years 6 months | |||
Risk-free interest rate | 1.94% | 1.74% | 1.74% | |
Fair value per option at grant date (RMB) | ¥ 17.93 | ¥ 35.31 |
RELATED PARTY TRANSACTIONS A120
RELATED PARTY TRANSACTIONS AND BALANCES (Balances) (Details) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Sep. 20, 2013EUR (€) | |||
Outstanding amounts due from related parties: | |||||||
Total | ¥ 2,277,446,307 | ¥ 61,994,923 | |||||
Other payables due to a related party: | |||||||
Accounts payable due to related parties | 1,478,529 | ||||||
Other payables to Desun for leasing of land and buildings | 7,528,551 | 4,969,104 | |||||
Other payables due to Jiangxi Jinko Engineering for payments on behalf of the Company | 68,505,022 | 0 | |||||
Total | 60,541,490 | 8,719,788 | |||||
Borrowings due to subsidiaries of China Development Bank | [1] | 2,156,500,000 | [1] | € 2,948,489 | |||
Accrued interest due to subsidiaries of China Development Bank | [1] | 3,252,783 | |||||
Guarantor Obligations, Current Carrying Value | 52,710,970 | $ 7,591,959 | |||||
JinkoSolar Power Engineering Group Limited [Member] | |||||||
Other payables due to a related party: | |||||||
Accounts payable due to related parties | 60,541,490 | ||||||
Total | 136,575,063 | 6,471,504 | |||||
Guarantor Obligations, Current Carrying Value | 0 | 23,871 | |||||
ReneSola Ltd. [Member] | |||||||
Outstanding amounts due from related parties: | |||||||
Advances to subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company) | 661,788 | 1,021,128 | |||||
Other payables due to a related party: | |||||||
Accounts payable due to related parties | 12,544 | ||||||
Jiangxi Desun Energy Co., Ltd. [Member] | |||||||
Other payables due to a related party: | |||||||
Accounts payable due to related parties | 1,465,985 | ||||||
Gansu Heihe Hydropower Industrial Investment LLC [Member] | |||||||
Outstanding amounts due from related parties: | |||||||
Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company) | 44,616 | ||||||
Jiangxi Jinko [Member] | |||||||
Outstanding amounts due from related parties: | |||||||
Other Receivables, Related Parties | 62,352,655 | ||||||
Other Assets, Related Parties | 173,375,586 | ||||||
Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company) | 1,414,039,443 | ||||||
Advances to subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company) | 610,200,000 | ||||||
Executive Directors [Member] | |||||||
Outstanding amounts due from related parties: | |||||||
Other Receivables, Related Parties | 68,106 | ||||||
Jiangxi Jinko Engineering For Miscellaneous [Member] | |||||||
Outstanding amounts due from related parties: | |||||||
Other Receivables, Related Parties | ¥ 16,704,113 | ||||||
[1] | In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds 21% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank. After the disposition of the Group’s downstream solar projects business, China Development Bank is no longer of the Group’s related party. |
RELATED PARTY TRANSACTIONS A121
RELATED PARTY TRANSACTIONS AND BALANCES (Transactions) (Details) | 1 Months Ended | 12 Months Ended | ||||||
Jan. 02, 2016CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | Sep. 20, 2013EUR (€) | |||
Related Party Transaction [Line Items] | ||||||||
Guarantor Obligations, Guarantee Fee Income Receivable | ¥ 235,728,241 | |||||||
Guarantor Obligations, Carrying Value | 226,086,556 | |||||||
Due to Related Parties | [1] | ¥ 2,156,500,000 | [1] | € 2,948,489 | ||||
Guarantor Obligations, Current Carrying Value | 52,710,970 | $ 7,591,959 | ||||||
Short-term Debt | 5,245,641,157 | 2,562,383,328 | ||||||
Domestic Bank [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Short-term Debt | 90,000,000 | |||||||
Debt Instrument, Collateral Amount | 25,473,000 | |||||||
Pingan Bank [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Short-term Debt | 76,307,000 | |||||||
Debt Instrument, Collateral Amount | 80,000,000 | |||||||
ReneSola Ltd. [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues from sales of products and provision of processing services to related party | 62,640 | ¥ 22,977,148 | ||||||
Purchases from related party | 557,097 | |||||||
Jiangxi Desun Energy Co., Ltd. [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Rental expenses from related parties | 1,100,304 | 1,100,304 | ||||||
Shareholders Guarantee of Short Term Debt [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of debt secured by related part guarantees | 177,994,478 | |||||||
Subsidiaries of China Development Bank [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Borrowings from related party | ¥ 90,000,000 | 1,210,000,000 | 1,002,140,000 | |||||
Repayment of borrowings from related party | 82,000,000 | 409,640,000 | 4,000,000 | |||||
Interest charges in connection with the borrowings | ¥ 100,832,419 | ¥ 107,011,736 | 52,883,293 | |||||
Subsidiaries of Gansu Heihe [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues from sales of products and provision of processing services to related party | 102,998,133 | |||||||
Jiangxi Jinko Engineering [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues from sales of products and provision of processing services to related party | 35,526,817 | |||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 9,641,685 | |||||||
Guarantor Obligations, Current Carrying Value | ¥ 6,600,000,000 | 945,200,000 | ||||||
subsidiary of Desun [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenues from sales of products and provision of processing services to related party | ¥ 1,252,979 | |||||||
Jiangxi Jinko Engineering and Investors of Jiangxi Jinko Engineering [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due to Related Parties | $ | $ 297,300,000 | |||||||
[1] | In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds 21% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank. After the disposition of the Group’s downstream solar projects business, China Development Bank is no longer of the Group’s related party. |
CERTAIN RISKS AND CONCENTRAT122
CERTAIN RISKS AND CONCENTRATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Revenue [Member] | Foreign Currency Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 61.50% |
CERTAIN RISKS AND CONCENTRAT123
CERTAIN RISKS AND CONCENTRATION (Schedule of Major Customers) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% | 10.00% |
COMMITMENTS AND CONTINGENCIE124
COMMITMENTS AND CONTINGENCIES (Operating Lease and Capital Commitments) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Future minimum payments under non-cancelable operating leases: | |||
2,017 | ¥ 43,825,570 | ||
2,018 | 18,637,336 | ||
2,019 | 6,776,200 | ||
2,020 | 2,777,707 | ||
2,021 | 2,400,000 | ||
Thereafter | 12,000,000 | ||
Total | 86,416,813 | ||
Rental expenses | 20,574,072 | ¥ 14,375,422 | ¥ 11,379,778 |
Capital Additions [Member] | |||
Future minimum payments under non-cancelable operating leases: | |||
Commitments to purchase machineries | ¥ 878,794,179 |
COMMITMENTS AND CONTINGENCIE125
COMMITMENTS AND CONTINGENCIES (Capital commitments) (Details) | Dec. 31, 2016CNY (¥) |
2,017 | ¥ 783,540,388 |
2,018 | 92,543,074 |
Thereafter | 2,710,717 |
Total | ¥ 878,794,179 |
COMMITMENTS AND CONTINGENCIE126
COMMITMENTS AND CONTINGENCIES (Contingencies and Guarantees) (Details) ¥ in Millions | May 05, 2015CNY (¥) | Jan. 10, 2014CNY (¥) | Jan. 31, 2016CNY (¥) | Feb. 28, 2013CNY (¥) | Jul. 31, 2008CNY (¥) | Dec. 31, 2016 |
Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 2 | |||||
Case Against Wuxi Zhongcai [Member] | ||||||
Contingencies [Line Items] | ||||||
Amount of claim | ¥ 102 | ¥ 2.7 | ||||
Amount of claim against party | 93.2 | |||||
Payment for long-term purchase agreement deposit | ¥ 95.6 | |||||
Provision for doubtful accounts receivable | ¥ 93.2 | |||||
Loss on Contract Termination for Default | ¥ 150 | |||||
Zhejiang Qin Ye Case [Member] | ||||||
Contingencies [Line Items] | ||||||
Amount of claim | ¥ 23.1 | ¥ 22.3 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) £ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) | Dec. 31, 2013CNY (¥) | |
Derivative [Line Items] | |||||||||
Derivative Assets | ¥ 7,277,406 | ||||||||
Investment Income, Net | 4,902,527 | $ 706,111 | |||||||
Derivative Liabilities Current | 10,364,075 | 10,364,075 | $ 1,492,737 | ||||||
Fair Value Adjustment of Warrants | ¥ (34,937,341) | $ (5,032,024) | ¥ 2,096,024 | ||||||
Forward Contracts [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ 10,000,000 | £ 3 | |||||||
Remaining maturity of foreign currency derivative | 12 months | ||||||||
Foreign Exchange Option [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, notional amount | $ | $ 70,000,000 | ||||||||
Remaining maturity of foreign currency derivative | 12 months | 12 months | |||||||
Derivative Assets | ¥ 7,277,406 | ||||||||
Loss on derivative | ¥ 370,437 | ||||||||
Investment Income, Net | ¥ 4,900,000 |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets and Liabilities on a Recurring Basis) (Details) - CNY (¥) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||||
Derivative assets | ¥ 7,277,406 | |||
Liabilities: | ||||
Convertible senior notes | ¥ 818,857,265 | |||
Capped Call Option [Member] | ||||
Assets: | ||||
Derivative assets | 17,490,323 | 21,098,263 | ||
Call spread options [Member] | ||||
Assets: | ||||
Derivative assets | 7,277,406 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Assets: | ||||
Available-for-sale investment | 20,875,725 | |||
Liabilities: | ||||
Warrant Liability | 226,086,556 | 68,377,608 | ||
Convertible senior notes | 423,739,708 | 1,506,981,361 | 1,540,398,645 | |
Rate Cap Derivative | 10,364,075 | |||
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward Contract [Member] | ||||
Assets: | ||||
Derivative assets | 640,876 | 7,038,537 | 47,712,744 | |
Liabilities: | ||||
Warrant Liability | 4,295,737 | 30,901,012 | ||
Fair Value, Measurements, Recurring [Member] | Capped Call Option [Member] | ||||
Assets: | ||||
Derivative assets | 17,490,323 | 21,098,263 | ||
Fair Value, Measurements, Recurring [Member] | Call spread options [Member] | ||||
Assets: | ||||
Derivative assets | 7,277,406 | |||
Fair Value, Measurements, Recurring [Member] | Guarantee receivables [Member] | ||||
Assets: | ||||
Derivative assets | 235,728,241 | |||
Fair Value, Measurements, Recurring [Member] | Quote Prices in Active market for Identical Assets (Level 1) [Member] | ||||
Assets: | ||||
Available-for-sale investment | ||||
Liabilities: | ||||
Warrant Liability | 0 | 0 | ||
Convertible senior notes | 0 | 0 | ||
Rate Cap Derivative | 0 | |||
Fair Value, Measurements, Recurring [Member] | Quote Prices in Active market for Identical Assets (Level 1) [Member] | Foreign Exchange Forward Contract [Member] | ||||
Assets: | ||||
Derivative assets | 0 | 0 | ||
Liabilities: | ||||
Warrant Liability | 0 | |||
Fair Value, Measurements, Recurring [Member] | Quote Prices in Active market for Identical Assets (Level 1) [Member] | Capped Call Option [Member] | ||||
Assets: | ||||
Derivative assets | 0 | |||
Fair Value, Measurements, Recurring [Member] | Quote Prices in Active market for Identical Assets (Level 1) [Member] | Call spread options [Member] | ||||
Assets: | ||||
Derivative assets | 0 | |||
Fair Value, Measurements, Recurring [Member] | Quote Prices in Active market for Identical Assets (Level 1) [Member] | Guarantee receivables [Member] | ||||
Assets: | ||||
Derivative assets | 0 | |||
Fair Value, Measurements, Recurring [Member] | Significance Other Observable Inputs (Level 2) [Member] | ||||
Assets: | ||||
Available-for-sale investment | ||||
Liabilities: | ||||
Warrant Liability | 0 | 0 | ||
Convertible senior notes | 0 | 0 | ||
Rate Cap Derivative | 0 | |||
Fair Value, Measurements, Recurring [Member] | Significance Other Observable Inputs (Level 2) [Member] | Foreign Exchange Forward Contract [Member] | ||||
Assets: | ||||
Derivative assets | 640,876 | 7,038,537 | 47,712,744 | |
Liabilities: | ||||
Warrant Liability | 4,295,737 | 30,901,012 | ||
Fair Value, Measurements, Recurring [Member] | Significance Other Observable Inputs (Level 2) [Member] | Capped Call Option [Member] | ||||
Assets: | ||||
Derivative assets | 0 | |||
Fair Value, Measurements, Recurring [Member] | Significance Other Observable Inputs (Level 2) [Member] | Call spread options [Member] | ||||
Assets: | ||||
Derivative assets | 0 | |||
Fair Value, Measurements, Recurring [Member] | Significance Other Observable Inputs (Level 2) [Member] | Guarantee receivables [Member] | ||||
Assets: | ||||
Derivative assets | 0 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets: | ||||
Available-for-sale investment | 20,875,725 | |||
Liabilities: | ||||
Warrant Liability | 226,086,556 | 68,377,608 | ||
Convertible senior notes | 423,739,708 | 1,506,981,361 | 1,540,398,645 | |
Rate Cap Derivative | 10,364,075 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Forward Contract [Member] | ||||
Assets: | ||||
Derivative assets | 0 | |||
Liabilities: | ||||
Warrant Liability | ||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Capped Call Option [Member] | ||||
Assets: | ||||
Derivative assets | ¥ 21,098,263 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Call spread options [Member] | ||||
Assets: | ||||
Derivative assets | ¥ 7,277,406 | |||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Guarantee receivables [Member] | ||||
Assets: | ||||
Derivative assets | ¥ 235,728,241 |
FAIR VALUE MEASUREMENTS (Ass129
FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured Using Unobservable Inputs) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capped Call Options [Member] | |||
Balance | ¥ 17,490,323 | ¥ 21,098,263 | ¥ 107,223,601 |
Foreign exchange (gain)/loss | 736,212 | 2,562,342 | 563,725 |
Change in fair value of capped call options | (18,226,535) | (6,170,282) | (86,689,063) |
Balance | 0 | 17,490,323 | 21,098,263 |
Convertible Senior Notes [Member] | |||
Balance | 1,506,981,361 | 1,540,398,645 | 770,485,897 |
Issuance of convertible senior notes | 0 | 914,850,000 | |
Foreign exchange (gain)/loss | 43,448,795 | 96,678,461 | 5,853,455 |
Change in fair value of convertible senior notes | 92,015,957 | 8,400,918 | (150,790,707) |
Repurchase of convertible senior notes | (1,218,706,405) | (138,496,663) | |
Balance | ¥ 423,739,708 | ¥ 1,506,981,361 | ¥ 1,540,398,645 |
FAIR VALUE MEASUREMENTS (Ass130
FAIR VALUE MEASUREMENTS (Assets Measured Using Unobservable Inputs) (Details) - Available-for-sale investment [Member] - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance | ¥ 20,875,725 | ¥ 30,117,797 | |
Receipt of available-for-sale investment | |||
Foreign exchange gain/(loss) | (3,446,112) | ||
Change in fair value of available-for-sale | (5,795,960) | ||
Transfer to receivable | (20,875,725) | ||
Balance | ¥ 20,875,725 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Changes in Fair Value of Warrant Liability) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Balance | ¥ 7,277,406 | ||
Change in fair value of call spread | (46,215,053) | ¥ 48,295,200 | ¥ (87,403,805) |
Balance | 7,277,406 | ||
Call spread options [Member] | |||
Derivative [Line Items] | |||
Balance | 7,277,406 | ||
Purchase of call spread option | 4,761,603 | 7,647,843 | |
Change in fair value of call spread | (370,437) | ||
Exercise of call spread options | (12,039,009) | ||
Balance | ¥ 7,277,406 |
FAIR VALUE MEASUREMENTS (Sch132
FAIR VALUE MEASUREMENTS (Schedule of Changes in Fair Value of Warrants Liability) (Details) - Fair value of derivative liability [Member] - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance | ¥ 68,377,608 | ||
Issuance of warrant liability | 62,331,211 | ||
Foreign exchange loss on warrant liability | 2,256,314 | 3,950,373 | |
Change in fair value of warrant liability | (34,937,341) | 2,096,024 | |
Repurchase of warrant liability | (35,696,581) | ||
Balance | ¥ 68,377,608 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value Of Rap Cap Derivative) (Details) - Interest Rate Cap [Member] - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |||
Balance | |||
Change in fair value of capped call options | 10,364,075 | ||
Balance | ¥ 10,364,075 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Change in Fair Value of Derivatives) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value of derivatives | ¥ (46,215,053) | ¥ 48,295,200 | ¥ (87,403,805) |
Foreign Exchange Forward [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value of derivatives | (53,202,660) | 71,000,875 | 15,553,224 |
Embedded Derivatives [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value of derivatives | 640,876 | (14,068,932) | (16,267,966) |
Call spread options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value of derivatives | (370,437) | ||
Capped Call Option [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value of derivatives | (18,226,535) | (6,170,282) | (86,689,063) |
Warrant [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value of derivatives | 34,937,341 | (2,096,024) | |
Rate Cap Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value of derivatives | ¥ (10,364,075) |
FAIR VALUE MEASUREMENTS (Non-re
FAIR VALUE MEASUREMENTS (Non-recurring Change in Fair Value) (Details) | 12 Months Ended | ||||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of long-lived assets | ¥ 125,524,021 | $ 18,079,220 | ¥ 6,217,151 | ||
Non-recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of long-lived assets | 125,524,021 | 0 | 6,217,151 | ||
Carrying value of assets before impairment | 125,524,021 | 0 | 6,217,157 | ||
Carrying value of assets after impairment | 0 | 6,217,151 | $ 125,524,021 | ||
Property, plant and equipment, net, total | 4,738,681,353 | 3,766,435,564 | 3,101,795,172 | ||
Non-recurring [Member] | Quote Prices in Active market for Identical Assets (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant and equipment, net | 0 | 0 | 0 | ||
Non-recurring [Member] | Significance Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant and equipment, net | 0 | 0 | 0 | ||
Non-recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant and equipment, net | ¥ 4,738,681,353 | ¥ 3,766,435,564 | ¥ 3,101,795,172 |
RESTRICTED NET ASSETS (Details)
RESTRICTED NET ASSETS (Details) | Dec. 31, 2016CNY (¥) |
Restricted net assets | ¥ 4,188,460,756 |
Percentage of total assets | 65.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Feb. 28, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Subsequent Event [Line Items] | ||
Debt Instrument, Face Amount | ¥ | ¥ 800,000,000 | |
Subsequent Event [Member] | 2019 Notes [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 61,074,000 | |
Debt Instrument, Face Amount | $ 10,000 |
ADDITIONAL INFORMATION-CONDE138
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Condensed Statements of Operations) (Details) | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenue | ¥ 21,400,638,092 | $ 3,082,333,011 | ¥ 15,454,374,366 | ¥ 9,740,876,507 |
Cost of revenues | (17,531,299,173) | (2,525,032,288) | (12,522,913,795) | (7,643,687,841) |
Gross profit | 3,869,338,919 | 557,300,723 | 2,931,460,571 | 2,097,188,666 |
Total operating expenses | (2,520,235,769) | (362,989,453) | (1,809,655,322) | (1,253,134,531) |
Income from operations | 1,349,103,150 | 194,311,270 | 1,121,805,249 | 844,054,135 |
Convertible senior notes issuance costs | (26,052,881) | |||
Share of income from subsidiaries and affiliates | 15,265,937 | 2,198,752 | 13,669,112 | 9,549,289 |
Interest income, net | (359,296,332) | (51,749,436) | (311,018,583) | (226,342,563) |
Exchange gain/(loss) | 208,811,416 | 30,075,101 | (86,517,698) | (139,566,645) |
Income before income taxes | 1,247,722,561 | 179,709,428 | 867,073,143 | 562,749,983 |
Income tax expenses | (257,487,006) | (37,085,843) | (100,533,829) | 135,392,962 |
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | 1,826,709,975 | 263,100,961 | 683,751,534 | 673,025,055 |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenue | ||||
Cost of revenues | ||||
Gross profit | ||||
Total operating expenses | (9,937,095) | (1,431,239) | (11,992,992) | (12,422,770) |
Income from operations | (9,937,095) | (1,431,239) | (11,992,992) | (12,422,770) |
Convertible senior notes issuance costs | (26,052,881) | |||
Share of income from subsidiaries and affiliates | 1,949,659,745 | 280,809,412 | 692,117,271 | 610,091,593 |
Interest income, net | 4,089,083 | 588,950 | 26,434,242 | 27,261,325 |
Exchange gain/(loss) | (10,073,699) | (1,450,914) | (8,235,787) | 10,046,144 |
Change in fair value of convertible senior notes and capped call option | (110,242,492) | (15,878,222) | (14,571,200) | 64,101,644 |
Other Income | 3,214,433 | 462,974 | 0 | 0 |
Income before income taxes | 1,826,709,975 | 263,100,961 | 683,751,534 | 673,025,055 |
Income tax expenses | ||||
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | ¥ 1,826,709,975 | $ 263,100,961 | ¥ 683,751,534 | ¥ 673,025,055 |
ADDITIONAL INFORMATION-CONDE139
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Condensed Balance Sheets) (Details) | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015CNY (¥)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) |
Current assets: | ||||||
Cash and cash equivalent | ¥ 2,501,417,491 | $ 360,279,057 | ¥ 2,392,591,132 | $ 344,604,801 | ¥ 1,777,020,667 | ¥ 456,076,191 |
Due from subsidiaries | 1,414,084,059 | 203,670,468 | 60,973,795 | |||
Other current assets | 766,644,253 | 110,419,740 | 715,448,906 | |||
Capped call option | 17,490,323 | |||||
Total current assets | 19,695,296,401 | 2,836,712,719 | 22,494,804,126 | |||
Non-current assets: | ||||||
Total assets | 26,090,639,753 | 3,757,833,754 | 27,144,548,504 | |||
Current liabilities: | ||||||
Due to subsidiaries | 1,478,529 | |||||
Convertible senior notes-current | 423,739,708 | 61,031,212 | 650,916,976 | |||
Total current liabilities | 18,362,656,893 | 2,644,772,706 | 18,622,441,883 | |||
Convertible senior notes | 856,064,385 | |||||
Total liabilities | 19,630,426,756 | 2,827,369,546 | 21,184,825,483 | |||
Shareholders' equity: | ||||||
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 125,473,930 and 126,733,266 shares issued and outstanding as of December 31, 2015 and 2016, respectively) | 17,881 | 2,575 | 17,711 | |||
Additional paid-in capital | 3,145,262,253 | 453,011,991 | 2,924,336,179 | |||
Accumulated other comprehensive income | 104,784,173 | 15,092,060 | 12,582,041 | |||
Treasury stock, at cost: 1,723,200 shares of ordinary shares as of December 31, 2015 and 2016, respectively | (13,875,553) | (1,998,495) | (13,875,553) | |||
Total JinkoSolar Holding Co., Ltd. Shareholders' equity | 6,460,708,886 | 930,535,631 | 4,321,868,246 | |||
Total liabilities, redeemable non-controlling interest and shareholders' equity | ¥ 26,090,639,753 | $ 3,757,833,754 | ¥ 27,144,548,504 | |||
Ordinary shares: | ||||||
Ordinary shares, par value | $ / shares | $ 0.00002 | $ 0.00002 | ||||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||
Ordinary shares, shares issued | 128,456,466 | 128,456,466 | 127,197,130 | 127,197,130 | ||
Ordinary shares, shares outstanding | 126,733,266 | 126,733,266 | 125,473,930 | 125,473,930 | ||
Treasury stock at cost, shares | 1,723,200 | 1,723,200 | 1,723,200 | 1,723,200 | ||
Parent Company [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalent | ¥ 4,815,606 | $ 693,592 | ¥ 55,685,082 | $ 8,020,320 | ¥ 25,047,261 | ¥ 7,329,752 |
Due from subsidiaries | 892,393,364 | 128,531,379 | 353,584,018 | |||
Other current assets | 12,231,081 | 1,761,642 | 11,910,526 | |||
Capped call option | 17,490,323 | |||||
Total current assets | 909,440,051 | 130,986,613 | 438,669,949 | |||
Non-current assets: | ||||||
Investments in subsidiaries | 6,403,914,947 | 922,355,602 | 4,249,348,844 | |||
Due from subsidiaries-non current | 1,228,006,309 | |||||
Total assets | 7,313,354,998 | 1,053,342,215 | 5,916,025,102 | |||
Current liabilities: | ||||||
Due to subsidiaries | 415,199,410 | 59,801,154 | 62,633,444 | |||
Other current liabilities | 13,706,994 | 1,974,218 | 24,542,051 | |||
Convertible senior notes-current | 423,739,708 | 61,031,212 | 650,916,976 | |||
Total current liabilities | 852,646,112 | 122,806,584 | 738,092,471 | |||
Convertible senior notes | 856,064,385 | |||||
Total liabilities | 852,646,112 | 122,806,584 | 1,594,156,856 | |||
Shareholders' equity: | ||||||
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 125,473,930 and 126,733,266 shares issued and outstanding as of December 31, 2015 and 2016, respectively) | 17,881 | 2,575 | 17,711 | |||
Additional paid-in capital | 3,145,262,253 | 453,011,991 | 2,924,336,179 | |||
Accumulated other comprehensive income | 104,784,173 | 15,092,060 | 12,582,041 | |||
Treasury stock, at cost: 1,723,200 shares of ordinary shares as of December 31, 2015 and 2016, respectively | (13,875,553) | (1,998,495) | (13,875,553) | |||
Retained earnings | 3,224,520,132 | 464,427,500 | 1,398,807,868 | |||
Total JinkoSolar Holding Co., Ltd. Shareholders' equity | 6,460,708,886 | 930,535,631 | 4,321,868,246 | |||
Total liabilities, redeemable non-controlling interest and shareholders' equity | ¥ 7,313,354,998 | $ 1,053,342,215 | ¥ 5,916,025,102 | |||
Ordinary shares: | ||||||
Ordinary shares, par value | $ / shares | $ 0.00002 | $ 0.00002 | ||||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||
Ordinary shares, shares issued | 126,733,266 | 126,733,266 | 125,473,930 | 125,473,930 | ||
Ordinary shares, shares outstanding | 126,733,266 | 126,733,266 | 125,473,930 | 125,473,930 | ||
Treasury stock at cost, shares | 1,723,200 | 1,723,200 | 1,723,200 | 1,723,200 |
ADDITIONAL INFORMATION-CONDE140
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Condensed Cash Flows) (Details) | 12 Months Ended | |||
Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | ¥ 1,991,799,815 | $ 286,878,844 | ¥ 860,299,088 | ¥ 726,196,922 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Share of income from subsidiaries | (15,265,937) | (2,198,752) | (13,669,112) | (9,549,289) |
Convertible senior notes issuance cost | 26,052,881 | |||
Exchange (gain)/loss | (208,811,416) | (30,075,101) | 86,517,698 | 139,566,645 |
Changes in operating assets and liabilities: | ||||
Decrease/(increase) in other current assets | (7,621,260) | (1,097,690) | (52,933,157) | (309,737,240) |
Net cash provided/(used) by operating activities | (1,802,967,740) | (259,681,366) | 1,339,049,528 | 187,067,558 |
Cash flows from investing activities: | ||||
Net cash used in investing activities | (6,908,979,750) | (995,100,065) | (3,314,637,733) | (4,158,754,486) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 770,201,158 | |||
Proceeds from exercise of share options | 21,730,663 | 3,129,866 | 7,613,965 | 14,528,109 |
Proceeds from issuance of convertible senior notes | 914,850,000 | |||
Repurchase of convertible senior notes | (1,218,706,405) | (175,530,233) | (113,025,510) | |
Net cash provided by financing activities | 7,455,061,233 | 1,073,752,158 | 3,850,632,466 | 5,303,692,922 |
Effect of foreign exchange rate changes on cash and cash equivalents | 74,639,667 | 10,750,348 | 31,599,153 | (11,061,518) |
Net increase/(decrease) in cash and cash equivalents | (1,182,246,590) | (170,278,925) | 1,906,643,414 | 1,320,944,476 |
Cash and cash equivalents, beginning of year | 2,392,591,132 | 344,604,801 | 1,777,020,667 | 456,076,191 |
Cash and cash equivalents, end of year | 2,501,417,491 | 360,279,057 | 2,392,591,132 | 1,777,020,667 |
Supplemental disclosure of non-cash investing and financing cash flow information | ||||
Proceeds from exercise of share options received in subsequent period | 6,135,783 | 883,737 | 10,210,003 | 226,952 |
Payment of issuance cost for follow-on offering in subsequent period | 2,328,174 | |||
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 1,826,709,975 | 263,100,961 | 683,751,534 | 673,025,055 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Share of income from subsidiaries | (1,949,659,745) | (280,809,412) | (692,117,271) | (610,091,593) |
Convertible senior notes issuance cost | 26,052,881 | |||
Exchange (gain)/loss | 10,073,699 | 1,450,914 | 8,235,787 | (10,046,144) |
Changes in operating assets and liabilities: | ||||
(Increase)/decrease in due from subsidiaries | 809,466,119 | 116,587,371 | 104,043,486 | (572,172,865) |
Decrease/(increase) in other current assets | (4,394,605) | (632,955) | (1,080,514) | 299,752 |
Increase/(Decrease) in due to a subsidiary | 352,565,966 | 50,780,061 | 21,721,556 | 26,234,900 |
(Decrease)/increase in other current liabilities | (10,835,057) | (1,560,573) | 316,410 | 16,276,144 |
Net cash provided/(used) by operating activities | 1,144,168,844 | 164,794,588 | 139,442,188 | (514,523,514) |
Cash flows from investing activities: | ||||
Investments in subsidiaries | (5,620,197) | (1,141,190,434) | ||
Net cash used in investing activities | (5,620,197) | (1,141,190,434) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares | 770,201,158 | |||
Proceeds from exercise of share options | 21,730,663 | 3,129,866 | 7,613,965 | 14,528,109 |
Proceeds from issuance of convertible senior notes | 888,797,119 | |||
Repurchase of convertible senior notes | (1,218,706,405) | (175,530,233) | (113,025,510) | |
Cash paid for capped call option | ||||
Prepayment for share repurchase | ||||
Repurchase of common stock | ||||
Net cash provided by financing activities | (1,196,975,742) | (172,400,367) | (105,411,545) | 1,673,526,386 |
Effect of foreign exchange rate changes on cash and cash equivalents | 1,937,422 | 279,051 | 2,227,375 | (94,929) |
Net increase/(decrease) in cash and cash equivalents | (50,869,476) | (7,326,728) | 30,637,821 | 17,717,509 |
Cash and cash equivalents, beginning of year | 55,685,082 | 8,020,320 | 25,047,261 | 7,329,752 |
Cash and cash equivalents, end of year | 4,815,606 | 693,592 | 55,685,082 | 25,047,261 |
Supplemental disclosure of non-cash investing and financing cash flow information | ||||
Proceeds from exercise of share options received in subsequent period | 6,135,783 | 883,737 | 10,210,003 | 226,952 |
Payment of issuance cost for follow-on offering in subsequent period | 2,328,174 | |||
Parent Company [Member] | Capped Call Options [Member] | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Change in fair value | 18,226,535 | 2,625,167 | 6,170,282 | 86,689,063 |
Parent Company [Member] | 2016 Notes [Member] | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Change in fair value | ¥ 92,015,957 | $ 13,253,054 | ¥ 8,400,918 | ¥ (150,790,707) |