SHANGRAO, China, June 21, 2021 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its holding subsidiary, Shangrao JinkoSolar Industry Development Co., Ltd. plans to invest RMB315 million of monetary capital to increase capital and shares in Inner Mongolia Xinte Silicon Materials Co., Ltd. ("Inner Mongolia Xinte"), a wholly-owned subsidiary of Xinte Energy Co., Ltd. ("Xinte Energy") (HKEX: 1799). The investment will be used for the construction of a high-purity polysilicon production line with an annual capacity of 100,000 tons. After the capital increase is completed, the Company will hold a 9.00% stake in Inner Mongolia Xinte.

Mr. Kangping Chen, CEO of JinkoSolar Co., Ltd., commented, "Xinte Energy is a leader in polysilicon technology and industrialized operations. We are very pleased to extend this close partnership with them, and remain fully confident about the accelerated growth of the PV industry over the next few years. We believe that this investment is not only a solid growth strategy, but will help to stabilize silicon material supply and reduce supply chain volatility. By cooperating with upstream specialized manufacturers, we will continue to strengthen the advantages of our integrated capacity and solidify the foundation for mass production of high-efficiency modules year-over-year. We will continuously work towards win-win situations through deeper cooperation with our supply chain partners, and jointly promote the development of the global solar market and accelerate the transformation of green energy."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 22 GW for mono wafers, 11 GW for solar cells, and 31 GW for solar modules, as of December 31, 2020.

JinkoSolar has 9 productions facilities globally, 23 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, Australia, Portugal, Canada, Malaysia, UAE, Kenya, Denmark, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina, as of December 31, 2020.

To find out more, please see: www.jinkosolar.com

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

Ms. Stella Wang

JinkoSolar Holding Co., Ltd.

Tel: +86 21-5180-8777 ext.7806

Email: pr@jinkosolar.com

SOURCE JinkoSolar Holding Co., Ltd.

On June 21, MPs Kh.Gankhuyag and D.Unurbolor presented draft amendments to the Law on Investment to Speaker G.Zandanshatar.

With the current Law on Investment in place, a foreign company has to choose its status as a business entity with foreign investment or a representative office prior to starting its business in Mongolia. Furthermore for entities, no less than 25 percent has to be owned by a foreign company through an investment of no less than USD 100 thousand. The MPs considered that the threshold is unnecessary for establishing a business entity with foreign investment. However, it is more suitable to specifically state the minimum amount of investment in Mongolia in the case where an investor and their family applies for a residence permit.

The aforementioned requirement for the minimum amount of investment is likely to cause difficulties for those interested in making further investments after investing a small amount initially. As for representative offices, they are not permitted to run business activities despite there being no restrictions regarding investment. Thus, they developed the draft amendments in a way so that:

• foreign and domestic investors are considered as the same, re-defining the term, ‘business entity with foreign investment’,

• the requirement for a minimum investment of USD 100 thousand is removed for entities with foreign investment, and added the requirement for the case in which an investor and their family apply for a residence permit,

• and developed the corresponding necessary amendments to be made for the Law on State Registration of Legal Entities.

The Independent Research Institute of Mongolia (IRIM) is conducting “Endline Public Perception Survey for IFC Mongolia Mining, Communities & Water Management Project” commissioned by International Finance Corporation (IFC).

In 2013, IRIM implemented a baseline survey among the communities in the South Gobi region to understand the following issues: access to water, use of water and opinions on mining and water management. From 2014 to 2018, the International Finance Corporation (IFC) implemented project aimed to increasing the participation of mining companies in local water management and improving local people's understanding and attitudes towards water.

In this endline perception survey, representatives of 15 soums in South Gobi region will participate to identify the impact of the project, to determine the progress made by mining companies in fulfilling their commitments to protect water and to assess improvements of local community perception of the mining impact on water management. In quantitative research, 1,067 people of South Gobi region will involve, and will be conducted with local Environmental specialists and representatives of mining companies.

Objectives are to conduct representative population survey of all fifteen soums in the SG region to assess local peoples’ perception of the mining industry’s impact on the local water supply, compared with the results of the 2013 community perceptions survey to assess any changes and/or improvements in community perceptions of the mining industry’s impact on the local water supply and identify whether there are any changes in community perceptions IFC project activities (training, mine site visits, etc.), mining company actions (e.g. community outreach and engagement) and/or government initiatives.

Source: The Independent Research Institute of Mongolia

Khanbogd Cashmere LLC shipped 20 tons of cashmere that meet international quality requirements and stardards to Italy on June 2 and the shipment arrived in Italy today, on June 22.

Ambassador of Mongolia to Italy Ts.Jambaldorj handed over the product to Falconeri S.R.L and Lanificio Luigi Colombo S.P.A companies.

Khanbogd Cashmere has previously been exporting its cashmere to Italy in 90 days through China and this time, by land, the cashmere reached its destination in 20 days.

10 of the 20 tons of cashmere holds the Mongolian Noble Fibre certification mark, which certifies that the product is made with 100 percent high quality wool and cashmere sourced from Mongolia, meets Mongolian and international standards for textiles and woven products, and fully complies with quality standards in environmentally-friendly manufacturing.

As 60-70 percent of Mongolia’s cashmere is currenly exported after primary processing, the Ministry of Food, Agriculture and Light Industry and the Mongolian Wool and Cashmere Associaiton are working towards reducing and eventually stopping export of washed cashmere and increasing production and export of value-added products.

In Mongolia, 2,231 new cases of COVID-19 were detected from 11,765 tests performed nationwide in the past 24 hours, thus the country’s infection tally has reached 98,050.

According to the Ministry of Health, the majority of the confirmed cases are among young people aged 30-40.

1289 of the new cases were recorded in Ulaanbaatar city, 934 in aimags as well as eight hospital-acquired infections. Specifically, 14 cases were recorded in Bayan-Ulgii, 85 in Bayankhongor, 59 in Bulgan, 42 in Gobi-Altai, 11 in Gobisumber, 57 in Darkhan-Uul, 51 in Dornod, 57 in Dundgobi, 76 in Zavkhan, 54 in Orkhon, 48 in Uvurkhangai, 34 in Sukhbaatar, 43 in Selenge, 157 in Tuv, 32 in Uvs, 25 in Khovd, 85 in Khuvsgul, and 53 in Khentii.

In the past 24 hours, 886 people were recovered, which takes the total number of recoveries to 64,354. Currently, 12,415 people are receiving hospital treatment for COVID-19.

The Ministry of Health also reported that 12 people died from COVID-19, which brings the COVID-19 death toll to 459.

Mongolia’s national consumer inflation reached 6.2% in May, up by 0.7% m/m, according to the country’s national statistics office.

Inflation was 5.6% in April.

The increase was affected by the increased price of consumer goods such as imported alcoholic beverages and tobacco (2.4% y/y), medicine (up 4.5% y/y), and a 5% price increase in housing, water, electricity, gas, and fuels y/y in 5M21.

The prices of imported goods and services increased by 14.3% y/y in the first five months, mainly due to border restrictions from China because of the COVID-19 pandemic.

“From 5M20 to 3M21, the domestic inflation rate fluctuated between 2-3%, falling below the central bank’s target. Analysts say this indicates a decline in economic activity during that period. During the pandemic, the government regulated price reductions for some goods and services. On the supply side, changes in the prices of government-regulated goods and services contributed to higher inflation, according to the central bank. In addition, commodity prices have been rising sharply with the easing of lockdown measures and while the economy recovers,” the American Chamber of Commerce (AmCham) in Mongolia notes in their newswire.

Fitch Ratings - Hong Kong - 21 Jun 2021: Fitch Ratings has assigned Mongolia's (B/Stable) proposed US dollar bonds a 'B' rating.

Proceeds from the proposed bonds will be used to repurchase a portion of the existing bonds maturing in 2022 and 2023 through a cash tender offer.

KEY RATING DRIVERS

The rating is in line with Mongolia's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B' with a Stable Outlook.

Fitch affirmed Mongolia's Long-Term Foreign- and Local-Currency IDRs on 25 May 2021.

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE RATING ACTION/DOWNGRADE:

- External Finances: Evidence of heightened external stress, for example as a result of restricted access to external financing sources or a marked decline in foreign reserves.

- Public Finances: Failure to reduce the budget deficit and stabilise the government debt/GDP ratio.

- Structural Features: Political instability sufficient to significantly disrupt strategic mining projects or FDI inflows.

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE RATING ACTION/UPGRADE:

- Public Finances: Narrowing of the budget deficit consistent with putting government debt/GDP on a firm downward path.

- External Finances: The accumulation of larger foreign-currency reserve buffers and the implementation of a debt-management strategy that lowers refinancing risks and improves external debt sustainability.

- Macroeconomic: A resumption of stronger economic growth and export trends without the emergence of imbalances, and the maintenance of a favourable business environment conducive to robust FDI inflows.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

Ulaanbaatar /MONTSAME/. In the framework of the Child Protection Compact Partnership signed between the governments of the United States of America and Mongolia, the “Child Protection Compact" project has started the implementation by World Vision International and The Asia Foundation Mongolia.

Under the objective of the project to strengthen the capacity of government and civil society organizations to identify and provide comprehensive services to child victims of human trafficking, a capacity building training has been organized in cooperation with Talita Asia and School of Business Administration and Humanity of Mongolian University of Science and Technology. The participants are from Family, Child and Youth Development Authority (FCYDA), Municipal and Bayanzurkh, Bayangol, Songinokhairkhan, Chingeltei and Sukhbaatar districts’ FCYDAs.

The goal of the training is to improve the skills and provide fundamental methodological knowledge on comprehensive services for child victim of trafficking for the purpose of sexual exploitation and forced labor.

Furthermore, in collaboration with Talita Asia, the project will promote long-term protection services for children victims of human trafficking and develop training programs and implement trainings on working with children victims of human trafficking.

In April 2020, the U.S.-Mongolia Child Protection Compact (CPC) Partnership was signed in order to strengthen the efforts of the Mongolian government and civil society to fight all forms of child trafficking in Mongolia.

The U.S. Department of State’s Office to Monitor and Combat Trafficking in Persons (TIP Office) awarded the $5 million (nearly 15 billion MNT) CPC grant through a competitive process to World Vision, which is serving as the lead implementing partner for the CPC.

The Asia Foundation and four Mongolian NGOs – The Gender Equality Center, Talita Asia, Unbound Mongolia, and Beautiful Hearts – are also being engaged as implementing partners under World Vision’s leadership. These organizations are working collaboratively with Ms. L. Nyamgerel, Head of the Task Unit of Crime Prevention and Coordinating Council, and members of the Mongolian National Sub-Council on Trafficking in Persons throughout the four-year partnership.

According to the National Statistics Office, in the first 5 months of 2021, 340.7 million pieces of securities worth MNT 612.1 billion were traded at the national stock market, increased by MNT 595.8 billion (37.5 times) and 234.1 million pieces of securities (3.2 times), compared to the same period of previous year.

In May 2021, total sales of stocks reached MNT 521.2 billion, decreased by MNT 521.2 billion (97.7%) from the previous month, while it is increased by MNT 8.0 billion (2.8 times) from the same period of previous year. The number of pieces of traded securities reached 28.4 million, which is decreased by 38.2 million pieces (57.3%) from the previous month and decreased by 19.9 million pieces (41.2%) from the same period of previous year.

In May 2021, the average of indices of the top 20 financial markets was 35762.5 units, increased by 411.0 units from the previous month, and increased by 19474.1 units from the same period of 2020.

In May 2021, the total value of joint stock companies operating at stock markets reached MNT 3.7 trillion, decreased by MNT 32.4 billion (0.9%) from previous month while it is increased by MNT 1.3 trillion (52.6%) from the same period of previous year.

Source: National Statistics Office of Mongolia