# Major Loss Prompts Reshuffle? JinkoSolar Executive Adjustment: Chen Kangping, One of the "Iron Triangle," Steps Down as CEO, Finance-Backed Executive Promoted

Why Did the Financial Executives Rise After JinkoSolar’s Losses?

By Zhu Chengxiang, Daily Economic News Reporter | Edited by Wei Wenyi

On the evening of March 16, JinkoSolar (SH688223, stock price 7.60 yuan, market value 78.03 billion yuan), a leading company in photovoltaic modules, announced that due to work adjustments, Chen Kangping resigned from his position as General Manager and from related roles in the company’s subsidiaries, and was appointed Vice Chairman.

The former CFO, Cao Haiyun, took over as General Manager. Additionally, Secretary of the Board Jiang Rui was hired as Vice President, and Chang Chen was promoted to Chief Financial Officer. Cao Haiyun and Chang Chen are both Certified Public Accountants, while Jiang Rui comes from the securities industry.

According to Daily Economic News (hereafter “DNEWS”), Chen Kangping is the brother-in-law of Li Xiande, Chairman of JinkoSolar, and is considered part of the company’s “Iron Triangle” along with Li Xiande and Li Xianhua.

JinkoSolar told DNEWS that this personnel change does not involve adjustments to the actual controlling shareholder or board members, and is a normal upgrade of governance and management structure.

Image Source: JinkoSolar Announcement

High-level Executives with Financial and Securities Backgrounds Rise to Power

According to JinkoSolar’s prospectus, its indirect controlling shareholder is JinkoSolar Holding Co., Ltd., listed on the New York Stock Exchange. As of June 30, 2021, Li Xiande, Chen Kangping, and Li Xianhua collectively held 18.16% of voting rights in JinkoSolar Holding, representing 8.69%, 6.29%, and 3.18% of JinkoSolar Holding’s issued shares, respectively.

Li Xiande, Chen Kangping, and Li Xianhua are the actual controllers of JinkoSolar and are acting in concert. Chen Kangping is the brother-in-law of Li Xiande, and Li Xianhua is Li Xiande’s brother.

The three “Jinko” listed companies are all chaired or led by Li Xiande. The NYSE-listed JinkoSolar Holding is led by CEO Li Xiande, who previously served as General Manager of JinkoSolar. Another A-share listed company, Jinko Technology, is managed by Sha Jianghai, born in 1982, who previously held senior roles at ShunDe Power Holdings and served as Assistant Chairman and Investment Director at Global Solar Fund.

Chen Kangping was born in 1973, two years older than Chairman Li Xiande. The newly appointed Cao Haiyun was born in 1977 and served as CFO of JinkoSolar Holding from February 2012 to May 2021. Since May 2021, he has been Vice President of JinkoSolar, and since December 2023, he has served as the company’s CFO.

Additionally, Secretary Jiang Rui previously served as Senior Vice Manager at Hongyuan Securities Co., Ltd., and held senior roles at CITIC Securities and its subsidiaries, as well as General Manager of Strategic Client Department at TF Securities and Director, Vice General Manager, and Secretary of the Board at Huaxi Biological Technology.

Chang Chen previously worked as an auditor at PwC Zhongtian, served as Financial Reporting Manager at JinkoSolar, Deputy General Manager of Financial Budget and Business Analysis, and since March 2026, has been CFO of JinkoSolar.

Seeking Change Amid Significant Losses?

This personnel change may indicate that JinkoSolar is prioritizing financial metrics. According to the 2025 Performance Brief, JinkoSolar is expected to report a net profit attributable to the parent of approximately -6.786 billion yuan in 2025.

Image Source: JinkoSolar 2025 Performance Brief

JinkoSolar stated that the global photovoltaic industry chain has experienced increased price volatility, coupled with trade protection policies in overseas markets, putting overall pressure on profitability across all segments of the integrated PV module industry. Facing industry fluctuations, the company maintains prudent operations and technological leadership, launching the industry-leading new “Feihu 3” high-efficiency module, and continuously upgrading capacity and technology. Meanwhile, energy storage business has developed rapidly, with significant benefits from PV-storage synergy.

However, during the reporting period, PV module prices remained low, and the company’s high-power product shipment ratio was still relatively low. Based on prudence, the company conducted impairment tests on long-term assets showing signs of impairment, and has prudently recognized asset impairment provisions according to accounting standards, which has impacted performance and resulted in an overall operating loss for the year.

Regarding this personnel change, JinkoSolar stated that talent development remains a core part of its competitive advantage. The management adjustment reflects the company’s strategy of “globalization, youthfulness, and professionalism” in talent cultivation, aiming to energize the management team.

JinkoSolar also revealed that it will continue to improve decision-making efficiency to implement strategies, respond to long-term industry changes such as rising raw material prices and export tax adjustments, and leverage governance to enhance risk management. The company will also pursue technological iteration to promote industry healthy development.

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