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Chinese solar module manufacturer Jinko Solar will sell its subsidiary Xinjiang Jinko for RMB4.3 billion (US$606.7 million).

The company said that Jiangxi Jinko, subsidiary of Jinko Solar and parent company of Xinjiang Jinko, will no longer hold any shares in Xinjiang Jinko after the transaction. The company added that the transaction is to reduce Jiangxi Jinko’s operational costs, improve its production efficiency and optimise its facility mix.

Buyers of Xinjiang Jinko included Ziyang Major Industry Equity Investment Fund Partnership and a Mr. Dong Shihong.