Shares of solar energy-related companies plunged yesterday after news broke that China's Longi Green Energy Technology may be the next solar panel maker to see products detained at the US border under a Biden administration crackdown prompted by allegations of human rights abuses in the nation.
The world's largest producer of solar modules has been notified that detainments of products at the US border are "imminent," analysts at the Newport Beach, California-based investment bank said Tuesday in a note to clients.
Longi would join JinkoSolar, Canadian Solar and Trina Solar on the list of solar manufacturers tied to Hoshine Silicon Industry that have had modules stopped in recent months. Xinjiang-based Hoshine produces metallurgical-grade silicon that is used in the solar panel manufacturing process.
The Biden administration started blocking imports of silica-based products made by Hoshine in June, over alleged human-rights abuses in Xinjiang.
Longi fell as much as 9 percent in Shanghai yesterday while in Hong Kong, Xinyi Solar (0968) dropped 7 percent.
