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How Biden Gave a Boost to One Xinjiang Solar Manufacturer

  • Xinte Energy shares jump as rivals are added to U.S. blacklist
  • U.S. targets Chinese firms amid alleged human rights abuses
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WATCH: The U.S. is poised to bar some solar products made in China’s Xinjiang region. Emily Wilkins reports.(Source: Bloomberg)
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Four companies in China’s Xinjiang region produce nearly half of the world’s solar polysilicon supply. The U.S. government added three of them to its export blacklist -- the fourth had its best day on the stock market in more than a month.

Xinte Energy Co. gained 7.3% on the Hong Kong stock exchange after the Commerce Department added its three main rivals to a list of firms that U.S. companies are forbidden to sell products to without government approval. It’s unclear why Xinte was spared while units of Daqo New Energy Corp., GCL-Poly Energy Holdings Ltd. and East Hope Group Co. will be included.