China’s Struggling Solar Energy Firms Join Share Buybacks Push
- Industry leader Longi has 600 million yuan repurchase plan
- Moves follow call from CSRC for companies to conduct buybacks
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Efforts by China’s solar manufacturers to use share buybacks to arrest a slump in market valuations are expected to have only a limited impact, with the sector facing continued pressure on profits.
Longi Green Energy Technology Co., the world’s largest solar equipment maker, plans to repurchase as much as 600 million yuan ($83 million) of its Shanghai-listed shares, the company said Monday. That follows Tongwei Co.’s proposal for a 2 billion yuan buyback last week, and an earlier move by JinkoSolar Holding Co.