On May 20, Xinyi Solar fell 5.24% in regular trading, trading at HKD 2.72 per share, with trading volume of HKD 62.41 million. The decline was driven by continued structural supply-demand imbalances in the photovoltaic glass industry compounded by unfavorable policy shifts.

On the news front, Bengbu Deli Guangneng Materials and ten subsidiaries of LONGi Green Energy mutually terminated a long-term PV glass purchase agreement worth approximately RMB 5.531 billion. The termination was attributed to persistently declining PV glass prices, with selling prices falling below production costs and resulting in significant losses. The related production lines had already been shut down in January of last year. This event further underscores the severe pricing pressure facing the PV glass sector.

Adding to sector headwinds, photovoltaic product export tax rebates were reduced from 9% to zero, while industry self-regulatory measures were halted — a dual policy blow exacerbating existing weakness. Peer Flat Glass also declined 2.11% on the same day, reflecting broad-based pressure across the segment.

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