JKS - Why JinkoSolar Stock Just Dropped 5%
2024-06-25 12:25:46 ET
Shares of China's JinkoSolar Holding (NYSE: JKS) tumbled 5.5% through 11 a.m. ET Tuesday on a couple of disturbing international news reports. First, in China, Caixin Global reports China's National Energy Administration is taking steps "to slow the breakneck expansion of the country's solar industry," in particular by curbing "low-end" solar production.
Meanwhile, Bloomberg reports India is "pushing for self-sufficiency in solar manufacturing" -- and planning to restrict solar imports from China.
Taken together, this is a double whammy for JinkoSolar, as its home government limits its output (reducing efficiency through scale of production) at the same time as demand for solar products falls in India.
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Why JinkoSolar Stock Just Dropped 5%