China’s PV industry firms turn to share buybacks amid rising competition

Some of China’s solar manufacturers are resorting to share buybacks to boost their low market valuations as rising competition drives down equipment prices, Bloomberg writes. Longi Green Energy, the world’s largest solar equipment maker, has announced a 600 million yuan (USD 83 mn) repurchase plan of its Shanghai-listed shares, following similar moves by Tongwei and JinkoSolar. Analysts doubt the buybacks will be effective and expect the solar sector’s profitability to drop further. The buybacks also come as Chinese regulators urge listed companies to increase repurchases to stabilize the stock market, which closed at a five-year low last week.

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• Toyota + Chiyoda partner on a large-scale electrolysis system: Japan’s Toyota Motor Corporation and engineering firm Chiyoda Corporation are partnering to introduce a 5 MW electrolysis system for hydrogen production — which will later be expanded to 10 GW — at the automaker’s Honsha plant starting FY 2025. Construction of the electrolyzer factory is expected to begin in 2026 at the earliest. (Statement)