Shanghai, Jan 18, 2026, 08:58 (CST) — Market closed.
- LONGi Green Energy’s A-shares on the Shanghai exchange ended the session 1.24% higher, closing at 18.73 yuan.
- According to a disclosure from Zhongjing Technology, LONGi trimmed its stake to 4.9999% following sales up to Jan. 15.
- Traders are focused on the tighter onshore risk controls starting Jan. 19 and how solar exporters will adjust ahead of the April 1 VAT rebate shift.
LONGi Green Energy Technology Co Ltd (601012.SS) closed Friday 1.24% higher at 18.73 yuan, edging up slightly after a volatile week for Chinese solar stocks. StockAnalysis
After Zhejiang Zhongjing Technology (003026.SZ) disclosed new data on LONGi’s portfolio cuts, the stock returned to traders’ radars Monday. The update pushed LONGi’s stake beneath a critical reporting level.
Zhongjing reported that LONGi offloaded 5,219,150 shares of the Shenzhen-listed semiconductor silicon materials company between Jan. 27, 2025, and Jan. 15, 2026. After these sales, LONGi holds 6,480,850 shares, representing 4.9999% of the total share capital (or 5.0154% when excluding repurchased shares). The filing detailed that the shares were sold through on-exchange block trades—large negotiated deals—and regular auction trading. Importantly, these transactions did not trigger a takeover offer. The earlier share reduction plan is set to continue until Feb. 26, 2026. Dfcfw PDF
Sliding under 5% is significant in China since it can trigger tighter disclosure and trading rules for major shareholders. For LONGi, it’s a stark reminder that cash, inventories, and “non-core” assets aren’t just theoretical concerns in a solar supply chain still battling for margin.
Setting aside individual stock dynamics, China’s market mood is pivoting once more. Regulators and exchanges announced plans to tighten oversight and raise the minimum margin requirement for new margin-financing loans to 100% from 80%, effective Jan. 19. This measure targets rampant speculation following a sharp rally in mainland shares. Reuters
Mainland benchmarks slipped on Friday, with the Shanghai Composite Index falling 0.26% to 4,101.91. The dip highlights growing caution as risk appetite faces pressure amid tighter leverage regulations. Xinhua
Solar investors are weighing the impact of a “rush export” trade. According to Securities Times, data from Infolink Consulting shows TOPCon 3.0 module prices topping 0.8 yuan per watt. CITIC Securities analyst Hua Pengwei said overseas buyers might “rapidly” boost orders during the current window before policy shifts take effect, though demand could be pulled forward from the second quarter. (TOPCon and back-contact modules refer to higher-efficiency cell designs.) STCN
China’s tax authorities announced that starting April 1, value-added tax (VAT) export rebates on photovoltaic products will be eliminated. These rebates refund a portion of the tax paid on goods sold abroad, so their removal usually increases exporters’ costs unless there’s a price shift. China Tax Government
LONGi, a key player in wafers and modules, faces questions on whether stronger export orders and a short-term price boost will make up for setbacks from policy changes and ongoing oversupply. Its latest quarterly report showed a net loss attributable to shareholders for the first nine months of 2025, with revenue also down year-on-year. Cninfo
The downside scenario is well-known: a brief export boost that vanishes once the policy deadline passes, another drop in module prices, or fresh trade tensions triggering discounts and tightening cash flow. Even rumors that big players are offloading assets to raise cash can rattle sentiment, even if the amounts involved are minor.
When markets reopen Monday, investors will be watching to see if LONGi’s shares can hold onto Friday’s gains amid the new, stricter margin-financing rules. They’ll also keep an eye on any fresh disclosures revealing more selling in Zhongjing shares ahead of the Feb. 26 deadline for the reduction plan — though April 1 remains the bigger policy trigger.
