Jinko Solar Holding Co Ltd, one of the world’s largest solar panel makers based in China, had its facilities raided by the US Department of Homeland Security (DHS) this week. The raid took place at the company’s solar panel factory in Jacksonville, Florida, and its sales and operations office in San Francisco, California. According to a DHS spokesperson, the search warrants were executed as part of an ongoing federal investigation, although no specific details about the nature of the probe were provided.
Jinko Solar is among the few global solar manufacturers that have established domestic production in the United States. Most solar panels are imported from Asia. Despite the raid, the company stated that its business operations were unaffected and that it was cooperating with the relevant agencies to understand the nature of the inquiry. Jinko Solar emphasized its commitment to operating ethically and complying with the laws and regulations of the countries where it operates.
The US has detained shipments of solar equipment from Jinko Solar and other major Chinese panel manufacturers over the past year under the Uyghur Forced Labor Protection Act. The act prohibits imports from China’s Xinjiang region due to concerns about forced labor practices. However, some of these shipments have been released from detention in recent months.
Following the raid in Florida, Jinko Solar’s shares declined by 8%, although the stock showed slight recovery the following day. As of late afternoon trading on the New York Stock Exchange, the stock was up 29 cents, trading at $43.76.
The article highlights the DHS’s action against Jinko Solar and the ongoing investigation without providing specific details about the probe. It also mentions the previous detention of solar equipment shipments under the Uyghur Forced Labor Protection Act and the impact on Jinko Solar’s stock value.
Jinko Solar’s commitment to operating ethically and complying with laws and regulations is a positive note in the midst of the ongoing investigation. The impact of the raid on the company’s business operations remains to be seen, although the stock’s slight recovery suggests that investors may not be overly concerned. The detention of solar equipment shipments under the Uyghur Forced Labor Protection Act raises important questions about supply chain transparency and ethical sourcing practices, which are increasingly important considerations for consumers and investors alike.
The raid conducted by the Department of Homeland Security (DHS) on facilities operated by Jinko Solar Holding Co Ltd has raised speculation and questions about the ongoing federal investigation. While the nature of the probe remains undisclosed, the actions taken by DHS indicate a significant development in the case.
Jinko Solar, headquartered in Shanghai, is renowned as one of the world’s leading solar panel manufacturers. Its decision to establish domestic production facilities in the United States has set it apart from many other solar manufacturers who primarily rely on imports from Asia. This strategic move has positioned Jinko Solar as a key player in the US solar market.
The company reassured stakeholders that its operations were continuing normally despite the raid. Jinko Solar expressed a cooperative stance, stating that it is engaging constructively with relevant agencies to gain a comprehensive understanding of the inquiry. Emphasizing its commitment to adhering to the highest ethical standards, Jinko Solar underlined its intention to comply with the laws and regulations of the countries in which it operates.