Rumors triggered a sharp decline in the photovoltaic sector, and the industry association urgently refuted the claims, stating that they will not rest until they eliminate vicious competition

A piece of online rumor has triggered a sharp decline in the photovoltaic sector, prompting the China Photovoltaic Industry Association to urgently refute the claims. The association's executive secretary general stated on social media, "We will not rest until we eliminate the vicious competition of involution."

On November 12, the A-share photovoltaic sector experienced a significant drop, with the Photovoltaic 50 ETF at one point falling over 50%. By the close, the Photovoltaic 50 ETF had dropped 3.85%. In terms of individual stocks, Canadian Solar saw a decline of over 17% at one point, closing down 14.3%, while leading stocks Longi Green Energy, Tongwei Co., Ltd., and JA Solar also suffered substantial losses.

The immediate trigger for the market decline was a rumor circulating online that the photovoltaic industry's planned stockpiling initiative had "failed." This rumor quickly gained traction in the market.

In response, the China Photovoltaic Industry Association issued a statement refuting the claims, stating that the information circulating online is false. Liu Yiyang, the executive secretary general of the China Photovoltaic Industry Association, posted on social media to address the rumors, asserting that "the photovoltaic industry will not rest until we eliminate the vicious competition of involution."

Recent Refutation by the Photovoltaic Industry Association

In light of the rumors, the China Photovoltaic Industry Association published a statement on its official WeChat account titled "Statement on False Information Circulating Online," clearly indicating that the association and various enterprises in the industry are working together, and relevant efforts are progressing steadily. The association emphasized in the statement:

"The rumors circulating online are all false information, and we urge everyone to discern carefully and make prudent decisions."

The statement also expressed the association's firm stance: "The association is committed to safeguarding national and industry interests. We will fight to the end against malicious actions that attempt to profit from slandering and short-selling the photovoltaic industry."

(Image source: Screenshot from the China Photovoltaic Industry Association's WeChat account)

According to reports, Liu Yiyang, the executive secretary general of the China Photovoltaic Industry Association, stated today on social media that people should not believe or spread rumors. Liu Yiyang said,

"We remember the General Secretary's requirements and strive to promote industry self-discipline and 'anti-involution' efforts under the strong guidance of relevant ministries. We will work together from both supply and demand sides to promote the orderly exit of backward production capacity in a market-oriented and legal manner. I believe that with the firm guidance and support from the central government and the coordinated efforts of industry enterprises, the relevant work will surely succeed. We will not rest until we eliminate the vicious competition of involution in the photovoltaic industry."

At the same time, Liu Yiyang warned the rumor-mongers not to underestimate the determination of policies, stating that falsehoods cannot become truths, and those who attempt to profit from deception and rumors will eventually face consequences