Chinese solar billionaire doubles fortune despite US sanctions

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Shares of Hoshine Silicon Industry Co are up 111% 📈😲

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After the US government barred imports of Hoshine Silicon products, Luo Liguo and his family have only gotten richer. — About a year ago, the US sanctioned trade with a little-known Chinese company at the heart of the solar energy supply chain, alleging it relies on forced labor in the Xinjiang region. The action had immediate and lasting effects, worsening relations between the two nations and plunging the US solar industry into chaos.

The company isn’t the only firm in the solar supply chain linked to these programs, and the industry’s been under US scrutiny for years. But Chinese firms so dominate the sector that it’s harder for US buyers to find alternative suppliers than it is for Chinese manufacturers to sell to other markets, said James Cockayne, a former professor at the University of Nottingham who published a study last month on the effectiveness of Xinjiang sanctions.

Others were critical of the campaigns. In 2019, a United Nations working group said an estimated 1 million people had “reportedly been sent to internment facilities under the guise of ‘counterterrorism and de-extremism’ policies since 2016.” After reports of the camps spurred outrage around the globe, China said in late 2019 that everyone had “graduated” and the training centers were closed.

“Hoshine had done lots of self-advertising about their involvement in labor transfer programs,” said Laura Murphy, one of the authors of the report and a professor at Sheffield Hallam who has investigated Hoshine’s activities in the region. If any industry’s suffered, it’s been US solar developers. Hoshine’s industrial silicon production is the first of several steps in making solar panels. Hoshine sells its industrial silicon to refineries mostly in China but also in Germany and South Korea. The product, polysilicon, is then molded into bricks, sliced into thin square wafers, treated and wired up before being assembled together into the solar panels that adorn suburban rooftops and sprawling rural power farms.

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