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Huadong Heavy Machinery Scraps Solar Cell Project Amid Chip Decline; Shares Drop 9%
Wuxi Huadong Heavy Machinery (002685.SZ) plans to terminate the construction of the Bozhou 10GWN high-efficiency solar cell production base project.
On August 5th, GeLunHui announced that Wuxi Huadong Heavy Machinery (002685.SZ) held the 14th meeting of the 5th board of directors on August 5th, 2024, and approved the proposal for "Termination of Investment and Construction of a 10GWN High-Efficiency Solar Cell Production Base Project in Bozhou and the Cancellation of the Project Company", agreeing to terminate the investment in the construction of the 10GWN high-efficiency solar cell production base project in Bozhou (hereinafter referred to as the "investment project") and cancel the project company, Huadong Energy Technology (Bozhou) Co., Ltd. (hereinafter referred to as "Huadong Energy (Bozhou)"). The meeting agreed with Bozhou Wuhu Modern.
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