Hanwha Solutions Corp Share price +10% on potential acceleration in Google space solar; rights offering allocation delayed to 5 Jun

Research evidence excerpt

Hanwha Solutions Corp Share price +10% on potential acceleration in Google space solar; rights offering allocation delayed to 5 Jun

J P M O R G A N Asia Pacific Equity Research

15 May 2026

Hanwha Solutions Corp Overweight

009830.KS, 009830 KS

Share price +10% on potential acceleration in Google Price (14 May 26):W47,500

space solar; rights offering allocation delayed to 5 Jun Price Target (Jun-27):W60,000

K-solar names rallied >10% on 14 May (HSC: 10%, HD Energy Solutions: 15%, Head of Asia Energy & Chemicals |

OCI: 8% vs. KOSPI 2%) over the WSJ’s report of Google being in talks with Asia EV Battery

multiple launch companies to accelerate the development of datacenters in space. Parsley Ong AC

Note that Google has previously set a prototype satellite launch timeline for 2027 (65) 6882-8578

as part of “Project Suncatcher”. Perovskite tandem cell technology has been parsley.rh.ong@jpmorgan.com

considered suitable by investors for space applications due to its lightweight nature J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

to power DCs in orbit. As we wrote on 29 Apr, HSC has been developing perovskite Morgan Broking (Hong Kong) Limited

tandem cell technology since 2013, with recent management comments pointing Michelle Wong

to HSC “open to potential cooperation” with space-related companies. We see (852) 2800 8556

space datacenter orders as a free option for HSC, as we do not factor in any earnings michelle.wong@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

contribution in our model. The company also revised the share allocation timeline Morgan Broking (Hong Kong) Limited

for its W1.8trn rights offering to 5 Jun i.e. investors who own HSC shares before Vicky Hsia