Hanwha Solutions (009830 KP): Hold: Section 232 delay highlights trade policy uncertainty

Research evidence excerpt

Hanwha Solutions (009830 KP): Hold: Section 232 delay highlights trade policy uncertainty

Equities ● Energy Equipment & Services

25 June 2026

HSBC Corporate Access Event

HSBC is hosting a virtual call with Hanwha Solutions (HSC) at 8:30am HKT on 29 June. Please

contact us to participate in the call and/or for post-call feedback.

Management representative:

◆ Eugene Hwang, IR Manager

Schedule

◆ 8:30am HKT on 29 June

Trade policy uncertainties

The US is reportedly pushing back the long-awaited Section 232 decision to August, having

previously been expected by end-June. As any Section 232 tariffs could materially lift US solar pricing,

many renewable developers are staying on the sidelines and keeping procurement activity limited.

Beyond Section 232, the US has initiated a range of tariff investigations covering solar imports.

The US Department of Commerce (DoC) announced preliminary anti-dumping and

countervailing duty (AD/CVD) rates on solar imports from India, Indonesia and Laos. These

preliminary duties have already contributed to a meaningful decline in imports from the targeted

countries, with final determinations expected in July and September.

Following the preliminary AD/CVD rulings, increased shipments from non-target countries,

including Philippines and Ethiopia, have markedly offset the reduction in imports from the

targeted markets. As a result, some US manufacturers have requested that the DoC initiate an

AD/CVD investigation into imports from Ethiopia and other non-target countries (14 May).

Company-specific trade risk has also emerged as US domestic manufactures have filed a

petition alleging that Hanwha Solutions is circumventing AD/CVD on imports from China by

undertaking minor processing of Chinese solar wafers into cells, which are then exported to the