Solar Morning Spotlight (5/11): JKS US Expansion, Section 232 & Section 122

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Solar Morning Spotlight (5/11): JKS US Expansion, Section 232 & Section 122

Equity Research

Industry Update — May 11, 2026

Clean Energy

Solar Morning Spotlight (5/11): JKS US

Expansion, Section 232 & Section 122

Our Call Praneeth Satish

Last Fri, JinkoSolar (JKS) sold a 75.1% stake in its US operations to PE firm FH Capital, Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

who plans to double module capacity. Sec 232 decision now expected after 5/14-5/15

Michael Blummeeting between Trump & Xi. Sec 122 tariffs ruled illegal but stay in place.

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

JKS Sidesteps FEOC, Looks To Expand In US. JKS (not covered), sold 75.1% stake in Ned Baramov, CFA

US subsidiary (Jinko Solar U.S. Industries) to holding company of PE firm FH Capital for Equity Analyst | Wells Fargo Securities, LLC

$192MM. FH also holds stake in US cell manufacturer ES Foundry. The investment should Ned.Baramov@wellsfargo.com | 212-214-8021

allow JKS to keep manufacturing in US under FEOC rules. JKS currently operates 2 GW Eric Shiu

module facility in FL, and FH Capital says it will double the current solar module mfg Associate Equity Analyst | Wells Fargo Securities, LLC

capacity and initiate domestic BESS manufacturing. Eric.Shiu@wellsfargo.com | 212-214-5038

Jack Farrell, CFA

Section 232 Decision Around The Corner. On a webinar last wk (5/7), experts from Anza Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

Renewables (private) said they expect Section 232 decision after the scheduled meetings

between Pres Trump and China's Xi Jinping on May 14-15. The final "drop dead" date

for Trump admin to act is 6/26/26.