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What: Shares of Suntech Power
So what: JinkoSolar is taking the worst beating today, down more than 25% as of this writing, while others in the sector like Suntech Power, Yingli Green Energy
Now what: JinkoSolar subsidiary Zhejiang Jinko Co., which operates the plant, has suspended operations of the facility while local environmental regulators investigate the incident and the impact of any damage is assessed and corrected. Preliminary investigations concluded that the hazardous waste pollution might have been caused by improper storage of waste containing fluoride. The company expects to resume operations within a few days after taking all necessary steps to ensure compliance. While the news doesn't directly involve Suntech Power, the Chinese solar industry as a whole may face heightened scrutiny while the government tries to balance its focus on economic growth and industrialization with social responsibility.
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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.