Export-tax rebate scrapped—solar sector jolted; Csop Huatai-Pinebridge Csi Photovoltaic Industry Etf (03134.HK) tumbles more than 3% intraday.

NewTimeSpace, 9 Jan 2026 – In a joint circular released today, the Ministry of Finance and the State Taxation Administration announced that, effective 1 April 2026, value-added-tax export rebates for all solar products will be abolished. It is the first time since 2013—when the sector was brought into the rebate system—that China’s PV industry will operate without this fiscal support.

The news has sent solar names sliding. As of 10:53 a.m. HK time on 13 Jan, Csop Huatai-Pinebridge Csi Photovoltaic Industry Etf (03134.HK) was down more than 4% intraday.

The fund tracks the CSI PV Industry Index, which selects up to 50 representative listed companies across the entire photovoltaic chain—polysilicon, wafer, cell, module and downstream plant operators—to mirror the sector’s overall performance.

Bellwether JA Solar Technology has added to the gloom, guiding late last week to a 2025 net loss of RMB 4.5–4.8 bn (versus a RMB 4.66 bn loss in 2024). Excluding one-offs, the deficit widens to RMB 4.8–5.1 bn, implying a diluted loss per share of RMB 1.37–1.46.

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