Hosun Silicon Industry responded about the Production suspension, Layoffs, salary cuts. Since the second half of 2023, the photovoltaic industry has entered a new round of adjustment.

01 Photovoltaic industry

Recently, an internal notification letter with the signature and seal of "Hexeng Silicon Industry Co., Ltd." was circulated. The notice showed that the company, with the goal of "reducing costs and increasing efficiency", issued 9 adjustment notices involving project closures, layoffs, salary cuts, etc., and required "all to be implemented before the end of July 2024."

In terms of projects, loss-making projects will be shut down, and projects without production requirements will be stopped. In terms of personnel, starting from June, the company will give a 10% discount to all employees except for those who are assessed for industrial silicon production. In addition, layoffs will be started, with a ratio of "5% to 10%", and "departments that are not in the production line and have little impact on the operation of the company will be laid off".

According to the data, Hosun Silicon is a silicon and photovoltaic giant that started with silicon material business and implemented an integrated strategy. In recent years, it has successively laid out polysilicon, polysilicon wafers, batteries, modules, photovoltaic glass and photovoltaic power generation, which is a typical integrated layout of the entire industrial chain. Hosun Silicon was successfully listed on the Shanghai Stock Exchange in 2017. Before 2023, Hosun Silicon's industrial silicon production capacity had been ranked first in the world for 10 consecutive years, and its silicone monomer production capacity ranked first in the world for three consecutive years.

02 Layoff in Hoshine Silicon Industry

According to the latest financial report of Hoshine Silicon Industry, the total number of its employees will be about 25,300 by the end of 2023. Based on this, the layoffs may affect about 1,265 to 2,530 people.

On July 16, Hosun Silicon responded to the media. The company said that the photovoltaic industry is experiencing unprecedented competition and market fluctuations in 2024. In the face of these challenges, the company plans to formulate a series of strategic plans aimed at reducing costs and improving efficiency. At present, the relevant plans are still in the internal research stage and are subject to further demonstration and resolution by the management. "At present, the company's production and operation activities are normal, the main business is developing steadily, and no major changes have occurred." Hosun Silicon said. In fact, since the second half of 2023, the photovoltaic industry has entered a new round of adjustment period. Silicon materials, silicon wafers, battery cells, and modules, the four major links of the photovoltaic main industry chain, have all suffered losses, and the losses of integrated enterprises with long production lines and large scale are particularly prominent, and they are under greater pressure in this round of cold winter.

View more at EASELINK