On May 9, 2023, News4jax and the Jacksonville Daily Record reported that, on the prior day, law enforcement agency vehicles were seen at the JinkoSolar solar panel manufacturing plant in Jacksonville, Florida. The Jacksonville Daily Record reported that “[a]ccording to the Federal Bureau of Investigation, federal agents were assisting the Department of Homeland Security with the execution of a search warrant.” Reportedly, according to News4Jax, JinkoSolar is one of several companies under investigation by the Commerce Department for circumventing trade rules by sending products to other countries before moving them to the U.S.

On this news, JinkoSolar shares fell $3.91 per American Depositary Receipt (“ADR”), or 8.25%, to close at $43.47 per ADR on May 9, 2023.