of Junda shares was cancelled. On
November 12, the board of directors passed by 10 votes, and on November 13, the announcement landed. The project was established in 2024 and located in the Sohar Free Trade Zone in Oman, with a total investment of about 280 million US dollars. It was originally intended to radiate to the Middle East and Europe.
Looking back at this line: the intention agreement was signed in June 2024, and it was planned to be 10GW, about $700 million, divided into two phases; the first phase was 5GW in July; the land lease of 182,000 square meters was signed on October 31, and it was planned to start construction by the end of 2024 and trial operation by the end of 2025. In May 2025, H shares were listed, with a net capital of about HK $1.29 billion, and the Oman project is one of the projects.
But up to the termination, the project has not even started substantive construction, with less investment in the early stage, and the land lease has been terminated through negotiation.
The announcement lists four changes: trade frictions and tariff adjustments, the continuation of the Middle East conflict at the end of February 2026, Oman's local main and auxiliary materials matching less than expected, and the tightening of export management of photovoltaic technology in October 2026. The HK $963 million
not spent has changed its direction and invested in battery research and development, technological upgrading and production line transformation, strategic procurement of raw materials and replenishment. The change of use shall go through the shareholders' meeting, and the termination of the project shall not be used.
From a 10GW blueprint to a single brick, the problem of building a factory in the Middle East is being recalculated.
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