Cover Story: Chinese Solar Giants’ Shine Fades Amid Growing Product Glut

China’s solar panel makers are suffering plunging valuations amid mounting losses as a price war triggered by overcapacity and weak demand takes a toll.

The industry, encouraged by government subsidies and policies aimed at limiting carbon emissions, embarked on rapid expansion in recent years to grab nearly 95% of global production capacity. However, that aggressive expansion strategy is now backfiring.