a fall in the price of solar glass and rising costs for raw materials have contributed to a warning of a drop in firsthalf profit at xinyi solar one of the world’s largest suppliers of glass to the solar power industry profit is likely to drop by 33 to 43 from hk307 billion a year earlier based on preliminary fivemonth data the company said in a statement friday evening xinyi solar controlled by chinese billionaire lee yin yee fell 35 in trading at the hong kong stock exchange to hk1266 at approximately 10 am on monday after the announcement its shares have lost more than a fifth of their value in the past 12 months the drop in profit is “primarily due to the decrease in the profitability of the solar glass business” owing to “around 1020 decreases in the average market prices of solar glass products” along with “significant increases in the costs of raw materials and energy such as soda ash and natural gas” “the impact of the above adverse factors was partially offset by the group’s achievement of high sales volume and improved production efficiency” the statement said a sales figure wasn’t given china is the world’s largest supplier of solar panels and producer of solar energy xinyi glass a lee business which supplies glass to the construction industry also warned on friday that net profit for the six months ending june 30 is expected to decrease by 35 to 50 from hk538 billion a year earlier due to lower glass prices and higher costs its shares have lost nearly 43 of their value in the past year and were down 03 at approximately hk1814 at 10 am this morning in hong kong lee one of a trio of billionaires with fortunes tied to xinyi solar and xinyi glass has a fortune estimated at 38 billion on the forbes realtime billionaires list today xinyi glass ceo tung ching sai has fortune worth 15 billion and xinyi glass vice chairman tung ching bor is worth 14 billion uae ranks no 1 for migrating millionaires us “fading fast” china falls australia indonesia singapore help fuel executive search in asiapacific as covid wanes