In a warning to investors on the Hong Kong stock exchange, SFCE said that it expects its earnings to fall sharply from the unaudited net profit of 503.9m yuan ($81.1m) it recorded in the six months to 30 June, 2014.

It attributed the expected decline to rising competition in the solar market and its failure to “capitalise certain interest expenses relating to the development of” some of its PV projects.

It