Mingyang Electric Says US Power Equipment Ban Has No Major Impact, Malaysia Base Operational
Mingyang Electric responded to investor concerns over a US executive order targeting large power system equipment, stating its US sales involve only medium-voltage distribution and substation products not covered by the ban. The company noted the order is still being detailed and that its Malaysia manufacturing base, operational since 2025, mitigates policy risk, concluding no material adverse effect on current operations.
On August 28, Mingyang Electric addressed investor questions on an interactive platform regarding the US executive order on electric power system equipment. The company stated that its products sold in the United States are mainly medium-voltage distribution equipment rated at 34.5kV and below, including box-type substations and associated transmission and distribution equipment. These fall under distribution network and user-side equipment, and are not classified as the "large-capacity power system equipment" targeted by the executive order for the backbone grid. The order explicitly does not apply to local distribution facilities.
Mingyang Electric noted that the executive order is still in the rule-making stage, and the company will continue to monitor policy developments. It has overseas production capacity, with its Malaysia manufacturing base having commenced operations in 2025, which can effectively mitigate policy risks in any single market. The company believes the policy has no material adverse impact on its current operations.