(Yicai) July 9 -- China's Longi Green Energy Technology has lost its position as the last mainland-listed maker of solar modules with a market capitalization exceeding CNY100 billion (USD13.8 billion) amid a downturn in the photovoltaics industry.

Longi [SHA: 601012] ended the day 0.5 percent higher at CNY13.16 (USD1.80) with a market cap of CNY99.7 billion (USD13.7 billion) today after its valuation slipped below the CNY100 billion mark yesterday, falling from a peak of around CNY550 billion in 33 months.

The company is not the only PV firm to suffer from the declining prices of solar panel materials. The sum of market caps of China's entire PV industry has dived about CNY557.3 billion (USD76.6 billion) this year. 

Shares of TCL Zhonghuan Renewable Energy Technology, JA Solar Technology, and Tongwei fell more in the first half than during the whole year of last year. That means that no listed Chinese producer of crystalline silicon, a key material in solar cells, has a market cap exceeding CNY100 billion. Sungrow Power Supply, which makes solar power inverters, is the only firm in the PV sector that goes beyond that level.

Longi reported a net loss of nearly CNY2.4 billion (USD330.1 million) in the first quarter of this year, expanding from CNY942 million (USD129.5 million) in the fourth quarter of last year, marking the first time the firm reported two straight quarters of losses since 2013.

Beijing-based JA Solar recently took the lead and said that it expects to record a loss in the first half, which intensified a sector-wide wave of pessimism. The solar panel maker predicted a net loss of CNY800 million to CNY1.2 billion in the first half compared to a profit of CNY4.8 billion a year ago.

The market expects losses in the main PV industry chain in the first half but no one knows how big they are until the firms publish their earnings reports, an analyst said to Yicai. When the reports are out, analysts are expected to quickly check out inventories as unsold stock indicates how much money these firms will lose this year and how big their liquidity pressures will be, the source added. 

Editor: Emmi Laine