Already insolvent! This photovoltaic cross-industry company and its actual controller are under investigation!

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(Source: Digital New Energy DNE)

Digital New Energy DataBM.com has learned that on the evening of March 19, ST Quanwei (Rights Protection) issued an announcement stating that due to the company and its actual controller, Chairman Chu Yifan, being suspected of information disclosure violations, the China Securities Regulatory Commission decided to file a case against the company and Chu Yifan in accordance with relevant laws and regulations.

As a result of this negative news, ST Quanwei’s stock price dropped by 3.07% on March 20. By the close of that day, ST Quanwei’s stock price was reported at 14.2 yuan/share, with a total market value of 2.272 billion yuan.

Public information shows that ST Quanwei was formerly known as Guoli Technology, founded in April 2002, and listed on the Shenzhen Stock Exchange’s Growth Enterprise Market in 2017, originally engaged in the business of polymer rubber and plastic materials.

In order to seek new performance growth points, ST Quanwei began its transformation into the photovoltaic sector in 2022, and its main business has shifted to photovoltaic new energy focusing on heterojunction batteries, modules, and more. The official website discloses that it has over 20 GW of heterojunction modules and over 10 GW of heterojunction cell production capacity.

In February 2023, Chu Yifan became the chairman of ST Quanwei, having been in charge for three years now.

However, during his tenure, ST Quanwei has been mired in losses. Data shows that in 2023 and 2024, ST Quanwei achieved net profit losses of 139 million yuan and 119 million yuan, respectively. Additionally, according to the 2025 performance forecast, the company is expected to continue losing between 310 million yuan and 434 million yuan in 2025.

In response, ST Quanwei explained that during the reporting period, fierce price competition in the photovoltaic industry led to a continuous decline in product prices along the photovoltaic industry chain, causing the prices of its main products, photovoltaic modules, to drop, resulting in negative gross margins. The company’s liquidity issues significantly restricted its production, sales, and other operational activities.

During this period, to recover funds and focus on the main photovoltaic business, ST Quanwei has sold subsidiaries multiple times, recovering over 134 million yuan in total. The company also sold two properties for 10.74 million yuan and 48.6 million yuan, respectively. Furthermore, on March 12, it was announced that 5 million shares of Quanwei Green Energy had been judicially auctioned and transferred, with a transaction amount of 53.28 million yuan.

Additionally, ST Quanwei is set to disclose in April 2025 that it plans to sell 100% of Anhui Quanwei Green Energy New Technology Co., Ltd. to other shareholders, with the transfer price preliminarily set at 270 million yuan. As of March 12, all parties have signed a framework agreement for the equity transfer but have not yet signed a formal transaction agreement.

However, in the face of massive losses, these measures are ultimately just a drop in the bucket.

It is worth noting that, in addition to substantial losses, ST Quanwei also faces severe debt and litigation pressures. As of November 18, 2025, the company was involved in nearly a hundred litigation and arbitration cases, with the amount in question exceeding 450 million yuan.

Furthermore, as of the end of September 2025, ST Quanwei was insolvent, with total assets of 835.1 million yuan and total liabilities of 910.8 million yuan. The company expects its net assets at the end of 2025 to be between -123 million yuan and -172 million yuan.

Continuous losses have put ST Quanwei on the edge of delisting.

On March 4, ST Quanwei announced that preliminary estimates for the company’s net profit for 2025 would be negative, with operating income below 100 million yuan and net assets also negative. If the audited financial data is consistent with the performance forecast after the 2025 annual report is disclosed, the company’s stock will be subject to delisting risk warnings.

Additionally, on March 4, ST Quanwei announced that the Intermediate People’s Court of Dongguan City, Guangdong Province, had established a case number (2026) Yue 19 Bankruptcy Application 38 for the company’s previous creditor Qingdao Taishang Qingyang Supply Chain Management Co., Ltd.’s restructuring and pre-restructuring application filed on January 29.

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