When state-owned assets become the "savior of photovoltaics"
A popular phrase in the photovoltaic industry recently is: "Private enterprises charge forward, state-owned enterprises consolidate." In the industry's battle royale of overcapacity and technological iteration, local state-owned asset supervision and administration commissions (SASACs) have transformed into "crisis-saving maniacs," staging one hard-core business war after another of "generating power with love, extending life with money."

Today, let's take stock of several photovoltaic companies that have been "certified" by state-owned assets, and see how these "children of state-owned enterprises" navigate the new energy world.

Yi Dao New Energy (Quzhou SASAC)

A component newcomer established in 2018, it broke into the top ten global shipments in three years thanks to TOPCon technology. As a former dark horse in the photovoltaic industry, Yi Dao New Energy has been favored by capital and state-owned assets. As early as 2019, Beijing Ruihui Hainan Fund, under the Three Gorges Corporation, invested in Yi Dao New Energy, becoming its largest shareholder with a stake once reaching 38.15%. Unfortunately, the road to listing was disrupted by the "price war," resulting in a failed IPO and the major shareholder who had been supporting it wanting to withdraw its investment. The rumored collaboration with CATL fell through, and Yi Dao New Energy suffered a major blow. Finally, Quzhou SASAC directly took over 34.05% of the voting rights, becoming Yi Dao New Energy's savior.

Zhonghui Co., Ltd. (Zhejiang SASAC)

The "backplane king" of the photovoltaic industry, its backplane shipments once topped the world, but it almost froze into an "ice stick" due to the industry's cold winter. In 2022, Zhejiang SASAC took over the company, providing a "Zhejiang Energy warming pack"—lower financing costs, technological support from the Baimahu Laboratory, doubled R&D efficiency, and connections with provincial enterprises for business alliances. Although it lost three small targets in the first half of 2024, it immediately returned to profit in the third quarter.

Zhongli Group: Xiamen SASAC (Jianfa Group)

Poverty alleviation turned into a negative net worth; Jianfa came to fill the hole. This company, established in 1988 and listed in 2009, once successfully entered the ranks of China's Top 500 Private Enterprises and the Global Top 20 Cable Manufacturers thanks to its special cables and photovoltaic businesses. Tenghui Photovoltaic has been repeatedly rated as "China's Top Ten Distributed Photovoltaic Component Brands," with products exported to overseas markets. Once the "first photovoltaic poverty alleviation stock," due to strategic errors and financial fraud, the company's credit gradually declined, its cash flow became severely tight, and it fell into a double predicament of debt and operations. In January 2023, it applied for reorganization to the Suzhou Intermediate People's Court. After a long wait, Xiamen Jianfa Group appeared with the credit of a state-owned enterprise to save the day. "The former 'ST pauper' has become today's 'state-owned fresh meat!'

Jineng Technology: Jineng Holding Group (Shanxi State-owned Enterprise)

The "chain master" enterprise of Shanxi Province's photovoltaic industry chain, Jineng Technology was founded in December 2013 by Jineng Group, a former provincial key coal enterprise. It currently has two production bases in Wen Shui, Lüliang, and Jinzhong, with a comprehensive production capacity of 10GW for photovoltaic cells and components. It has been among the "Global Top 500 New Energy Enterprises" for nine consecutive years.

The ancestor of heterojunction; always half a beat faster. It started mass production of HJT in 2016 and is now developing perovskite tandem cells. The Shanxi SASAC's tactic is simply four words: "Out-compete the competition." Currently, its perovskite-silicon tandem cell efficiency exceeds 28%.

SPIC New Energy (SASAC)

The real "son" series. The direct descendant of the State Power Investment Corporation. In 2018, SPIC New Energy established a mass production platform for copper-grid heterojunction cells in Nanchang High-tech Zone, while the mass production center is located in Longgang City. At the end of 2023, the 5GW high-efficiency heterojunction cell and component mass production base in Longgang was put into operation, and it began to deliver high-efficiency heterojunction component products to customers. In 2024, SPIC New Energy's heterojunction component shipments were approximately 600MW. Specializing in copper-grid heterojunction cells, it uses "copper to replace silver" to break through the shackles of silver paste, reducing the metallization cost of C-HJT cells by 0.1 yuan/W compared to silver-grid HJT cells.

Fengfan Co., Ltd.: Tangshan SASAC

Fengfan Co., Ltd.'s original controlling shareholder, actual controller Fan Jiangang, and concerted actors signed an equity transfer agreement with Tangkong Chanfa, transferring 144 million shares for 742 million yuan and giving up the voting rights of the remaining 434 million shares. After the transaction, Tangkong Chanfa became the controlling shareholder of the listed company.

As Tangshan's "new photovoltaic darling." Originally engaged in ultra-high voltage transmission equipment, after acquiring Jingying Photovoltaic in July 2022, the transmission tower giant crossed over into the photovoltaic "track," and later successively entered the manufacturing fields of monocrystalline silicon wafers, battery chips, and components. However, due to recent changes in the overseas market, Fengfan Co., Ltd. and overseas customer SOLAR LONG PV-TECH (CAMBODIA) CO., LTD. (hereinafter referred to as "SOLAR LONG") signed a debt restructuring agreement. The total amount of receivables involved in this restructuring is US$42,418,200, equivalent to approximately RMB 307 million.

Runyang Co., Ltd.: Yancheng SASAC

Among the top three global battery chip shippers. After its failed IPO, Tongwei attempted a 5 billion yuan acquisition, which ultimately failed. Yancheng SASAC angrily invested 1 billion yuan to increase its capital to "extend its life." In February 2025, Jiega Weicreation and Autec increased their capital in Runyang Co., Ltd. through debt-to-equity swaps by 720 million yuan and 180 million yuan respectively. Currently, Runyang Co., Ltd., supported by Jiangsu Yueda Group, which is controlled by Yancheng SASAC, is restarting its IPO listing plan.

Yicheng New Energy: Henan SASAC

"Previously mining, now mining the sun!" Controlled by China Pingmei Shenma Group, it is the "new energy experimental field" of Henan SASAC. Originally engaged in diamonds, its business covers high-efficiency monocrystalline silicon battery chips, investment, construction, and operation of photovoltaic power stations, and other fields. In August 2024, Yicheng New Energy sold 80.20% of its equity in Pingmei Longji to China Pingmei Shenma, divesting its battery chip business.

Zhengye Technology: Jingdezhen SASAC

Dual main businesses of industrial testing and photovoltaics, with the highest market share of PCB testing equipment. X-ray testing + automated equipment, Longi and JA Solar are "repeat customers." Since June 2021, the actual controller of Zhengye Technology has been changed to Jingdezhen SASAC, a key node marking the company's official transformation into a state-owned enterprise. After the transformation, Zhengye Technology actively expanded its layout in the photovoltaic business field, planning multiple projects. However, affected by the industry's cold winter in the past two years, despite state-owned asset support, Zhengye Technology issued nine announcements in 2024, successively terminating investments in the photovoltaic field, and transferring its subsidiaries, Jiangxi Zhengye and Zhengye New Energy, to Heshen Investment.

Heguang Tongcheng: Yibin SASAC

The New Energy Ambitions of Baijiu Companies. This company, whose core team comes from Tongwei Solar, was established in 2024. It is a joint venture between Yibin State-owned Assets Supervision and Administration Commission and Wuliangye, with backing from Sequoia Capital, Matrix Partners, and other institutions, and has shown a continuously expanding ambition. A 16GW battery project was signed and put into production in the same year. According to publicly available information from Heguang Tongcheng, as of the end of the third quarter of 2024, Heguang Tongcheng's Factory 1 had 18 183N-type production lines, and Factory 2 had 14 210R-type and 4 210N-type production lines. Recently, Li Songqiang, chief engineer of Sichuan Heguang Tongcheng Photovoltaic Technology Co., Ltd., stated that in the first two months of this year, Heguang Tongcheng's order volume increased by more than 50% year-on-year, and its capacity utilization rate remained at a high level of 130%, continuing to maintain full production and sales.

Yingfa Derui: Yibin State-owned Assets Supervision and Administration Commission

Similar to Heguang Tongcheng, Yingfa Derui is also a joint venture between Wuliangye and Yibin State-owned Assets, in addition to another major player in the photovoltaic industry, Longi Green Energy.

Photovoltaic Information has compiled a list of 25 photovoltaic companies with state-owned capital backgrounds, such as Maidi Co., Ltd., Jingxin Materials, Zhuhai Hongjun, and Runhai New Energy.

However, there are currently differing market opinions on photovoltaic companies backed by state-owned capital. The controversy surrounding local state-owned assets taking over photovoltaic companies can be summarized as a debate between "strategic support" and "market distortion." Supporters believe that state-owned capital intervention can stabilize the industry through counter-cyclical investment and accelerate technological breakthroughs, such as the Shanxi State-owned Assets Supervision and Administration Commission's promotion of HJT technology; critics point out that administrative intervention may distort the market, such as local protective procurement, reducing resource allocation efficiency, and even leading to implicit debt risks.