Restructure or delist! A major wave of asset restructuring is appearing again in the photovoltaic industry!

In 2024, mergers and acquisitions in the photovoltaic industry have substantially begun among leading companies, marking the industry's transformation from "small, scattered, and disordered" to head-to-head, concentrated integration. Since 2025, four photovoltaic companies have successively issued announcements of major asset restructuring, seeking breakthroughs through asset optimization and industrial chain synergy!

 

PART.01 *ST Lukang sells photovoltaic film business assets
 

On May 28, *ST Lukang (002868) issued an announcement that the company is planning a major asset restructuring and intends to sell assets and liabilities related to the photovoltaic film business. The transaction counterparty has completed its business registration and is named Jiangxi Raoxin New Energy Materials Co., Ltd., with shareholders including Kangyi Investment, Yirui Investment, Haoying Investment, and Changxin No. 2. This transaction is still in the planning stage, and the transaction price will be determined by the parties through negotiation after the valuation of the disposed assets is completed.

The announcement points out that this transaction constitutes a related party transaction, is expected to be conducted in cash, and does not involve the issuance of shares, therefore it will not affect the company's equity structure. The photovoltaic business-related subsidiaries will no longer be included in the company's consolidated financial statements after the completion of the transaction.

Industry insiders pointed out that the case of *ST Lukang reflects the potential risks of traditional manufacturing industries transforming into emerging fields. Photovoltaic films, as a technology-intensive industry, have high requirements for R&D investment and economies of scale. Cross-border acquisitions, if they fail to achieve effective integration, can easily lead to asset impairment and other chain reactions. The triggering of this double risk warning also serves as a wake-up call for other listed companies seeking cross-border transformation.

PART.02 Restructuring of two major subsidiaries of East China Heavy Machinery
 

On the evening of April 25, an announcement from East China Heavy Machinery attracted market attention, Its core carrier of photovoltaic business—the first-level subsidiary Wuxi Guangneng and the second-level subsidiary Xuzhou Guangneng—were ruled by the court to accept the reorganization application due to their inability to repay due debts. East China Guangneng Technology (Bozhou) Co., Ltd. (hereinafter referred to as "East China Guangneng Bozhou"), a subsidiary of East China Heavy Machinery, issued a simplified revocation announcement from April 11, 2025, to April 30, 2025. This measure means that East China Guangneng will exit the market.

East China Guangneng Bozhou was established on August 2, 2023, and is a wholly-owned subsidiary of Wuxi East China Guangneng Technology Co., Ltd. (hereinafter referred to as "East China Guangneng"), with Cheng Dijun as the general manager and legal representative, and Weng Jie as the executive director. It was once the important implementation entity for East China Heavy Machinery's investment of 6 billion yuan to build a 10GW TOPCon battery project, which was initiated in August 2023. However, due to adjustments in the entire industrial chain, this project ultimately failed to materialize. On August 5, 2024, East China Heavy Machinery officially announced the termination of the investment in the Bozhou 10GW N-type high-efficiency solar cell production base project and decided to cancel the project company East China Guangneng Bozhou.

East China Heavy Machinery's layout in the photovoltaic field is not limited to East China Guangneng Bozhou. Its wholly-owned subsidiary, East China Guangneng Technology (Xuzhou) Co., Ltd. (hereinafter referred to as "East China Guangneng Xuzhou"), is the implementation entity for the project investing 2 billion yuan to build a 10GW TOPCon battery project in Peixian County.

PART.03 Liansheng Technology acquires Xingchuang Century
 

On April 21, Liansheng Technology (SZ: 300051) announced that the company plans to purchase 69.71% of the shares of Xingchuang Century Technology Co., Ltd. (hereinafter referred to as Xingchuang Century) held by 38 trading counterparties through the issuance of shares and payment of cash, and plans to raise supplementary funds from the company's controlling shareholder, Hainan Liansheng, by issuing shares. This transaction is expected to constitute a major asset restructuring and related party transaction, but does not constitute a backdoor listing.

          

Public information shows that Liansheng Technology's main business is the research, development, production, and sales of HJT battery chips, and it has become a company with significant influence in the HJT battery chip field.

Xingchuang Century's main business is photovoltaic power generation and the research, development, production, and sales of photovoltaic-related smart microgrid products. In terms of photovoltaic power generation, Xingchuang Century's business covers the investment, construction, operation and management, and power sales of photovoltaic projects. Projects are mainly concentrated in three sub-sectors: centralized photovoltaic power plants, distributed power plants, and off-grid energy storage and maintenance. Project development covers Xinjiang, Gansu, Sichuan, and other domestic regions, as well as Pakistan, Europe, Africa, and Southeast Asia.

Regarding the purpose of this transaction, Liansheng Technology stated that through this transaction, the company can enhance the complementarity of photovoltaic battery chips, energy storage systems, and photovoltaic power plants, and the synergy of integrated photovoltaics and energy storage businesses, achieving industrial chain supplementation and strengthening; in addition, heterojunction HJT, as the currently independently controllable third-generation photovoltaic battery technology, combined with Xingchuang Century's microgrid solutions and the development of new-generation sodium-ion battery technology, can promote the integration and empowerment of new technologies in different links of the industrial chain.

At the same time, further expand overseas markets and seek opportunities in emerging markets. Improve the profitability of listed companies.

PART.04 Haitai Co., Ltd. acquires Heraeus Photovoltaic Silver Paste Business Unit
 

On March 24, Haitai Co., Ltd. (603759.SH) held a shareholders' meeting to deliberate and approve a major asset restructuring proposal. The company plans to establish a wholly-owned subsidiary, Sichuan Haitai Photovoltaic Materials Co., Ltd., to acquire assets related to the photovoltaic silver paste business unit of the German Heraeus Group by cash payment, with a basic transaction price of 502 million yuan (including receivables).

Specifically, the target assets Haitai Co., Ltd. plans to acquire this time include 100% equity of Heraeus Photovoltaics (Shanghai) Co., Ltd. and related receivables, 100% equity of Heraeus Photovoltaic Technology (Shanghai) Co., Ltd., and 100% equity of the Singapore subsidiary Heraeus Photovoltaics Singapore Pte. Ltd. The final transaction consideration will be determined according to the price adjustment mechanism stipulated in the agreement.

It is understood that Haitai Co., Ltd., established in 2008, takes water supply, wastewater treatment, and garbage power generation as its core businesses and is a leading private enterprise in the environmental protection water industry in Southwest China.

After listing on the Shanghai Stock Exchange's main board in 2021, the company has achieved positive growth in non-net profit for four consecutive years through intensive operation and regional expansion. In 2024, its operating income reached 1.519 billion yuan, a year-on-year increase of 18.95%; net profit was 305 million yuan, a year-on-year increase of 25.97%.

However, with the slowdown in the growth of municipal projects and the increase in the proportion of special bond financing, traditional capital-intensive businesses are facing growth bottlenecks. In the first three quarters of 2024, the company's net profit decreased by 16.89% year-on-year, highlighting the urgency of transformation.

The acquisition of the Heraeus photovoltaic silver paste business unit is an important measure for Haitai Co., Ltd. to respond to the national dual-carbon strategy and lay out the new energy materials field.

PART.05 Conclusion
 

 

Behind this series of restructurings is the industry's strategic response to the challenges of overcapacity, vicious price competition, and technological iteration.

During the industry's "darkest hour," mergers and acquisitions will accelerate the elimination of outdated production capacity, optimize resource allocation, and pave the way for technological integration and overseas market expansion.