On July 4, Baoxin Science and Technology issued a notice on the progress of the sale of subsidiaries and the acceptance of bankruptcy liquidation by the court.
According to the announcement, Baoxin Science and Technology Department recently received the Civil Ruling [ (2025) Su 0724 Po Shen No.17] served by the People's Court of Guannan County, Jiangsu Province, which ruled to accept the creditor's application for bankruptcy liquidation of Lianyungang Baoxin by Xinchunsheng Energy Development Co., Ltd. of Suzhou Industrial Park.
The announcement showed that the ruling was due to Lianyungang Baoxin's inability to pay off its debts due and its obvious lack of solvency.
As of May 31, 2025, the total assets of Lianyungang Baoxin were 68.3 million yuan, the total liabilities were 87.22 million yuan, and the net assets were-18.92 million yuan. From January to May 2025, the operating income of Lianyungang Baoxin was 0, and the net profit was-1.16 million yuan. According to
public information, Lianyungang Baoxin Photoelectric Technology Co., Ltd. was established in July 2022 and is a holding subsidiary of Baoxin Technology specializing in the production and sale of photovoltaic modules . Its business scope covers sales of photovoltaic equipment and components, solar power generation technology services, etc.
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