On September 2, East China Heavy Machinery issued a public announcement on the bankruptcy reorganization of East China Light Energy Technology (Xuzhou) Co., Ltd. (Hereinafter referred to as "Xuzhou Light Energy") to recruit reorganization investors.
Previously, on April 23, the People's Court of Peixian County, Jiangsu Province, ruled that Zhejiang Kaiying New Materials Co., Ltd. had applied for bankruptcy reorganization of Xuzhou Solar Energy, and then issued a Decision in June to designate the liquidation group as the administrator of East China Solar Energy Technology (Xuzhou) Co., Ltd. (Hereinafter referred to as the "administrator"). After accepting the appointment, the administrator shall carry out all the work of the reorganization procedure. In order to promote the reorganization of Xuzhou Solar Energy as soon as possible in accordance with the law, the administrator is now publicly recruiting the reorganization investors of Xuzhou Solar Energy in accordance with the relevant provisions.
The announcement shows that the purpose of recruiting reorganization investors is to enable enterprises to resume production , maximize economic benefits and safeguard the legitimate rights and interests of all creditors by means of reorganization. For investment methods, the announcement shows that it is not limited to equity acquisition, asset financing, debt-to-equity swap, etc.
In addition to a high sense of social responsibility and good business reputation, prospective investors should also have sufficient strength and experience in the photovoltaic industry to restructure their investment.
It is worth noting that the intended investor 's investment amount is not less than RMB150 million (the specific amount shall be determined according to the investment method), and it has the ability to pay the above investment amount within 12 months from the date of approval of the reorganization plan by the court.
It is reported that East China Solar Energy Technology (Xuzhou) Co., Ltd. was established in April 2023, mainly engaged in research and development, production and sales of photovoltaic cells and components. At present, the company has 4GW TOPCon cell production base, and 10GW high-efficiency solar cell project has passed the project EIA of Xuzhou Ecological Environment Bureau.
As of April 23, 2025, the total assets of Xuzhou Solar Energy are 511,145,143.20 yuan (about 511 million yuan). The main assets include: raw materials, semi-finished products, inventory goods, machinery and equipment, vehicles, office furniture and electronic equipment, instruments and meters, invention patents, bank deposits and cash. As of August 28, 2025, the total amount of creditor's rights declared is 787,760,700.58 yuan (about 788 million yuan), and the amount of creditor's rights preliminarily confirmed is 607,576,359.24 yuan (about 608 million yuan).
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