industry, enterprises are under pressure and frustrated, and the situation of loss, delisting and bankruptcy has been staged one after another.
In the past, Tianlong Optoelectronics, the first photovoltaic stock on GEM, became * ST Tianlong in 2017. Now, ST Tianlong, which has been suspended for one and a half months, will resume trading on June 18 and formally enter the delisting consolidation period.
On June 10, the Shenzhen Stock Exchange announced that Jiangsu Huasheng Tianlong Photoelectric Equipment Co., Ltd. At the same time, an audit report with negative opinions was issued on the internal control of the 2025 annual financial report.
The Shenzhen Stock Exchange decided to terminate the listing of * ST Tianlong shares and enter the delisting consolidation period from June 18, 2026. The term of the delisting consolidation period shall be fifteen trading days. On the next trading day after the expiration of the delisting consolidation period, the Exchange shall delist the shares of the Company.
On the same day, * ST Tianlong also issued the announcement of the decision to terminate the listing of the stock and the announcement of the stock entering the delisting consolidation period.
* ST Tianlong was once known as" the first share of photovoltaic on the GEM ", according to media reports. * Feng Jinsheng, the chairman of ST Tianlong at that time, once put forward an ambitious proposal: to become the domestic leader in three years, and to rank among the world's top three in five to eight years.
However, after years of business turmoil, several changes of control and shell battles, the company left after 17 years of listing. After 17 years of
listing and 11 years
of net profit and loss of digital new energy DataBM, the company finally lost 10.2026
in the first quarter of 2017. * ST Tianlong achieved a total revenue of 23 million yuan, an increase of 380.27% over the same period last year; net profit loss of 7 million yuan , a loss of 3.86% over the same period last year; Deducting non-net profit loss of 6 million yuan, the loss increased by 0.
growth in the three years from 2009 to 2011.
However, the turning point of the story happened in 2012. Due to the rapid expansion in the past few years, China's photovoltaic industry encountered "double reverse" in Europe and the United States in this year. In the domestic year", * ST Tianlong achieved revenue of 176 million yuan, down 79.09%； Net profit loss was 511 million yuan , a decrease of 921. The loss value of this year alone is more than twice the cumulative profit of * ST Tianlong in 2009-2011 .
Since then, * ST Tianlong has been struggling in the mud of loss. According to the statistics of Digital New Energy DataBM. Com, between 2013 and 2021, the company's net profit after offsetting profits and losses totaled 6. By the end of 2021, the company's asset-liability ratio reached 95.
A huge earthquake occurred in the photovoltaic industry. * ST Tianlong has also fallen into production difficulties. The market demand for its core products, single crystal furnace and polycrystalline furnace, has dropped sharply, and there are no new orders in the follow-up. As a result, the company completely stopped production in December of that year, and has not resumed normal production for seven years.
The hemp rope is broken at the thin place. When * ST Tianlong was in deep trouble, its control rights changed frequently. It is understood that in the six years of the company's listing, its control rights have changed three times. From Feng Jinsheng to Zhou Rongsheng, Gu Yizhen, and then to Chen Hua, none of them saved * ST Tianlong. At noon on May 14,
2020, * ST Tianlong announced that Dayou Holdings Limited (hereinafter referred to as "Dayou Holdings") acquired 20 million shares of listed companies held by Changzhou Noah through judicial auction, and the number of shares held increased to 25,598,494 shares.
As Dayou Holdings has no actual controller, the actual controller of * ST Tianlong has also changed to no actual controller. To this day, * ST Tianlong still has no actual controller. After the change of
equity, * ST Tianlong once again actively launched self-help actions. The semi-annual report of
2020 shows that after the change of controlling shareholders, the board of directors of the company conducted in-depth research on the company and decided to " no longer promote the manufacturing business of the original single crystal furnace and polycrystalline furnace". "Reposition the company to build a green energy ecological service platform for the whole industry chain, which integrates investment, development, construction, manufacturing, operation and maintenance of new energy power plants such as photovoltaic and wind power, and expand its business line to new energy terminals." Develop new energy power plant investment, new energy EPC project, power plant operation and maintenance, etc.
Finally, in 2022, thanks to the rapid development of the new energy industry, the company's performance was reversed. In that year, it achieved a revenue of 250 million yuan and a net profit of 0.
However, the good times did not last long. In the second half of 2023, the photovoltaic industry started a new downward cycle. For the transformed * ST Tianlong, it could have taken the opportunity to reduce the cost of project development and construction and increase the project income. However, with the gradual shortage of power grid absorptive capacity and the promotion of electricity price system reform such as market-oriented trading of new energy power, the investment and development of new energy power station projects are also facing some thorny problems.
After years of losses, * ST Tianlong was badly weakened, so the company once again went into the darkness of loss.
From 2023 to 2025, * ST Tianlong continued to lose a total of 0.By the end of 2025, the company's debt ratio has reached 106.
December 31, * ST Tianlong announced that it had received the Donation Letter issued by Beijing Yuli Investment Management Co., Ltd. In order to promote its cooperation with the company's follow-up new energy development projects and maintain the company's listing status, Beijing Yuli decided to donate 25 million yuan of cash assets to the company to support the company's business development. This cash donation is a unilateral, unconditional, unchangeable and irrevocable donation by Beijing Yuli, and the company does not need to pay consideration.
However, on April 28, 2026, the company announced again that there were flaws in the source and use of the funds involved in the above-mentioned donations, which did not conform to the relevant provisions on the management of free donations and the use of funds. After careful evaluation and internal review, the company finally decided that the donation did not meet the statutory and institutional requirements, and that the overall donation was invalid in accordance with the law and regulations.
Now the company's stock is about to be delisted, and the "shell war" has failed.
* The 17-year listing of ST Tianlong has just caught up with the golden period of China's photovoltaic industry from "sticking neck" to global hegemony. As a "veteran player" of the equipment, it could have taken advantage of the east wind to achieve great success, but it failed to step on the rhythm of the industry, failed in the industry cycle and its own short-sightedness, and eventually eliminated.
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