Holding absolute control, leading photovoltaic enterprises, why do they have to "increase the price"?

termination of the spin-off and listing of subsidiaries, Zhengtai Electric Appliances has made new moves!

It is understood that on June 1, the National Green Development Fund Co., Ltd. (Hereinafter referred to as the "Green Fund") has disclosed through the Shanghai United Property Exchange that it intends to transfer its 3.16% stake in Zheng Tai'an Neng at a transfer base price of 11.

The overall valuation of Zhengtai'an Energy is about 35.3 billion yuan, and the value-added rate is as high as 114.

It is worth noting that Zhengtai Electrical Appliances currently holds 68.08% of Zhengtai'an Energy; If the auction is successful, the company's direct and indirect shareholding ratio will be raised to 71. For Zhengtai Electric Appliances, which holds the controlling stake in Zhengtai, why is it willing to enter the auction at a high premium? Under

absolute holding, why should we "increase the price"? "

But after careful study, the seemingly active strategy is more like a "passive acquisition" that has to be taken. According to

the official website, Zhengtai Energy, a subsidiary of Zhengtai Electrical Appliances Holdings, was founded in 2015 and is an integrated energy service company of Zhengtai's green energy sector. Since its establishment, Zheng Tai'an Energy has been deeply engaged in ". By the end of February 2026, Zheng Tai'an Energy has built more than 2 million household photovoltaic power stations nationwide.

In order to seize the dividend of double carbon and household photovoltaic policy, in October 2022, Zhengtai Electric intends to split Zhengtai'an to be listed on the main board of the Shanghai Stock Exchange. From November to December of the same year, Zhengtai'an was able to complete two rounds of capital increase plans in succession, with a total of about 37.

And it is this financing that binds the commitment of listing that foreshadows the subsequent turmoil.

After three years of preparation, just as the market was waiting for Tai'an to land in the capital market, in September 2025, the company suddenly withdrew its IPO application on its own initiative.

As for the reasons for the sudden termination, the parent company Zhengtai Electrical Appliances explained that due to the good business development and rapid performance growth of Zhengtai'an Energy, the company considered the current market environment and other factors comprehensively, and after full communication and demonstration with relevant parties, decided to terminate the split of Zhengtai'an Energy to the Shanghai Stock Exchange in order to co-ordinate business development.

But digital new energy DataBM. (Related reading: that this explains why Chint Electric is still involved in this project even though it holds more than 60% of the shares. However, we have to be vigilant." The "bill" of the green fund is just the beginning, followed by more demands for equity repurchase, such as Bank of China Investment and Lingyi Investment .

Underwrite the market value!

According to the regulations of the Securities Regulatory Commission, the resumption of IPO requires the settlement of all gambling agreements with repurchase clauses. As the largest of all bets, if the green fund is not repurchased in time, the follow-up declaration will inevitably be questioned by the regulatory authorities about the risk of payment, and the audit process will also be lengthened.

In other words, Chint's move is not aimed at acquiring 3.

It is understood that Zhengtai Electric had previously planned to split Zhengtai'an to be listed independently, and originally planned to raise 6 billion yuan, of which 5 billion yuan was directed to the development and construction of household photovoltaic power plants in counties throughout the country. From this point of view, if the follow-up is Tai'an to restart the IPO, or will further expand the scale of installed capacity, consolidate its household photovoltaic leading advantages .

Moreover, in April 2026, after Zhengtai Electric announced its listing in Hong Kong, it will also focus on photovoltaic and " in addition to planning to restart the IPO. Zhengtai Electric 's move is also "bottom-up" for its own market value. According to the disclosed information, in addition, the value-added rate of bidding equity evaluation is as high as 114.

Because once the household photovoltaic market warms up, the parent company will restart the spin-off subsidiary Zhengtai'an to go public, and the super-high valuation will boost financing and raise the overall market value ; Even if it is not split up in the short term, the increase in the valuation of subsidiaries can indirectly support the market value of the parent company.

However, the other side of the good abacus is the tight cash flow of Zhengtai Electric Appliances . Financial data show that as of March 31, 2026, the total assets of Zhengtai Electric Appliances were 152.7 billion yuan and the total liabilities were 976.

There are 523.

The book assets seem to be rich, but one third of them are on inventory, plus high debt, the cash flow of Zhengtai Electric Appliances has already been stretched . According to conservative estimates, Zhengtai Electric needs to repurchase the original principal of the corresponding equity amounting to 1.8 billion yuan , and the pressure of payment is further enlarged after interest is superimposed. After the

green fund, the next "bill" may be on the way. For Zhengtai Electric Appliances, it is more important than anything else to tide over the current cash flow difficulties.