the official announcement of the cross-border computing power center, on the evening of June 29, King Kong Photovoltaic fell again, laying out wind power.
According to the announcement, Jingang Photovoltaic intends to invest 70.7457 million yuan to acquire 70% equity of Jinta Haobo New Energy Power Co., Ltd. 16.
The next day after the news was released, the company's share price continued to rise, closing at 27.
At this time, only half a month has passed since King Kong Photovoltaic took off its hat and got out of trouble . Previously, on June 12, the company officially cancelled the delisting risk warning, and the securities abbreviation was changed from "* ST King Kong" to "King Kong Photovoltaic". On that day, the company's share price closed at 20.
It is noteworthy that on the eve of cap removal, King Kong Photovoltaic just completed its wholly-owned acquisition of Beijing Chaowei Intelligent Computing, and simultaneously disclosed the fixed increase plan. 24.
In this way, in just half a month, the market value of King Kong Photovoltaic has been rising all the way, with a cumulative increase of more than 3 billion yuan , and the market sentiment has been completely ignited. But under the heat can not help but cause deep thought: This just from the edge of life and death out of the difficulties of the photovoltaic enterprises, really back to life? Ccement. Com/news/2607/richtext/IMG/8i7o9k6nwuf1783404737950.png ">
Over 2.3 Billion Losses in 7 Years!"!
However, the competition in the traditional glass industry has intensified, and the company's revenue growth has fallen into a bottleneck. In order to break the business dilemma, Diamond Glass crossed the border into the photovoltaic track in 2021, and bet all the chips on HJT technology. At the beginning of the
transformation, King Kong's photovoltaic layout was full of ambition, and its capacity planning was quite grand. First, the company officially announced an investment of 832 million yuan to build an integrated production line of 1.2G W HJT cells and 0.7 GW modules ; Subsequently, it planned to invest 4.191 billion yuan to build 4.
With its large-scale capacity layout, King Kong Photovoltaic was once regarded as the "cross-border dark horse" of the photovoltaic track.
But the grand blueprint failed to come true after all. According to the annual report of 2025, the company's actual effective HJT battery capacity is only 2.
From the performance point of view, from 2019 to 2025, the company's non-net profit deduction has been negative for seven consecutive years, with a cumulative loss of more than 2.3 billion yuan . Among them, in 2024, the non-net profit loss of Jingang Photovoltaic was as high as 7. By the first quarter of 2026, Jingang Photovoltaic continued to lose 64.05 million yuan .
of the same year, the company started bankruptcy reorganization, and until December, the reorganization was implemented, the financial situation was improved, and the net assets turned from negative to positive. By the end of 2025, the asset-liability ratio of Jingang Photovoltaic had dropped to 34.56%, adding up to 289 million revenue for the whole year. 2.
However, before and after taking off the cap, the photovoltaic cross-border player made frequent moves: before taking off the cap, he raised a lot of money. 24. For a company that has just emerged from the delisting crisis, what is the intention of crossing the border so frequently?
It is not difficult to see that the core of King Kong Photovoltaic is to bet on the track of "calculating electricity synergy". Does the story of
"computing synergy" make sense? Because the core cost of computing power operation is always electricity. The rigid requirements of the policy side make green power the "survival standard" of computing power enterprises .
According to the explicit requirements of the National Data Bureau, the proportion of green power in new computing facilities must reach more than 80%. This means that the computing assets that fail to meet the standards will face the risk of failing to pass the energy consumption approval and prohibiting grid-connected operation. Green power direct connection is the only way for the current computing power center to obtain green power with both cost and compliance. The move of
King Kong Photovoltaic is equivalent to holding both ends of the electricity synergy in their own hands.
The company realizes complementary power generation through its own wind and solar power stations, and then supplies its own computing power center with the green power direct connection mode, which can not only meet 80% of the green power compliance requirements, but also absorb the green power capacity locally, killing two birds with one stone.
.
As King Kong Photovoltaic said, "Under the rising trend of compliance costs, the cost advantages and compliance advantages of computing power service providers with self-owned green power assets will be exponentially enlarged.".
In addition, the current photovoltaic industry is in a downward cycle, the company's cross-border layout of wind power can effectively optimize the asset structure, hedge the risk of a single industry cycle, and enhance the overall ability to resist risks. No matter how beautiful the
story is, see the real chapter in the financial report! For Jingang Photovoltaic, which has just stepped out of the delisting crisis and has a weak foundation, the large-scale expansion at this time naturally hides multiple risks .
First of all, the quality of the core target of this acquisition is doubtful. The target company, Jinta Haobo, was established in 2024 for a short time, and has not yet had any business income and is still operating at a loss. According to
the data, the target company lost 83,100 yuan in 2025 and continued to lose 1.
This kind of transaction mode is easily questioned by the market as unfair pricing, and there are hidden dangers of interest transmission and development risks of listed companies.
However, the biggest risk comes from the financial and cash flow pressure brought by huge investment.
This equity acquisition needs to pay 70.75 million yuan, and subsequent wind power projects need to invest 16. However, in contrast to the fundamentals of Jingang Photovoltaic, as of the end of the first quarter of 2026, the total assets of the company are 2.969 billion yuan, and the total liabilities are 10. It can be seen that the assets of Jingang Photovoltaic are very thin .
In addition, just out of the delisting crisis, King Kong Photovoltaic has greatly expanded its assets, and the financial pressure has suddenly intensified. In addition to the 1.66 billion yuan wind power project, the company has previously disclosed 24.
Several advances, and the financial pressure of Jingang Photovoltaic is self-evident.
More attention should be paid to the long payback period of the project: the construction period of the 400MW wind power project is 12-18 months, and it is expected to be connected to the grid with full capacity by the end of 2027; the intelligent computing center project also needs long-term construction investment.
This means that Jingang Photovoltaic will be in the stage of "only input, no output" for a long time in the future, and it is difficult to generate substantial income in the short term, and a large amount of liquidity will be occupied for a long time.
In the
short term, King Kong Photovoltaic's bet on "computing synergy" fits the industry trend, and the short-term market value surge is enough to verify the market's recognition of this narrative. But under the long-term construction, how long can story on the tuyere be told?
At present, King Kong Photovoltaic has supported its market value by "calculating electricity synergy", but is this a rebirth or another high-profile capital transfer?
Moreover, as a cross-border photovoltaic player, the company itself has weak technology and unstable foundation compared with the leading photovoltaic enterprises. Now only two months after taking off its hat, it has successively crossed the border between computing power centers and wind power , superimposing the reality of tight funds, and what are the odds of King Kong Photovoltaic ?
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