Insolvent! The photovoltaic cross-border enterprise and the actual controller were placed on file for investigation!

by this negative impact, ST Quan's share price fell 3 on March 20. As of the close of the day, ST Quan's share price was 14.2 yuan per share, with a total market value of 22.

ST Quanwei, formerly known as National Science and Technology, was founded in April 2002 and listed on the GEM of Shenzhen Stock Exchange in 2017. Its main business was polymer rubber and plastic materials.

In order to seek new performance growth points, ST Quan began to transform the layout of photovoltaic track in 2022. Its main business has also been transformed into heterojunction batteries, 20GW heterojunction components." As well as over 10GW heterojunction February, Chu Yifan was appointed as the chairman of ST Quan and has been in charge for three years.".

But during his term of office, ST Quanwei has been mired in losses. The data show that in 2023 and 2024, ST Quan will achieve a net profit loss of 139 million yuan and 1. In addition, according to the 2025 performance forecast, the company expects to continue to lose 310 million yuan to 4.

ST Quan explained that during the reporting period, the low-price competition in the photovoltaic industry continued to be fierce, the price of products in the photovoltaic industry chain continued to decline, and the main business products period" were to withdraw funds and focus on the main photovoltaic industry. ST Quan has sold subsidiaries for many times, with a cumulative return of more than 1. The company has also sold two real estate properties under its name for 10.74 million yuan and 48.6 million yuan . In addition, on March 12, the announcement showed that 5 million shares of Quanwei Green Energy had been transferred by judicial auction, with a turnover of 53.28 million yuan . Cross-border students "sell" seven times in one and a half years, can post-95 female bosses still dream of photovoltaic? Ccement. Com/news/2603/richtext/IMG/69bd07869f5094402708.jpg ">

In addition, ST Quanwei also disclosed in April 2025. It will sell 100% equity of Anhui Quanwei Green Energy New Energy Technology Co., Ltd. to Yinggu Assets with other shareholders, and the transfer price is tentatively set at 2. As of March 12, the parties have signed the equity transfer framework agreement, but have not yet signed the formal transaction agreement.

But in the face of huge losses, these measures are ultimately a drop in the bucket .

It is worth noting that in addition to huge performance losses, ST Quanwei is also facing severe debt and litigation pressure. As of November 18, 2025, the company involved nearly 100 cases of litigation and arbitration, involving more than 4.

In addition, by the end of September 2025, ST Quan was insolvent , with total assets of 835.1 million yuan. Total liabilities 9. The company expects net assets at the end of 2025 to be -123 million yuan to-1.

Continuous losses make ST Quanwei stand on the edge of the cliff of delisting .

On March 4, ST Quanwei announced that the company's net profit in 2025 was preliminarily estimated to be negative, its operating income was less than 100 million yuan and its net assets at the end of the period were negative. The company's shares will be subject to delisting risk warning .

In addition, on March 4, ST Quan also announced that the Intermediate People's Court of Dongguan City, Guangdong Province, had set up a case number (2026) for the reorganization and pre-reorganization application filed by Qingdao Taishang Qingyang Supply Chain Management Co., Ltd., a former creditor of the company, on January 29.