On March 26, Hongyuan Green Energy announced that its holding subsidiary Hongyuan Solar Energy had signed a reorganization investment agreement with Wuxi Suntech and its administrator on March 24 to participate in the bankruptcy reorganization of Wuxi Suntech.
The announcement shows that Hongyuan Solar Energy and Wuxi Suntech will jointly set up a new Suntech with a registered capital of 1 billion yuan.
Among them, Hongyuan Solar Energy will invest 6.
After the establishment of New Suntech, Hongyuan Solar Energy will pay the reorganization investment to Wuxi Suntech through New Suntech after the court approves the reorganization plan
. The acquired assets include the equity of some subsidiaries, trademark rights related to Suntech brand, patent rights, etc., and are also used to pay for bankruptcy expenses, common interest debts, employee claims and claims liquidation and other related expenditures. According to
the data, Wuxi Suntech was founded by Shi Zhengrong, the "Godfather of China's Photovoltaic Industry," in Jiangsu in January 2001, and is a photovoltaic . Wuxi Suntech went bankrupt for the first time in 2013 and was eventually taken over by Shunfeng Photovoltaic Company. However, after Shunfeng Photovoltaic took over, it did not completely reverse the plight of Suntech in Wuxi.
In 2024, due to the heavy debt and radical expansion of Shunfeng Photovoltaic Company, the historical burden and poor management of Suntech in Wuxi, the operation of the enterprise is difficult to sustain. In December of that year, Shunfeng Photovoltaic signed the Cooperative Operation Agreement with Xiamen Jianfa Emerging Energy Co., Ltd., but it was terminated in July 2025. After the
termination, Hongyuan Green Energy, known as "Xiaolongji" in the industry, quickly launched, and its holding subsidiary Hongyuan Solar Energy immediately signed an agreement with Shunfeng Photovoltaic to help maintain its stable operation. The agreement is valid for 5 years.
The announcement disclosed that as of May 26, 2025, Wuxi Suntech's audited total assets were 537 million yuan, its total liabilities were 4.578 billion yuan, and its net assets were -40.
It will face tremendous financial pressure.
More noteworthy is that in recent years, Hongyuan Green Energy itself is also facing greater performance pressure. According to the company's 2025 performance forecast, Hongyuan Green Energy expects to achieve a net profit of 180 million yuan to 250 million yuan attributable to the owner of the parent company in 2025, but a non-net profit of -250 million yuan to-3.
In 2025, the contradiction between the periodic overcapacity of the industry and the mismatch between supply and demand will continue to exist, and the prices of products in all links of the industrial chain will continue to be under pressure, especially in the fourth quarter take over an insolvent enterprise when their own operations are still depressed?"? Wuxi Suntech, on the other hand, has been deeply engaged in the photovoltaic industry for many years and has the corresponding technology accumulation and market experience.
Hongyuan Green Energy said that it would rely on Suntech's existing brand precipitation to rapidly enhance its international influence , reduce the cost of overseas market development, and accelerate its transformation into an integrated manufacturer with international competitiveness.
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