On March 30, ST Quanwei announced that due to disputes over loan contracts, the company's annual 2G W heterojunction photovoltaic panel assembly line equipment was sealed up.
The announcement shows that the seizure of the assets originated from October 25, 2023, when ST Quanwei and its holding subsidiary Shandong Quanwei New Energy Technology Co., Ltd. (Hereinafter referred to as "Shandong Quanwei") and Shandong Xinchuang Emergency Transfer Service Co., Ltd. (Hereinafter referred to as "Shandong Xinchuang") signed the Agreement on Capital Loan and Guarantee. According to the agreement, Shandong Spring borrowed RMB 100 million from Shandong Xinchuang, and ST Spring provided joint and several liability guarantee.
Shandong Spring is due for the above loan on October 25, 2024, but the outstanding debt balance is still 100 million yuan . The parties agreed to extend the original loan term to July 31 , 2025.
However, after the maturity of the loan, the company failed to reach an agreement with the creditor Shandong Xinchuang again, which constituted an overdue loan.
In response, the People's Court of Shizhong District, Zaozhuang City, Shandong Province, ruled that the company's annual output of 2G W heterojunction photovoltaic panel assembly line equipment should be sealed up for a period from March 26, 2026 to March 25, 2028.
In response to the asset seizure, ST Quan said that the seizure of the equipment assets was limited to the seizure of property rights, which was a restriction on the registration rights of movable property, not the seizure of the physical assets themselves, and would not affect the normal use of the company's existing production lines and equipment.
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