According to EnergyTrend, Eging PV issued an announcement on April 26, stating that it has officially signed the Pre-restructuring Investment Agreement with the pre-restructuring supervisor and restructuring investors, namely Ningbo Ruilian Enterprise Management Partnership and Jiangsu Zhongrun Light Energy Technology Co., Ltd.
As disclosed in the announcement, the total restructuring investment amounts to RMB 819 million, which will be fully used to subscribe for Eging PV’s newly converted shares at a subscription price of RMB 1.8002 per share. Among the total amount, Ningbo Ruilian will invest RMB 719 million to subscribe for no less than 399.5 million shares, while Zhongrun Light Energy will contribute RMB 100 million for a subscription of no less than 55.5 million shares.
Upon completion of the transaction, Ningbo Ruilian will become the controlling shareholder of Eging Photovoltaic, and its actual controller, Zheng Hualing, will serve as the new actual controller of the listed company. As an industrial investor, Zhongrun Light Energy will deepen strategic ties to drive industrial chain coordination across solar cell and module segments.
Once hailed as the first A-share listed photovoltaic enterprise, Eging PV has faced sustained operational pressure in recent years amid industry cyclical adjustments and intensifying market competition. Financial data showed a net loss attributable to parent company of RMB 2.09 billion in 2024, with a projected loss of RMB 450 million to 600 million for 2025.
In terms of production capacity, the company stated in an earlier announcement released on January 13 that it currently owns 3 GW PERC cell capacity, 7.5 GW TOPCon cell capacity and 9.5 GW PV module capacity. Affected by cyclical fluctuations in the photovoltaic industry, the 3 GW PERC cell production line at its Changzhou base and the 7.5 GW TOPCon cell line at its Chuzhou base have now been suspended.
Module production is arranged flexibly in response to market demand, with the capacity utilization rate of PV modules standing at approximately 35% in 2025.
Eging PV noted that its in-house produced cells are mainly supporting internal module manufacturing. The suspension of cell production will not disrupt regular business operations, as cell demand for module orders can be met through external market procurement. Accordingly, the shutdown will not exert a material impact on the company’s operating performance and financial position. Production at the suspended lines will be resumed in a timely manner once market conditions improve.
In February 2026, the company and its holding subsidiaries filed for restructuring by creditors, after which the Changzhou Intermediate People’s Court completed filing and registration for pre-restructuring.
Pursuant to the agreement, the raised funds will be primarily allocated to debt repayment, working capital supplementation and production resumption. Smooth implementation of the restructuring is expected to significantly improve Eging PV’s debt profile and financial structure, and restart cell and module production capacity with the industrial synergy support from Zhongrun Light Energy.
Nevertheless, the restructuring process remains subject to multiple uncertainties. The restructuring plan needs to be approved by creditor groups, shareholders’ committees and the court, while variables still exist in investors’ capital performance and regulatory approval progress.
Source：EnergyTrend
