Chinese cell producer Solarspace seeks controlling share of Eging PV

Upon completion of the restructuring, Solarspace will become the controlling shareholder, and the husband-and-wife pair Long Daqiang and Meng Liye, the company’s co-founders and leaders, will become Eging PV’s actual controllers.

In April this year, under Eging PV’s original pre-restructuring plan, Ningbo Ruilian was the lead investor, with Solarspace coming in only as an industrial partner to co-invest RMB100 million. In its July reply to the Shanghai Stock Exchange’s inquiry, the company stated that “Solarspace has no plan to seek control”. In less than three months, the revised capital-injection structure has redrawn the company’s ownership and control landscape.

The move to control Eging PV marks a pivotal point in Solarspace’s capital-market journey.

According to InfoLink’s solar cell shipment rankings, Solarspace is among the world’s top five solar cell makers by shipment volume. But its path to a public listing has been uneven: its ChiNext IPO application was accepted in May 2023 and passed the listing review that December; in June 2024, it voluntarily withdrew the application amid a tightened IPO review environment and a downturn in the PV industry; in March and September 2025, it filed two separate listing applications with the Hong Kong Exhange (HKEX) Main Board, but neither reached a hearing before lapsing within the six-month validity period, and it has submitted no further filing since March 2026. After one aborted A-share listing attempt and two lapsed Hong Kong filings, a backdoor listing through a shell company has become a realistic route.

Under the restructuring agreement, the price Solarspace pays to gain control is not low, but its lock-in commitment is equally substantial. The agreement prohibits Solarspace from transferring the relevant shares or entrusting them to a third party for management for five years after securing control; once the 60-month lock-up period expires, it may reduce its holdings only in compliance with applicable rules, and only after the listed company returns to profitability on a net basis excluding non-recurring gains and losses. On funding, Solarspace disclosed that as of the end of September 2026, it held approximately RMB3.4 billion in consolidated monetary funds, and would fund the subscription with a mix of its own funds and externally raised capital.

For Eging PV, the deal represents critical external support as it seeks to preserve its listing status. The company reported negative net assets at year-end 2025, and its net assets stood at negative RMB327 million in the Q3 2026 report. If it continues to meet delisting triggers under the listing rules in 2026, it will face delisting.

In terms of capacity, Eging PV currently operates 9.5GW of module capacity, 3GW of PERC cell capacity and 7.5GW of TOPCon cell capacity; as of end-2024, Solarspace had 41.1GW of solar cell capacity, including 22.6GW of n-type cell capacity and 5.7GW of module capacity. If the restructuring goes through, the combined integrated capacity would reach roughly 48.6GW of solar cells and 15.2GW of modules, addressing the gap in Solarspace’s expansion from cells into modules and downstream brands.

On this round of restructuring, Eging PV cautioned that court recordal of the pre-restructuring petition does not amount to formal acceptance into restructuring proceedings. Material uncertainties remain over whether the court will formally accept the case, whether the restructuring plan will be approved, whether creditors and shareholders will vote in favour, and whether funding will be disbursed on schedule. Should the restructuring fail, Eging PV could still enter bankruptcy proceedings and be delisted.

Market participants believe that Solarspace’s takeover of Eging PV extends the integration playbook at the bottom of the PV cycle—the ‘leading manufacturer plus distressed listed platform’ model—and, like TCL Zhonghuan’s acquisition of DAS Solar and Tongwei’s acquisition of Lihao Clean Energy, represents a capital-allocation move amid industry consolidation.

Unlike a conventional backdoor listing, however, the pre-restructuring route is subject to constraints imposed by multiple stakeholders, including the courts, regulators, creditors and capital contributors. Whether this solar cell leader can ultimately be placed into the Eging PV shell still hinges on court approval.