Eging PV, once hailed as “China’s first PV module stock,” has reached a new milestone in its pre-restructuring efforts.
The company announced that it had signed a Pre-Restructuring Investment Agreement with its restructuring coordinator and strategic investors, Ningbo Ruilian and Solarspace.
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Under the agreement, the investors plan to subscribe for no less than 455 million newly issued shares in aggregate through a capital increase, at an offer price of RMB1.8002 per share, for a total cash consideration of RMB819 million (US$119.9 million). Ningbo Ruilian will invest RMB719 million to subscribe for at least 399.5 million shares, while Solarspace will invest RMB100 million to subscribe for at least 55.5 million shares.
Upon completion of the restructuring, Solarspace will not be the primary investor, but Ningbo Ruilian will become the company’s controlling shareholder and Zheng Hualing will be its ultimate controller. All newly acquired shares will be subject to a 36-month lock-up period. This move will bring an end to Eging PV’s prolonged period without a controller and introduce new controlling stakeholders.
Public records show that Ningbo Ruilian is a dedicated platform under the Dingyi Investment Group specialising in the restructuring of distressed enterprises. Controlled by Zheng Hualing, the firm focuses on restructuring struggling companies and revitalising their operations, with cumulative investments of nearly RMB30 billion.
Solarspace, which has been deeply engaged in PV manufacturing for over a decade and possesses full-chain industrial capabilities across cells and modules, provides industry-wide support. In terms of capital market strategy, Solarspace had previously pursued a ChiNext listing on the Shenzhen Stock Exchange. It received regulatory approval in December 2023 but ultimately withdrew its IPO application. In 2025, the company shifted its listing focus to Hong Kong and submitted a new listing application.
According to Frost & Sullivan, based on external solar cell shipment volumes, Solarspace ranked as the second-largest global solar cell manufacturer in 2024, with a 14.6% share of the global market. According to the same source, its market share stood at 18.3% among professional solar cell manufacturers worldwide.
Eging PV’s former controlling shareholder was Shenzhen Velaz Energy. After Velaz Energy’s 200 million shares were judicially auctioned off, Eging PV entered a prolonged period without a controller.
The company was originally controlled by Xun Jianhua and his son Xun Yao. In 2011, Changzhou Eging PV completed a backdoor listing via Haitong Group, becoming the first PV module manufacturer to list on China’s Shanghai and Shenzhen stock exchanges-a milestone that earned it the title of “China’s first PV module stock.”
Eging PV stated that signing the agreement clears the way for its pre-restructuring arrangement and subsequent formal restructuring procedures. A successful restructuring will effectively resolve corporate debt risks, restore sustainable operations, improve profitability, and help the company return to a stable development track (subscription required). The announcement also noted that the court’s acceptance and registration of the pre-restructuring application does not equate to approval of formal restructuring proceedings.
Significant uncertainties remain regarding whether formal restructuring will be launched and what the final outcome will be. If the court approves the restructuring application, the company’s shares will be subject to a delisting risk warning.
