Hareon Solar’s sales collapse as company struggles to survive

Facebook
Twitter
LinkedIn
Reddit
Email
Hareon Solar had suffered major financial issues before reporting a net loss in 2017 of approximately US$707 million after losses were reported every year since 2012. Image: Hareon Solar

China-based PV module manufacturer Hareon Solar Technology Co, has reported unaudited first half 2018 financial results, highlighting the collapse in the company in 2017, as losses mounted and was forced into major restructuring in 2018.

Hareon Solar had suffered major financial issues before reporting a net loss in 2017 of approximately US$707 million after losses were reported every year since 2012. Its PV manufacturing subsidiary was forced in to bankruptcy proceedings, senior management left including its CTO and the company has been fending off delisting.
 
It would also seem that Huajun International Group Limited, an investment holding company has acquired a major stake in the company and started a major restructuring of Hareon Solar, including the closure of some of the PV manufacturing operations and dispose of ‘inefficient loss-making assets’ and idled assets that are not required for production and current business operations, which also include some PV power plant projects, in order to reduce the company’s management costs.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Hareon Solar reported unaudited first half 2018 sales of RMB 581.99 million (US$85.3 million approx.), down 66.2% from the prior year period. 

Hareon Solar reported unaudited first half 2018 sales of RMB 581.99 million (US$85.3 million approx.), down 66.2% from the prior year period.

Net loss in the reporting period was RMB 637.2 million (US$93.3 million approx), as the company mainly sold PV modules without capital to continue operations before the Huajun International bailout. 

The company reported spending on R&D in the first half of 2018 at around RMB 5.7 million (US$836,602. Approx.).

The company had been a relatively high spender on R&D, which topped US$55 million in 2015, falling to just over US$26 million in 2017. In early June, 2018 several executives resigned from the company, including the Vice President and CTO of Hareon Solar Technology Co, Li Hongbo.

The company reported spending on R&D in the first half of 2018 at around RMB 5.7 million (US$836,602. Approx.).

Under previous management, Hareon Solar raked-up significant overdue debts, due to lack of capital and is facing a series litigation cases from suppliers and contractors. 

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

July 11, 2025
Renewable electricity generation has grown more than twice as fast as total global electricity generation since 2012, according to the International Renewable Energy Agency (IRENA).
July 11, 2025
Indian independent power producer (IPP) Juniper Green Energy has commissioned an additional 71MWp at Chapalgaon Solar Project in Solapur, Maharashtra.
July 11, 2025
The Asia Pacific (APAC) region has accounted for 69% of the 589GW solar PV inverters shipped in 2024, according to a report from analyst Wood Mackenzie.
Premium
July 11, 2025
According to the latest pricing data from the Silicon Industry Branch, released on 9 July, the transaction price range for n-type dense polysilicon has oscillated between RMB34,000-38,000/ton (US$4,741-5,299/ton).
July 11, 2025
The Australian Energy Market Operator (AEMO) has revealed that several utility-scale solar PV power plants experienced curtailment of above 25% in the National Electricity Market (NEM) in 2024.
July 10, 2025
German renewables company BayWa r.e. has secured a €3 billion (US$3.5 billion) loan for 'operational initiatives and pipeline expansion.'

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK