The first A-share photovoltaic module stock undergoes restructuring, with 2.3 billion yuan of capital entering the market

The veteran enterprise once hailed as the "first stock of A-share photovoltaic modules", *ST Yijing (600537.SH), has completed the puzzle of its pre - reorganization investors.

After only four months of progress, the company has determined investors in both the industrial and financial aspects, contributing a total of 2.334 billion yuan to resolve the debt dilemma. It is only one step away from formally entering the reorganization process, which is the voting session of the creditor's meeting and the equity - holder group meeting.

On the evening of June 10, 2026, *ST Yijing issued an announcement that the company and the pre - reorganization guide officially signed a pre - reorganization investment agreement with 4 financial institutions and 5 natural persons.

The announcement shows that the financial investors introduced this time include 4 institutions, namely Ningbo Hengshuo Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Ningbo Hengshuo"), Shenzhen Jia'an Huiying Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as "Jia'an Huiying"), Jinxiu Zhonghe (Beijing) Capital Management Co., Ltd. (hereinafter referred to as "Jinxiu Zhonghe"), and Zhuhai Hengqin Shuangyuan Qisheng Investment Partnership (Limited Partnership) (hereinafter referred to as "Hengqin Shuangyuan"), as well as 5 natural persons such as Chen Guinu and Deng Shuzhi. The financial investors will subscribe for approximately 793 million converted shares at a price of 1.91 yuan per share, with a total consideration of approximately 1.515 billion yuan.

On April 26, *ST Yijing had already signed a "Pre - Reorganization Investment Agreement" with an industrial investor consortium composed of Ningbo Ruilian Self - owned Funds Investment Partnership (Limited Partnership) (hereinafter referred to as "Ningbo Ruilian") and Jiangsu Zhongrun Photovoltaic Energy Technology Co., Ltd. (hereinafter referred to as "Zhongrun Photovoltaic Energy").

According to the agreement, Ningbo Ruilian will contribute 719 million yuan, and Zhongrun Photovoltaic Energy will contribute 100 million yuan, a total of 819 million yuan, to subscribe for no less than 455 million converted shares at a price of approximately 1.8 yuan per share. After the completion of the reorganization, Ningbo Ruilian will become the controlling shareholder of *ST Yijing, and Zheng Hualing will become the actual controller. Zhongrun Photovoltaic Energy will act as an industrial synergy partner, providing support in terms of technology and market for the company.

According to the plan, the approximately 2.334 billion yuan in investment funds will be used first to pay off the debts of *ST Yijing and its subsidiaries, and to cover bankruptcy costs and co - beneficial debts. The remaining part will be used to supplement the company's working capital.

Threatened by delisting risk, multiple financial investors were "established in a hurry"

*ST Yijing has advanced the pre - reorganization process very rapidly. It only took four months from the start of the pre - reorganization to the confirmation of all investors' participation.

On February 4 this year, creditors Jiangsu Jieyang Energy Equipment Co., Ltd. (hereinafter referred to as "Jieyang Energy") and Changzhou Kainuo Aluminum Industry Co., Ltd. (hereinafter referred to as "Kainuo Aluminum Industry") applied to the Intermediate People's Court of Changzhou City for reorganization and pre - reorganization filing registration on the grounds that *ST Yijing was unable to pay off its due debts and was obviously lacking in solvency, but had reorganization value.

The next day, the Changzhou Intermediate People's Court completed the filing. *ST Yijing immediately hired Jiangsu Shijitongren Law Firm as the pre - reorganization guide and officially launched the relevant procedures. On February 10, *ST Yijing issued an investor recruitment announcement and started the creditor's rights declaration, which ended on March 13.

Behind the urgent pace is the reality that *ST Yijing is on the verge of delisting. At the end of April 2026, after the release of the company's 2025 annual report, it was subject to delisting risk warning by the Shanghai Stock Exchange due to negative audited net assets. If it continues to meet the delisting indicators in 2026, its shares will be delisted.

Financial data shows that as of the end of 2025, *ST Yijing's audited net assets were - 89.3626 million yuan. It was unable to pay off its due debts and its assets were insufficient to pay off all debts.

However, among the financial investors participating this time, three institutions had been established for less than half a month before participating in the reorganization of the listed company.

Among them, Jia'an Huiying was established on June 8 this year, less than two days before the signing. Its registered capital is 1 million yuan. Sun Dandan, the actual controller, holds 99% of the shares, and Zhang Qingyun, the executive partner, holds 1%.

Ningbo Hengshuo was established on May 29 this year, with a registered capital of 1 million yuan. Wu Zhijian and Li Hui each hold 50%. Wu Zhijian also serves as the executive partner and the actual controller.

Zhuhai Hengqin Shuangyuan was established on May 27, with a registered capital of 5 million yuan. The ultimate actual controller is Fu Xin. In terms of equity, Zhuhai Hengqin Jiudou Investment Co., Ltd. (hereinafter referred to as "Hengqin Jiudou") holds 90%, and Jinan Qiyao Management Consulting Co., Ltd. (hereinafter referred to as "Jinan Qiyao") holds 10%. Hengqin Jiudou is held 49% by Jinan Qiyao and 51% by Beijing Chunchen Ruiyan Enterprise Management Consulting Co., Ltd. Jinan Qiyao is wholly - owned by Fu Xin, who also becomes the ultimate actual controller of Hengqin Shuangyuan.

Among the four financial institutions, only Jinxiu Zhonghe has been in operation for many years. The company was established in 2012, with a registered capital of approximately 34.09 million yuan. The actual controller is Zhang Jingting.

Zhang Jingting directly holds 30.8% of the company's shares. In addition, Gongqingcheng Zhongrun Investment Management Partnership (Limited Partnership), in which Zhang Jingting holds 96.77%, Gongqingcheng Herun Investment Management Partnership (Limited Partnership), in which Zhang Jingting holds 9.09%, and Gongqingcheng Changhe Investment Management Partnership (Limited Partnership), in which Zhang Jingting holds 99.01%, hold 16.72%, 9.68%, and 8.8% of Jinxiu Zhonghe respectively, a total of 35.2%.

From 2023 to 2025, Jinxiu Zhonghe's net asset values were approximately 43.9459 million yuan, 66.6913 million yuan, and 83.6955 million yuan respectively; its net profits were 5.1598 million yuan, 12.2827 million yuan, and 17.2069 million yuan respectively.

The other 5 natural person investors are Chen Guinu, Deng Shuzhi, Bo Xianhui, Hu Zhen, and Jiang Wenhui. *ST Yijing's announcement clearly states that the five natural persons have no affiliated relationship with the company or other investment entities, and the investment funds are all their own funds.

An experienced asset management veteran teams up with a photovoltaic industry leader that failed in IPO twice

The industrial investor camp participating this time is composed of an experienced asset management veteran in distressed assets and a leading company in the photovoltaic industry.

Ningbo Ruilian was established in August 2025, with a registered capital of 30 million yuan. The actual controller is Zheng Hualing. In terms of equity structure, Jiang Jingyun holds 99.97%, and Ningbo Yihedingyi Investment Co., Ltd. (hereinafter referred to as "Yihedingyi"), the executive partner, holds 0.33%. Yihedingyi is a wholly - owned subsidiary of Ningbo Dingyi Asset Management Co., Ltd. (hereinafter referred to as "Dingyi Investment"). Zheng Hualing is the founder and chairman of Dingyi Investment.

Although Ningbo Ruilian has not yet carried out actual operations, as of the end of 2025, the balances of its major financial accounts were all less than 10,000 yuan.

However, Dingyi Investment behind it is a professional asset management platform in China that focuses on the investment and operation management of distressed enterprises, with a cumulative investment scale of nearly 30 billion yuan.

Dingyi Investment was established in 2015, with a registered capital of 100 million yuan. The company has long focused on the merger and acquisition opportunities brought about by economic structural adjustment and industrial transformation and upgrading, and has laid out key areas such as energy and mining, shipping and logistics. It has led or participated in the bankruptcy reorganizations of many listed and non - listed enterprises and has rich experience in revitalizing risky enterprises.

As the core of industrial synergy in this reorganization, Zhongrun Photovoltaic Energy is a global leading photovoltaic cell manufacturer. It was established in 2011, with a registered capital of 360 million yuan. The couple of Long Daqiang and Meng Liye, the chairman, are the actual controllers of the company, and they jointly control 50.64% of the equity.

The shareholder list of Zhongrun Photovoltaic Energy also includes multiple state - owned capitals, such as Xuzhou High - tech Industrial Development Zone Venture Development Co., Ltd. controlled by the Xuzhou State - owned Assets Supervision and Administration Commission, Xuzhou High - tech Guorun New Energy Industry Investment Fund Partnership (Limited Partnership), Xuzhou State - owned Investment Energy Group Co., Ltd., Chuzhou Guolang New Energy Technology Investment and Development Co., Ltd. controlled by the Langya District Finance Bureau of Chuzhou City, and the National Green Development Fund Co., Ltd. controlled by the State Council.

According to data from Frost & Sullivan, in 2024, in terms of external shipments of photovoltaic cells, Zhongrun Photovoltaic Energy ranked first among global professional photovoltaic cell manufacturers, with a market share of 18.3%; and ranked second among all - category photovoltaic cell manufacturers, with a market share of 14.6%.

It is worth noting that Zhongrun Photovoltaic Energy has failed in two attempts to go public through an IPO.

In May 2023, Zhongrun Photovoltaic Energy submitted an IPO application for the Growth Enterprise Market. It passed the review in December of the same year, but the IPO was ultimately terminated due to a loss in the first quarter of 2024 after a profit. In March 2025, the company switched to the Hong Kong Stock Exchange and submitted a prospectus, and resubmitted it in September of that year. However, since the listing was not completed within six months, the prospectus automatically expired on March 16, 2026.

According to the data disclosed by *ST Yijing, in 2024, Zhongrun Photovoltaic Energy's operating income was approximately 1.132 billion yuan, and it had a net loss of approximately 136.3 million yuan. As of the end of 2024, its asset - liability ratio was 83.67%. In the first six months of 2025, Zhongrun Photovoltaic Energy's operating income was approximately 746.5 million yuan, and its net profit was approximately 120.4 million yuan. As of the end of June 2025, its asset - liability ratio was 75.99%.

This article is from the WeChat official account “Times Finance APP” (ID: tf - app), written by Sheng Lan and Gao Qiurong, and published by 36Kr with authorization.