Solarspace plans to invest RMB 719.2 million to subscribe to at least 399.50 million shares, becoming EGING PV's controlling shareholder
Shanghai Qixing Network Technology will acquire a 20% stake from existing controlling shareholder Yamatong Technology
The transactions come amid persistent global PV overcapacity and price pressures affecting manufacturers' profitability and operations
Two Chinese solar companies are set for ownership changes, with a solar cell producer poised to acquire a controlling stake in the former and a company outside the energy sector in the case of the latter.
Solar cell manufacturer Solarspace is set to become the controlling shareholder of module manufacturer EGING PV following a revised pre-structuring investment agreement.
Under the agreement, Solarspace will invest RMB 719.2 million to purchase at least 399.50 million shares in EGING PV. Ningbo Ruilian will invest RMB 100 million for at least 55.55 million shares. After the transaction closes, Solarspace will become the controlling shareholder of EGING PV.
This is different from the arrangement EGING PV announced in October 2026, which would have made Ningbo Ruilian the controlling shareholder of the company (see China Solar PV News Snippets).
Solarspace is invested in solar cell production with manufacturing facilities in Laos, with North America as its primary market. EGING PV operates solar cell and module manufacturing capacity in Changzhou, China, with products primarily serving markets in Asia, Europe, and South America. Its acquisition will expand Solarspace’s portfolio to include solar module manufacturing capacity.
For EGING PV, this transaction comes as it faces significant financial and listing risks. Its audited net assets were negative RMB 327.39 million at the end of 2025, resulting in a delisting risk warning from the Shanghai Stock Exchange.
If the court does not accept the reorganization application, EGING PV says it faces the risk of being declared bankrupt and will undergo bankruptcy liquidation, which would lead to its delisting.
Meanwhile, Chinese solar glass producer Changzhou Almaden is looking at coming under the control of Shanghai Qixing Network Technology. Interestingly, the latter is in the collectible card toys and IP-based trading cards business, including its Hitcard brand, and has no direct ties to the PV or energy industry.
Almaden’s controlling shareholder, Yamatong Technology, has agreed to sell a 20% stake in the company to Shanghai Qixing, making the latter the controlling shareholder in Almaden.
Neither party has disclosed specific strategic or investment plans following the proposed change in control. The announcement states that Almaden's principal business will remain unchanged and that both parties intend to maintain the stability of its existing management team.
These transactions come amid a challenging business environment for the solar PV industry, where persistent global overcapacity and an imbalance between supply and demand have intensified price pressures and weighed on manufacturers' profitability and operations.
Recently, Shenzhen Nanshan Power said it plans to acquire a majority stake in TrinaTracker (see Trinasolar May Sell Up To 70% Stake In TrinaTracker).