Hongyuan Green Energy has signed a restructuring investment agreement to acquire control of Wuxi Suntech Solar Power, according to a filing to the Shanghai Stock Exchange. The plan, approved by creditors on March 24, still requires formal court approval before it can take effect.
The transaction uses a “new entity plus asset transfer” structure. A new company, referred to as New Suntech, will be established with registered capital of CNY 1 billion ($144.9 million). Hongyuan Solar Energy (Wuxi) Co. Ltd., a subsidiary of Hongyuan Green Energy, will invest CNY 630 million for a 63% stake, while other investors will contribute CNY 270 million for 27%. Wuxi Suntech will retain a 10% stake through a CNY 100 million contribution, to be used for debt-to-equity settlements.
Following court approval, New Suntech will also provide CNY 142 million in restructuring funds to Wuxi Suntech, including a CNY 50 million deposit already paid. These funds will be used to acquire core operating assets, including the Suntech trademark, patents, selected subsidiaries, and solar cell and module production assets, as well as to cover bankruptcy-related expenses and creditor claims.
The restructuring isolates liabilities within the original Wuxi Suntech entity. Historical debts will remain subject to judicial restructuring and will not transfer to New Suntech or Hongyuan Green Energy.
Wuxi Suntech remains heavily insolvent. As of May 2025, it reported total assets of CNY 537 million against liabilities of CNY 4.58 billion. Despite this, the company retains manufacturing capacity of 5.5 GW for modules and 2 GW for cells, along with an established global brand and cumulative shipments exceeding 55 GW.
Hongyuan plans to restart and upgrade these assets, including converting production lines to n-type TOPCon technology and expanding capacity in line with market demand. The deal provides Hongyuan with access to downstream manufacturing and international sales channels, supporting its strategy to move beyond its core wafer business.
For Suntech, the restructuring offers new capital and supply-chain support, providing a potential path back to market after years of financial distress. Founded in 2001, the company was once the world’s largest solar module supplier before entering bankruptcy in 2013 and undergoing a second restructuring process in 2025.
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