---
title: "Suppliers sue when payments are delayed, Grand Sunergy Tech faces immense debt pressure"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/291501630.md"
description: "Grand Sunergy Tech is facing multiple lawsuits due to overdue payments to suppliers, resulting in significant short-term debt repayment pressure. In June, the company issued 13 announcements, of which 5 involved litigation and arbitration, with major defendants including Jiangsu Grand Sunergy and Anhui Grand Sunergy, among others, as well as the controlling shareholder. Specific cases include overdue payments of approximately RMB 10.3 million for aluminum frame goods to Fuzhou Antong and interest, as well as overdue payments of approximately RMB 22.48 million for battery cell final payments to Scenergy. Additionally, the company received a warning letter from the Beijing Securities Regulatory Bureau for information disclosure violations, and the chairman, general manager, and board secretary have all been held accountable"
datetime: "2026-07-02T05:50:07.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/291501630.md)
  - [en](https://longbridge.com/en/news/291501630.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/291501630.md)
generator: "portal-rs"
---

# Suppliers sue when payments are delayed, Grand Sunergy Tech faces immense debt pressure

**In the past June, Grand Sunergy Tech (603778)'s board secretary has been quite busy. According to statistics, starting from June 1, Grand Sunergy issued 13 announcements, almost one every day.**

**Just to chat a bit, compared to the salary of the board secretaries of leading photovoltaic companies, the salary of Grand Sunergy's board secretary is not high, positioned at the lower-middle level of the industry, but the work intensity is higher than that of peers, and they also have to "take the blame" along with the leadership.**

**On June 16, Grand Sunergy announced that due to incomplete and untimely information disclosure, the Beijing Securities Regulatory Bureau issued a warning letter to the company and related responsible persons. The responsible persons include Chairman Wu Jun, General Manager Gao Fei, and Board Secretary Zhang Kun, and the related violations have been recorded in the integrity archives of the securities and futures market.**

**Information disclosure violations are not a big deal, just a warning to learn from, and studying the Securities Law seriously would resolve it. Currently, Grand Sunergy is facing troublesome issues as suppliers/partners are continuously "coming to court" for collections, and the short-term debt repayment pressure is significant.**

**It has been observed that in June, Grand Sunergy published 5 announcements related to lawsuits and arbitrations, all involving new lawsuits and arbitration cases, with Grand Sunergy and its subsidiaries, as well as its controlling shareholder, mostly in the position of defendants.**

**1\. Owing Fuzhou Antong Aluminum Frame Payment and Interest of Approximately 10.3 Million Yuan**

**The announcement on June 2 shows that Fuzhou Antong New Material Technology Co., Ltd. (referred to as "Fuzhou Antong") has sued Jiangsu Grand Sunergy Shian New Energy Co., Ltd. (referred to as "Jiangsu Grand Sunergy Liaoan"), Wu Jun, and Chang Chuanbo in court.**

**The case is that Jiangsu Grand Sunergy Shian purchased photovoltaic aluminum frames from Fuzhou Antong, and as of April 15, 2026, it still owes 10,055,220.00 yuan for the goods, plus overdue payment interest of 244,728.65 yuan, totaling 10,299,948.65 yuan.**

**2\. Owing Shichuang Energy Approximately 22.48 Million Yuan for Battery Cell Final Payment**

**The announcement on June 6 shows that the listed company Shichuang Energy (688429) has sued Anhui Grand Sunergy New Energy and Grand Sunergy Energy in court. The case is that Anhui Grand Sunergy New Energy purchased TOPCon battery cells worth 74,412,624.05 yuan from Shichuang Energy, all goods have been delivered, but 22,480,359.35 yuan of payment remains unpaid to Shichuang Energy.** \*\*

**3** **, Anhui Grand Sunergy and Huasheng New Energy have a sales contract dispute**

**The announcement on June 6 also showed that Huasheng New Energy has sued Anhui Qianjing Yuchen New Energy Co., Ltd., Wu Jun, Anhui Grand Sunergy, and Grand Sunergy Energy in court, with the amount involved in this sales contract dispute being 16.6826 million yuan.**

**4** **, Pay about 46.24 million yuan for battery cell payment to Dahang Electric within 10 days**

**The announcement on June 13 showed that the People's Court of Yangzhong City made a first-instance judgment on the sales contract dispute case between Jiangsu Dahang Electric Trading Co., Ltd. (referred to as "Dahang Electric") and Anhui Grand Sunergy, Wu Jun, ordering Anhui Grand Sunergy to pay the plaintiff Dahang Electric 46,246,925 yuan for the goods within ten days after the judgment takes effect, as well as overdue payment liquidated damages calculated at 0.0278% per day, a preservation guarantee fee of 103,692.45 yuan, and attorney fees of 5,000 yuan.**

**5** **, Owing about 17.05 million yuan in profit-sharing payments to Hualan Smart Energy**

**The announcement on June 24 showed that Guangxi Hualan Smart Technology Co., Ltd. (referred to as "Hualan Smart") has sued Jiangsu Grand Sunergy Shian, Jiangsu Qianjing Ruike New Energy Co., Ltd., and Grand Sunergy Energy in court. The case is due to Jiangsu Grand Sunergy Shian's default on the energy-saving benefit profit-sharing payments, liquidated damages, engineering investment losses, attorney fees, etc., with a total claim of 17,055,413.98 yuan.**

**6** **, In litigation with a subsidiary of Hesheng Silicon Industry, involving an amount of 22.52 million yuan**

**The announcement on June 13 also showed that Xinjiang Hesheng Innovative Materials Co., Ltd. (referred to as "Xinjiang Hesheng") has sued Xinjiang Grand Sunergy Qicheng New Energy Co., Ltd., Anhui Grand Sunergy, Anhui Qianjing Yuchen New Energy Co., Ltd., and Jiangsu Grand Sunergy Shian in court, with the amount involved in this sales contract dispute being 22.5203 million yuan. Xinjiang Hesheng is a wholly-owned subsidiary of Hesheng Silicon Industry.** **7\. Outstanding payment for Hongrun Taiyang components, penalties, etc., approximately 46.01 million yuan**

**The announcement on June 30 shows that Hongrun Taiyang (Xuancheng) Green Energy Co., Ltd. (referred to as "Hongrun Taiyang") has sued Anhui Guosheng New Energy, Jiangsu Qianjing Ruike New Energy Co., Ltd. (referred to as "Qianjing Ruike"), Guosheng Energy, and Anhui Shenghong Non-financial Guarantee Co., Ltd. in court.**

**The case arises from the "Photovoltaic Module Purchase Contract" signed between Hongrun Taiyang and Anhui Guosheng New Energy on March 12, 2026, which stipulated that Hongrun Taiyang would supply 100MW of photovoltaic modules to Anhui Guosheng New Energy. As a result, Hongrun Taiyang delivered 22.5MW to Anhui Guosheng New Energy, which only paid 50% of the payment, and is still in arrears for the delivered modules' due payment of 8,772,192 yuan, with 51.82MW of modules yet to be picked up, amounting to 36,378,180.54 yuan. Currently, Hongrun Taiyang is requesting the court to order Anhui Guosheng New Energy and others to pay a total of 46,015,292.86 yuan for the payment, penalties, production loss, storage occupation loss, etc.**

**We note that the supply contracts signed between Anhui Guosheng New Energy and Hongrun Taiyang, as well as Dahang Electric, mostly adopt a spot payment model, with little to no credit period. Once the goods are delivered and payment is not received, suppliers will quickly resort to legal means to resolve the issue.**

**8\. Dispute over sales contract with Zhongju Materials, involving an amount of 9.4627 million yuan**

**The announcement on June 30 shows that Zhejiang Zhongju Materials Co., Ltd. has sued Xinjiang Guosheng Qicheng New Energy Co., Ltd., Jiangsu Guosheng Shian, and Anhui Qianjing Yuchen New Energy Co., Ltd. in court, with the dispute involving an amount of 9.4627 million yuan.**

**9\. Dispute over transportation contract with Jialida, involving an amount of 26.5417 million yuan**

**The announcement on June 30 shows that Jialida International Logistics (Peixian) Co., Ltd., Xuzhou Jialida Supply Chain Management Co., Ltd. has a transportation contract dispute with Jiangsu Qianjing Ruike New Energy Co., Ltd., Jiangsu Guosheng Shian, Xinjiang Guosheng Qicheng New Energy Co., Ltd., Anhui Guosheng New Energy, Anhui Qianjing Yuchen New Energy Co., Ltd., Guosheng Energy, and Wu Jun, involving an amount of 26.5417 million yuan.**

**It is estimated that the total amount involved in the above 9 lawsuits and arbitration cases is approximately 217.2873 million yuan.**

**In addition to the aforementioned sales and transportation contract disputes, there is a share transfer dispute between Guosheng Technology's controlling shareholder Guosheng Energy and former shareholder Yang Jing. The Shanghai International Arbitration Commission ruled that Guosheng Energy must pay Yang Jing a share transfer payment of 148 million yuan by June 26, plus overdue payment penalties, totaling 213,248,334.63 yuan.** \*\*

**Based on the above information, Grand Sunergy Tech and its subsidiaries, as well as its controlling shareholder Grand Sunergy Energy, are facing significant litigation and arbitration pressures, with a total amount involved reaching 430.5356 million yuan (21.72873 million yuan + 21.32483 million yuan).**

**Due to the decline in prices across the entire industry chain, Grand Sunergy Tech remains in a loss state.**

**Grand Sunergy Tech's 2025 annual report shows that the company's main revenue for the year was 796 million yuan, a year-on-year decrease of 61.97%; net profit attributable to the parent company was -573 million yuan, a year-on-year decrease of 443.15%; and net profit excluding non-recurring items was -571 million yuan, a year-on-year decrease of 123.65%.**

**The 2026 first quarter report shows that the company's main revenue for the first quarter was 120 million yuan, a year-on-year increase of 25.02%; net profit attributable to the parent company was -34.8352 million yuan, a year-on-year increase of 16.93%; and net profit excluding non-recurring items was -35.409 million yuan, a year-on-year increase of 20.73%.**

**As of March 31, 2026, Grand Sunergy Tech's debt ratio was 80.98%. At the same time, its cash flow is also not very ample, with cash and cash equivalents amounting to 75.3032 million yuan.**

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**