--- title: "Major shareholder uses stocks as collateral for \"credit sales\" and cannot repay, this photovoltaic stock is being pursued for over 200 million" type: "News" locale: "en" url: "https://longbridge.com/en/news/292722689.md" description: "Grand Sunergy Tech announced that its subsidiary Anhui Grand Sunergy New Energy has been sued for defaulting on approximately 115 million yuan in payments to Hengxi Photovoltaic. Since 2026, the subsidiary has accumulated over 200 million yuan in receivables. The company's fundamentals have deteriorated, with the debt-to-asset ratio rising to 80.17%, a negative gross profit margin, and six consecutive years of losses. The major shareholder frequently pledges stocks to guarantee accounts receivable, and with the stock price significantly dropping from its peak, it faces the risk of liquidation, and the funding crisis is severe" datetime: "2026-07-15T06:30:26.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/292722689.md) - [en](https://longbridge.com/en/news/292722689.md) - [zh-HK](https://longbridge.com/zh-HK/news/292722689.md) generator: "portal-rs" --- # Major shareholder uses stocks as collateral for "credit sales" and cannot repay, this photovoltaic stock is being pursued for over 200 million Hua Xia Energy Network learned that on July 8, Grand Sunergy Tech (SH: 603778) announced that its secondary holding subsidiary, Anhui Grand Sunergy New Energy Technology Co., Ltd. (referred to as Anhui Grand Sunergy New Energy), was sued for defaulting on approximately 115 million yuan in payment for photovoltaic modules owed to Shanghai Electric Group Hengxi Photovoltaic Technology (Nantong) Co., Ltd. (referred to as "Hengxi Photovoltaic"). In fact, this is not the first time Grand Sunergy Tech has been taken to court by suppliers. According to incomplete statistics, since 2026, the amount of payment pursued from its subsidiaries has exceeded 200 million yuan. To make matters worse, as of the end of 2025, Grand Sunergy Tech's debt-to-asset ratio was 80.17% (compared to 67.01% in the same period of 2024). During the same period, the company's gross profit margin was -21.90%. More seriously, the company has been in continuous losses for six years, and its stock has been continuously mortgaged by its major shareholder, Grand Sunergy Co., Ltd. (referred to as "Grand Sunergy"). However, surprisingly, the dismal fundamentals of Grand Sunergy Tech did not affect its stock price increase. From September last year to April this year, the company's stock price experienced a tenfold increase, peaking at 34.27 yuan per share. When Grand Sunergy mortgaged its stocks, the stock price happened to be at a high. Now, as the company's stock price continues to decline, these mortgaged stocks will face the risk of "liquidation." How will Grand Sunergy Tech face this deadly financial crisis next? **Major Shareholder Frequently Uses Stocks as Collateral and for Debt Settlement** From several announcements released by Grand Sunergy Tech regarding the payment disputes, it can be seen that its subsidiaries purchase photovoltaic modules and other materials on a "credit" basis, but the premise is to use part of the company's stocks as collateral. Taking Anhui Grand Sunergy New Energy and Hengxi Photovoltaic as an example. In March 2026, when both parties signed the "Photovoltaic Module Purchase Contract," Grand Sunergy also signed a "Securities Pledge Contract" with Hengxi Photovoltaic, agreeing that Grand Sunergy would pledge 10 million shares of Grand Sunergy Tech. At the same time, Grand Sunergy Tech's chairman, Eric Wu, also issued a "Guarantee Letter" to provide joint guarantee responsibility. After the contract was signed, Hengxi Photovoltaic delivered goods in batches as agreed, but Anhui Grand Sunergy New Energy only paid 40.96 million yuan, resulting in serious overdue payments. Hengxi Photovoltaic then sued the buyer, the guarantor, and the shareholders to the court, demanding that Anhui Grand Sunergy New Energy immediately pay the entire outstanding amount of 115 million yuan and bear the liability for breach of contract, and requiring Grand Sunergy and Eric Wu to bear the corresponding guarantee responsibility. Similar disputes also occurred between Anhui Grand Sunergy New Energy and Hongrun Taiyang (Xuancheng) Green Energy Co., Ltd., and Jiangsu Dahang Electric Trade Co., Ltd., involving amounts of 46 million yuan. Hua Xia Energy Network noted that not only are there overdue payments to suppliers, but even the equity transfer payment that should have been paid to the company's founder, Yang Jing, four years ago is also overdue. The announcement shows that as of May 13, 2026, Grand Sunergy still owes the final payment of 148 million yuan and a penalty of 65.25 million yuan Due to lack of funds, Grand Sunergy Tech has pledged its 26 million shares of Grand Sunergy to Yang Jing. It is worth noting that the major shareholder Grand Sunergy has been continuously pledging shares of Grand Sunergy Tech. As of June 16 this year, the total number of shares pledged by Grand Sunergy Tech reached 108 million shares, accounting for as much as 99.63% of its holdings. Among them, nearly 400,000 shares are frozen. Additionally, 81 million shares will mature in the next six months. **Cross-border photovoltaic leaves a mess behind** It takes time to freeze three feet of ice. The current predicament of Grand Sunergy Tech, which is "a mess," did not form in a short period. Grand Sunergy Tech was formerly known as Beijing Qianjing Landscape Co., Ltd., established in 2002 by the couple Hui Quanfu and Yang Jing, and was listed on the Shanghai Stock Exchange main board in 2015. Before the transformation, Qianjing Landscape had already begun to incur losses, with a net profit of -80.4491 million yuan in 2020, further expanding to a loss of 210 million yuan in 2021, and continuing to lose 162 million yuan in 2022. Amid years of losses, Hui Quanfu and Yang Jing planned to sell the company. In January 2022, Grand Sunergy, which had just been established, first acquired 8% of the shares from the original actual controller for 212 million yuan, and then subscribed to a private placement of 469 million yuan, ultimately becoming the controlling shareholder with a 29.23% stake. In November 2022, Qianjing Landscape acquired equity in seven subsidiaries from Grand Sunergy for approximately 154 million yuan in cash, officially entering the photovoltaic field and focusing on heterojunction (HJT) battery technology. In November 2023, the company's stock abbreviation changed from "Qianjing Landscape" to "Grand Sunergy Tech." However, the photovoltaic business not only failed to become the company's lifeline but also exacerbated its losses. The reason lies in the company's pursuit of trends at the peak. Starting in the second half of 2023, the entire photovoltaic industry entered a cyclical winter, with component prices continuously declining. Major photovoltaic leaders faced losses across the board, and Grand Sunergy Tech, lacking industrial accumulation and technological barriers, naturally found it even more difficult. In 2023, Grand Sunergy Tech lost 68.8801 million yuan, with losses expected to expand year by year to 106 million yuan and 573 million yuan in 2024 and 2025, respectively. In the first quarter of 2026, the company again lost 34.8352 million yuan. **A "demon stock" good at hype** Although the performance is a complete mess, the stock price of Grand Sunergy Tech has been fluctuating wildly, making it a typical "demon stock." The reason is simply that the company is adept at continuously hyping trends. In October 2025, Grand Sunergy Tech announced that its subsidiary plans to invest 230 million yuan in Tieling Global to build an AI intelligent manufacturing project for a solid-state battery industry chain with an annual output of 10GWh. At the same time, there were rumors in the market that the company was involved in space photovoltaic business. On November 25 of the same year, the company announced plans to acquire 100% equity of Fuyue Technology for 241 million yuan in cash, entering the lithium battery structural component track Whether it is solid-state batteries or space photovoltaics, they are both hot topics in the market; as the lithium battery industry enters a new upward cycle, the market is also highly focused on the lithium battery structural components sector. As a result, Grand Sunergy Tech's stock price has soared from a low of 3.23 yuan per share during intraday trading on September 23, 2025, to 34.27 yuan per share by April 9, 2026, more than a tenfold increase in just over six months. However, after the hype subsided, Grand Sunergy Tech's stock price lost support and began to slide downwards. As of the close on July 13, the company's stock price had fallen to around 10 yuan, approximately one-third of its peak. Grand Sunergy Tech stock price trend chart No matter how the stock price is speculated, performance is fundamental. After six consecutive years of losses, Grand Sunergy Tech has almost no room for maneuver. With suppliers continuously pursuing payment, the company's financial crisis has become precarious. As the stock price continues to fall and approaches the margin call line, the major shareholder's equity may be enforced by the court, posing a challenge to the company's control. 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