news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

China Fund News reporter Lu Yu

ST Aikang, which has locked in its par value delisting, and its controlling subsidiary Zhejiang Aikang, were recently applied for bankruptcy reorganization by creditors due to its inability to repay matured debts and obvious lack of repayment ability.

However, ST Aikon has not yet announced any related matters.

Bankruptcy and reorganization of holding subsidiary

Zhejiang Energy Power announced on July 26 that creditors of Zhejiang Aikon Optoelectronics Technology Co., Ltd. (hereinafter referred to as Zhejiang Aikon) applied to the court for bankruptcy reorganization of Zhejiang Aikon on the grounds that Zhejiang Aikon could not repay its due debts and obviously lacked the ability to repay.

The court held that Zhejiang Aikang already had the reasons for bankruptcy, but it had the value of reorganization and had the possibility of rebirth through reorganization, so the applicant's request for bankruptcy reorganization was in compliance with the law. The court ruled to accept the bankruptcy reorganization application for Zhejiang Aikang, which will take effect from now on.

As of April 30, 2024, Zhejiang Aikon had total assets of RMB 2.513 billion, total liabilities of RMB 1.562 billion, and net assets of RMB 951 million, which was clearly insolvent.

Zhejiang Aikang is a holding subsidiary of ST Aikang, with a registered capital of 1.5 billion yuan and paid-in capital of 1.05 billion yuan. ST Aikang's wholly-owned subsidiary Suzhou Aikang Optoelectronics Technology Co., Ltd. (hereinafter referred to as Suzhou Aikang) holds a 64.46% stake, while Zhejiang Energy Power holds a 20% stake.

However, ST Aikon has not disclosed the relevant matters yet.

20 new equity freezes recently

As the first listed photovoltaic accessories company in China, ST Aikon is known as the "first stock in photovoltaic accessories" and currently owns four major high-efficiency battery component industry manufacturing bases in Huzhou, Ganzhou, Suzhou and Zhoushan.

However, as ST Aikon's share price has been below 1 yuan for 20 consecutive trading days, according to relevant regulations, the company's shares will be delisted and have been suspended since June 19.

In recent years, ST Aikang has been making losses. From 2019 to 2023, the company's net profit was -1.612 billion yuan, 17.1548 million yuan, -406 million yuan, -833 million yuan, and -826 million yuan, respectively. In the first quarter of 2024, its net profit was -213 million yuan.

According to ST Aikon's announcement on June 8, its subsidiaries Ganzhou Aikon Optoelectronics Technology Co., Ltd. (hereinafter referred to as Ganzhou Aikon), Zhejiang Aikon, and Huzhou Aikon Optoelectronics Technology Co., Ltd. (hereinafter referred to as Huzhou Aikon) plan to temporarily suspend work and production on the company's high-efficiency solar cell module production lines. The suspension time will start from June 8, 2024, and is expected to be no more than 3 months.

On June 13, ST Aikon announced again that its wholly-owned subsidiary Suzhou Aikon will temporarily suspend production of the company's high-efficiency solar cell module production line. The suspension will start from June 12, 2024, and is expected to last no more than 3 months.

That is to say, three of its four major production bases have announced temporary suspension of work and production. Moreover, Ganzhou Aikang was put on the auction stage, and after failing to sell at the first auction, it was sold at a reduced price.

In addition, Tianyancha also shows that since June 2024, ST Aikang or its subsidiaries have added 20 equity freezes. Among them, the largest amount is Suzhou Aikang's 1.508 billion yuan equity, which was frozen by the Dengfeng Municipal People's Court from July 24.

As of May 20, the number of ST Aikang shareholders was 276,800.

Editor: Captain

Audit: Wooden Fish

Copyright Notice

"China Fund News" enjoys the copyright to the original content published on this platform. Reproduction without authorization is prohibited, otherwise legal liability will be pursued.

Contact person for authorized reprint cooperation: Mr. Yu (Tel: 0755-82468670)