Views: 0 Author: Site Editor Publish Time: 2026-07-06 Origin: Site
Against the backdrop of a prolonged industry cycle downturn, the photovoltaic (PV) sector continues to undergo a profound restructuring. According to incomplete public statistics, more than 30 PV-related companies have entered bankruptcy, liquidation, or restructuring proceedings in the past six months alone.
Yet while the market widely focuses on distress signals and operational pressures, the other side of the cycle is equally noteworthy: an influx of capital and the quiet entry of new strategic players are reshaping the industry’s consolidation narrative.
Among leading cases in the current wave of restructuring, several high-profile transactions have drawn significant attention.
One of the most closely watched deals involves Tongwei Co., Ltd. and its proposed acquisition of Qinghai Lihao. In February, Tongwei announced plans to acquire 100% equity in Qinghai Lihao through a combination of share issuance and cash payment. However, as of May, the transaction remains in the due diligence and commercial negotiation stage.
In parallel, PV integrated “dark horse” Hymon (Hengyuan) Green Energy has taken over the restructuring of veteran manufacturer Wuxi Suntech Power. The company has been managing Suntech since last year and signed a formal restructuring investment agreement in March this year, moving closer to a full takeover of the once-iconic PV manufacturer.
Another veteran player, Zhongli Group, completed its restructuring at the end of 2024. Its new controlling shareholder is Xiamen C&D Corp. (via its subsidiary Changshu Guangsheng New Energy). C&D has been expanding across downstream PV power plant development and is now further extending upstream into manufacturing, having previously also been involved in Suntech’s restructuring process. The acquisition of Zhongli further strengthens its presence across the PV value chain.
Beyond traditional PV players, the current consolidation wave is increasingly characterized by cross-industry investors stepping in.
Several companies are now in various stages of restructuring:
GCL System Integration Technology Co., Ltd. (Jingang PV)
ST Lingda
ST Yijia Solar (formerly Yijing Optoelectronics)
ST Bangjie
ST Tianyi
ST Quanwei
ST Shijing Technology
Among them, GCL System Integration and ST Lingda have already completed restructuring. ST Yijia, ST Bangjie, and ST Tianyi have signed restructuring investment agreements. ST Quanwei is currently in the process of seeking restructuring investors, while ST Shijing has just entered preliminary restructuring proceedings.
In many of these restructuring cases, new controlling entities are emerging from outside the traditional PV supply chain.
For example, GCL System Integration remains controlled by its original shareholder Guangdong Ouhao Group, which also owns the well-known home furnishing brand Boloni. The group entered the PV sector in 2021 to capture opportunities under the “dual-carbon” policy trend.
For ST Yijia, restructuring investors include both a professional restructuring fund (Ningbo Ruilian) and PV cell manufacturer Zhongrun Solar. However, according to the agreement, Ningbo Ruilian is expected to obtain actual control after restructuring completion.
In contrast, ST Lingda, ST Bangjie, and ST Tianyi have been acquired by investors from outside the PV industry:
ST Lingda’s new controlling shareholder is backed by semiconductor and advanced manufacturing capital, with ties to the broader precision electronics sector.
ST Bangjie has been taken over by Meinian Onehealth Healthcare Holdings, a leading health examination service provider.
ST Tianyi is being acquired through a consortium linked to Ziguang Group, signaling a diversification into broader industrial investment platforms.
With new capital entering and new management teams taking control, strategic direction has become a key market focus: should companies remain in PV, or pivot entirely away?
Zhongli Group, backed by Xiamen C&D, is maintaining its core cable and PV-related businesses, leveraging supply chain integration and real estate-linked project synergies.
GCL System Integration continues to focus on HJT (heterojunction) technology. At the same time, its parent group is exploring a “Plan B” by expanding into AI computing infrastructure powered by green energy.
ST Lingda is maintaining its PV power generation and EPC business while divesting inefficient solar cell assets. At the same time, it is exploring advanced manufacturing and semiconductor-related upgrades.
ST Bangjie is planning a full strategic pivot. Its restructuring plan includes spinning off PV assets via trust structures or asset auctions. The company is expected to shift toward healthcare and smart medical device industries going forward.
As the PV industry moves through a cyclical downturn, consolidation accelerates. Some companies collapse under pressure, others are reborn through restructuring, and new players emerge from adjacent industries.
In this wave of restructuring, the PV sector is not only shedding excess capacity but also being reshaped by capital, industrial crossovers, and strategic reinvention.
What remains uncertain is not whether the industry will recover—but what form it will take when the next cycle begins.
