EGing Photovoltaic: share auction fails, no bids received

EGing Photovoltaic Technology (SSE:600537) announced that the judicial auction of a portion of shares held by its controlling shareholder, Shenzhen Weizhi Energy Co., Ltd., has failed due to a lack of bids. The auction involved 54,696,214 unrestricted shares, representing 4.61% of EGing's total share capital and 21.48% of Weizhi Energy's holdings. Weizhi Energy has all of its shares frozen, totaling 21.47% of EGing. The company states the auction and share freeze currently do not affect company operations, and it will continue to monitor developments, and will ensure timely disclosures in compliance with regulations. Weizhi Energy has 7 lawsuits stemming from defaulted debt guarantees of 5.969 Billion Yuan.