EGing Photovoltaic's share auction fails due to no bids

EGing Photovoltaic Technology Co., Ltd. (SSE:600537) has announced that the auction of 54,696,214 shares (4.62% of the total share capital) held by its controlling shareholder, Shenzhen Only Energy Co., Ltd., concluded without any bids. These shares represent 21.48% of Only Energy's holdings in EGing. This represents the second attempt to auction these shares. Only Energy currently has all of its 254,696,214 shares in EGing (21.52% of the total share capital) under a轮候冻结 (speculative-wait freeze). The company notes that Only Energy is involved in litigation related to CNY 5.969 billion in defaulted debt guarantees. Investors are advised to exercise caution and be aware of investment risks.