EGing's controlling shareholder's shares to be judicially auctioned

EGing Photovoltaic Technology Co., Ltd. (SSE:600537) announced that its controlling shareholder, Shenzhen Weizhi Energy Co., Ltd., will have its entire holding of 200,000,000 unrestricted shares judicially auctioned, representing 100% of Weizhi Energy's stake and 16.90% of EGing's total share capital. The auction is due to a contract dispute between China Construction Bank Wealth Management and Weizhi Energy. If successful, Weizhi Energy will no longer hold any shares in EGing, leading to a change in the controlling shareholder and potential significant impacts on the company's ownership structure, operations, and governance. The shares are currently under a freeze. The court plans to set the starting price as 80% of the average closing price of the stock from the previous 20 trading days. The company also stated that Weizhi Energy has approximately CNY 5.803 billion in outstanding liabilities due to defaulted guarantees.