FilingReader Intelligence

Zhejiang Zheneng faces 148m yuan compensation payment shortfall

August 22, 2025 at 08:11 AM UTCBy FilingReader AI

Zhejiang Zheneng Electric Power will restructure a 148.26 million yuan compensation payment after Suzhou Chulai Photovoltaic New Material failed to meet its promised net profit target of 1.6 billion yuan for 2022-2024.

Due to Lin Jianwei's financial difficulties, the payment has been rescheduled to four installments by December 2027, with daily interest from August 2025. Lin will pledge 26 million shares as collateral.

The company will also elect Liu Weimin as director following Chairman Yu Guoping's resignation due to age.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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