EGing Photovoltaic controlling shareholder's stake successfully auctioned

EGing Photovoltaic Technology Co., Ltd. announced that its controlling shareholder, Shenzhen Weizhi Energy Co., Ltd., had its 150,000,000 unrestricted circulating shares successfully auctioned. The shares, representing 100% of Weizhi Energy's holdings and 12.67% of EGing Photovoltaic's total share capital, were split into three lots and sold for a combined total of CNY 459,340,000.00. The auction process, which concluded on August 27, 2025, involved the sale of all shares to three natural persons.

The successful bidders now face a process involving payment, court execution procedures, and equity transfer registration. EGing Photovoltaic cautions that the final outcome remains uncertain. The company has also highlighted the potential risk of no single controlling shareholder if the equity transfer is completed, which could impact the company's equity structure, operations, and governance.

The acquisition of these shares by three natural persons, whose potential concert party relationship is currently unknown to the company, introduces uncertainty regarding future control. The company also confirmed that its controlling shareholder had no non-operating fund occupation or illegal guarantees that infringed upon company interests. Buyers of the auctioned shares are subject to a six-month lock-up period, preventing them from reducing their holdings during this time.