On March 30, 2026, Guangdong Quanwei Technology Co., Ltd. issued an announcement stating that due to a loan contract dispute, some of the assets of the company and its holding subsidiary were seized by the court.
The announcement shows that the asset seizure originated from a dispute over overdue loans. On October 25, 2023, ST Quan and its holding subsidiary Shandong Quan for New Energy Technology Co., Ltd. and Shandong Xinchuang Emergency Loan Service Co., Ltd. signed the “Capital Loan and Guarantee Agreement.” According to the agreement, Shandong Quan borrowed RMB 0.1 billion from Shandong Xinchuang, and ST Quan provided joint and several liability guarantee.
The loan matures on October 25, 2024, but the balance of outstanding debt at that time is still $0.1 billion. In April 2025, after negotiation, the parties signed a supplementary agreement to extend the loan period to July 31, 2025. However, after the maturity of the loan, the company failed to reach an agreement with the creditor again, which constituted the loan overdue. Details of asset seizure
Recently, ST Quan received a notice from the People’s Court of Shizhong District, Zaozhuang City, Shandong Province. As a result of the above-mentioned loan contract dispute, the court issued a civil ruling to seal up the relevant assets.
The asset seized this time is a “2GW heterojunction (HJT) photovoltaic panel assembly line equipment” with an annual output of DLLSX-01 and a quantity of 1 set. The seizure period is from March 26, 2026 to March 25, 2028. The court made it clear that during the seizure period, no one may transfer the seized property, set a burden of rights or have other acts that hinder the execution.
In response to this asset seizure, ST Quan explained in the announcement. The company said that the seizure of the equipment assets was limited to the seizure of property rights, which was a restriction on the registered rights of movable property, not the seizure of the physical assets themselves. Therefore, this will not affect the normal use of the company’s existing production lines and equipment, and Shandong Quanwe can still promote daily production and operation activities in an orderly manner as planned.
Prior to this, on March 19, ST Quan issued an announcement stating that the company and its actual controller and chairman, Ms. Chu Yifan, had recently received the China Securities Regulatory Commission (hereinafter referred to as the “China Securities Regulatory Commission”). Issued the “Notice of Case Filing” (No.: Zheng Jian Filing Zi No. 0062026011, Zheng Jian Filing Zi No. 0062026012). Because the company and Ms. Chu Yifan are suspected of violating laws and regulations in information disclosure, in accordance with the “the People’s Republic of China Securities Law”, “the People’s Republic of China Administrative Punishment Law” and other relevant laws and regulations, the China Securities Regulatory Commission decided to file an investigation against the company and its actual controller and chairman, Ms. Chu Yifan.
