on the evening of March 29, Fengfan shares (601700.SH) disclosed that Yangzhou jingying photoelectric technology co., ltd. (hereinafter referred to as “Yangzhou jingying photoelectric”), a wholly-owned subsidiary of Suzhou jingying photoelectric technology co., ltd. (hereinafter referred to as “jingying photoelectric”), a wholly-owned subsidiary of the company’s holding subsidiary, caused a fire accident in the cleaning area of the slicing workshop at about 16: 00 on March 27. the fire. the fire was put out by the local fire department.
The announcement of Fengfan shares shows that the fire accident did not cause casualties, but the on-site plant and equipment have been damaged to a certain extent. The company initially expects that the accident will have a certain impact on the annual performance in 2026.
On the morning of March 30, a person related to Fengfan told Times Weekly that the specific cause of the fire is still under investigation, and the follow-up conclusions are subject to the official notification of the local emergency management department. Up to now, the company has not been able to complete a comprehensive assessment of the direct and indirect economic losses caused by the accident. “The Company’s damaged assets have been insured against all risks of property and have been reported to the insured insurance company. The Company will closely monitor the progress of the accident and fulfill its information disclosure obligations in a timely manner as required.” The above-mentioned style shares related people said.
in the secondary market, as of the close of trading on March 30, the share price of Fengfan shares fell by 3.04 to 5.42 yuan per share, with a total market value of about 6.2 billion yuan.
it is worth noting that just five days before the fire, Fengfan shares announced on the evening of March 24 that it plans to sell 60% of its shares in jingying optoelectronics, and the relevant equity transfer project has been pre-listed in Jiangsu property rights exchange.
As an established power tower and steel structure manufacturing enterprise, Fengfan shares will enter the photovoltaic circuit by acquiring 60% of Jingying Optoelectronics in 2022. From high-profile entry to planning exit, the company’s strategic attitude towards photovoltaic business has changed significantly, and the sudden fire has also added variables to the sale of this asset.
Fengfan shares said frankly in the announcement that the audit and evaluation work related to the equity transfer of Jingying Optoelectronics is still in progress, and the impact of this accident on the evaluation work and the transaction process is still uncertain.
Behind the divestiture of PV assets is the continued performance of the sector that has not met expectations. The 2025 performance forecast of Fengfan shares shows that the company’s full-year net profit is expected to lose 0.32 billion yuan to 0.38 billion yuan, from profit to loss year-on-year, of which the impairment of goodwill for photovoltaic business alone amounts to about 0.339 billion yuan. Company insiders previously told the Times that the 2025 pre-loss was mainly affected by the dual pressure of goodwill impairment of photovoltaic assets and the downward pressure of the industry cycle.
although style shares received full performance compensation of 0.393 billion yuan in July 2025, the continued downturn in photovoltaic business has not improved, and jingying optoelectronics’s net profit in the first three quarters of 2025 is still -96.3176 million yuan, which is in a state of continuous loss. In this context, Fengfan shares in January 2026 to its other photovoltaic platform Yueyang Jingying Optoelectronic Technology Co., Ltd. to implement capital reduction.
At a time when the photovoltaic business was frustrated, Fengfan shares once again tried to open up new growth space through cross-border mergers and acquisitions, but failed to do so for the time being.
on January 26, 2026, feng fan shares announced that it plans to acquire 51% equity of Beijing yanling jiaye intelligent technology co., ltd. (hereinafter referred to as “yanling jiaye”) for 0.383 billion yuan to enter the field of high-end intelligent equipment. at that time, the company said that the acquisition can make up for its short board in the field of intelligent equipment and realize the upgrade of traditional equipment to intelligence. Insiders of Fengfan shares also said that the controlling shareholder Tangshan Industrial Control has implemented a differentiated positioning for its listed companies, and Fengfan shares will focus on promoting the transformation to the direction of intelligent equipment in the future.
However, the acquisition has been questioned by the market since its disclosure. The subject company, Yanling Jiaye, was appraised using the income approach and the market approach, with the income approach ultimately being the result of the appraisal. As of September 30, 2025, the value of the total equity of Yanling Jiaye’s shareholders under the income approach was $0.751 billion, with an appreciation rate of 249.77. Yanling Jiaye in 2024, 2025 January-September respectively to achieve the return of net profit of 3.2771 million yuan and 9.6389 million yuan, but promised 2026-2028 cumulative net profit of not less than 0.18 billion yuan, performance commitment and historical profit scale gap.
On the night of the announcement, the SSE issued an inquiry letter requesting the company to provide additional explanations on four major issues, including the purpose of the transaction, the performance commitment and financial position of the target company, the valuation of the target, the payment arrangement and the counterparty.
Finally, this cross-border acquisition, from the disclosure to the proposed termination of only 5 days. On January 30, Fengfan shares announced the intention to terminate the acquisition of 51% of the shares of Yanling Jiaye, on March 21, the board of directors of Fengfan shares formally considered and passed the termination of the acquisition proposal, the company relying on the extension of mergers and acquisitions to achieve the transformation of the plan temporarily collapsed.
up to now, the specific amount of losses caused by Yangzhou jingying fire, the progress of insurance claims and the timetable for resumption of production are not clear. the actual impact of this accident on the annual performance of Fengfan shares in 2026 remains to be further disclosed by the company.
