Golden Solar(SZ:300093) Zheng Quan Shi Bao Wang·2025-06-10 14:57Core Viewpoint - *ST Jinkang (300093) is undergoing restructuring with Guangdong Ouhao Group as the confirmed industrial investor, having signed a restructuring investment agreement [2][3]. Group 1: Company Background - *ST Jinkang, officially known as Gansu Jinkang Photovoltaic Co., Ltd., is engaged in high-efficiency heterojunction (HJT) solar cells and components [3]. - The company has faced poor operating conditions, resulting in consecutive losses [3]. Group 2: Restructuring Process - On July 8, 2024, *ST Jinkang received a court decision for restructuring due to its inability to repay debts, leading to the initiation of pre-restructuring procedures [3]. - By August 25, 2024, the temporary administrator received applications from 19 potential restructuring investors [3]. Group 3: Investor Details - Ouhao Group is the largest shareholder of *ST Jinkang, holding 21.99% of shares, with a combined holding of 25.01% including its concerted actions [3]. - The group reported a revenue of 5.57 billion yuan in 2023, but incurred a net loss of 100 million yuan [4]. Group 4: Investment Plan - Ouhao Group plans to invest between 268 million yuan and 402 million yuan at a price of 4.96 yuan per share, acquiring between 54 million and 81 million shares [6]. - The market reference price for the shares is set at 9.91 yuan per share, with the investment price being below 50% of this reference [8]. Group 5: Sales Contract Impact - *ST Jinkang's subsidiary signed a significant sales contract for 194 MW of HJT solar cells, expected to account for over 50% of the company's audited revenue for 2024 [9].