Core Insights - The capital game surrounding the photovoltaic industry is critical for the survival of companies like Runyang Co., which has seen its valuation plummet from 40 billion to 8 billion due to massive debt and operational challenges [1][2][3] - Runyang Co. is undergoing a debt-to-equity swap to alleviate its financial burdens, with multiple creditors converting 1.6 billion in debt into equity [1][9] Financial Performance - As of the end of 2024, Runyang Co. has total liabilities of 29 billion, with an asset-liability ratio of 79.62%, and net assets of less than 8 billion [5][6] - The company is projected to incur a loss exceeding 880 million in 2024, continuing a trend of financial losses [3][5] Debt Restructuring - Runyang Co. has initiated a "debt-to-equity" strategy, with several creditors, including Xizhuang Co. and Jiejia Weichuang, converting their debts into equity stakes [6][8] - The total amount of debt converted to equity exceeds 1.6 billion, with various companies participating in this restructuring effort [9][10] Future Commitments - The founder of Runyang Co., along with other stakeholders, has signed a commitment to complete an IPO by December 31, 2028, or merge with an A-share listed company [10][11] - If the IPO or acquisition does not occur, the company and its founder are obligated to repay the debts, indicating a high-stakes gamble for the future [12][13]
润阳股份“债转股”求生,博士老板签下上市“军令状”
Sou Hu Cai Jing·2025-07-16 11:40