中国电建子公司为何“1元贱卖”光伏资产？

Core Viewpoint - The photovoltaic industry has faced a downturn, leading to significant asset divestment by state-owned enterprises, with China Electric Power Construction Group's subsidiary selling its stake in a seemingly viable solar company for a nominal price [1][21]. Company Overview - The company in question, Dezhou Jusheng New Energy Technology Co., Ltd., was established in 2021 and has two major shareholders: China Electric Power Construction Group Jiangxi Electric Power Construction Co., Ltd. (holding 9%) and Beijing Energy International's subsidiary (holding 91%) [4][10]. - In the previous year, the company reported a revenue of 19.08 million yuan, an operating profit of 10.94 million yuan, and a net profit of 11.23 million yuan, with total assets of 198 million yuan and net assets of 30 million yuan after liabilities of 168 million yuan [2][21]. Industry Context - The establishment of Jusheng New Energy coincided with a surge in traditional energy prices and a boom in renewable energy sectors, driven by the dual carbon goals in China [3][4]. - The current state of the photovoltaic industry reflects overcapacity issues, as many state-owned enterprises, including China Electric Power Construction, aggressively invested in large projects without considering market conditions [21]. Financial Implications - The sale of the 9% stake for 0.0001 million yuan raises questions about the asset's true value, especially given the company's significant liabilities, which may include unpaid engineering fees to its parent company [17][21]. - The company is undergoing a capital increase, with its registered capital changing from 2 million yuan to 20.888 million yuan, indicating financial strain and the need for additional funding [18][21]. Market Dynamics - The photovoltaic sector is experiencing a shift, with many projects becoming unviable due to market saturation, leading to a search for "white knights" or buyers to take over struggling assets [21]. - The situation highlights a broader industry challenge where previous investments made during a boom are now liabilities in a contracting market [21].