亿晶光电收到全椒经济开发区管理委员会拟对公司及下属子公司作出行政决定的听证通知书

Core Viewpoint - Yichin Photovoltaic (亿晶光电) is facing administrative actions from the Quanjiao Economic Development Zone Management Committee due to the company's failure to fulfill prior agreements related to its photovoltaic project in Chuzhou, leading to potential contract termination and financial liabilities [1][3]. Group 1: Company Developments - Yichin Photovoltaic announced it received a hearing notice regarding administrative decisions affecting the company and its subsidiaries, including Changzhou Yichin Photovoltaic Technology Co., Ltd. and Chuzhou Yichin Photovoltaic Technology Co., Ltd. [1] - The company had previously approved a project to build a 10GW photovoltaic cell, 10GW photovoltaic wafer, and 10GW photovoltaic module production facility in Chuzhou, with a registered capital of 1.5 billion yuan [2]. - The project commenced construction in November 2022 and began production in July 2023, but only 7.5GW of the photovoltaic cell capacity has been realized due to industry-wide capacity mismatches and declining operational rates [3]. Group 2: Financial Implications - The Quanjiao Economic Development Zone Management Committee is considering terminating investment agreements and recovering 140 million yuan in contributions due to the company's inability to meet project timelines and obligations [3]. - As of December 26, Yichin Photovoltaic's stock closed at 4.33 yuan per share, with a total market capitalization of 5.125 billion yuan [4].