Zhongli Group, Parent Company of Talesun, Signs an Agreement (of Intent) on Restructuring Investment with Industrial Investor

PVTIME – Jiangsu Zhongli Group Co., Ltd. (Zhongli Group)(002309.SZ), the owner of module maker Talesun Solar, recently announced that it has signed an Intention Agreement on Restructuring Investment with Changshu Guangsheng New Energy Co., Ltd. and the provisional corporate administrator on 21 August 2023.

The two sides have previously joined forces to offer solar products with a capacity exceeding 2GW to overseas customers. This Intention Agreement is of great significance for the development of Zhongli Group, which experienced a downturn in performance and revenue since 2018. And the following recapitalization or restructuring is essential for the growth of its wholly-owned subsidiary, Talesun Solar is a leading photovoltaic (PV) module manufacturer with over ten years of experience in the manufacturing of PV products. It is expected to leverage Talesun Solar’s adept technical capabilities, skilled workforce, and sound products structure to maintain its position in the renewable industry with the partner’s supports, whilst promoting the Dual-carbon Goals of China and net emissions globally.

Changshu Guangsheng New Energy is a subsidiary of Xiamen C&D Inc., a core member enterprise under Xiamen C&D Group Co., Ltd. and a local state-owned enterprise in Xiamen City, China. After more than four decades of innovation and reform since its establishement in 1980, C&D has developed into a large industrial investment group with total assets worth RMB 720 billion and an annual business revenue of over RMB 840 billion, with its main business covering such fields as supply chain operation, municipal construction and operations, tourism and exhibition, medical and health, and emerging industry investment. It placed 69th on the Fortune Global 500 in 2023.