Recently, the Intermediate People’s Court of Xingtai City, Hebei Province, issued an announcement stating that Xingtai Tengyong Photovoltaic Equipment Sales Co., Ltd. has been subject to a petition by relevant parties to initiate bankruptcy liquidation proceedings on the grounds that it “is unable to repay its due debts, its existing assets are insufficient to satisfy all debts, or it clearly lacks the ability to pay its debts.”

According to publicly available information, the company was founded in 2015 with a registered capital of RMB 3 million. Its primary business involves the sale of solar photovoltaic equipment. Currently, the company’s de facto controller, Matthew Fang, has been placed on the list of individuals subject to high-consumption restrictions. Furthermore, Tengyong Photovoltaic’s 2024 annual report indicates that the company had zero insured employees in 2024.