Photovoltaic giant *ST Hairun overdue debt over 3.2 billion original chairman compensation 278 million

On July 23, Hairun Photovoltaic Technology Co., Ltd. issued an announcement on the overdue debt of financial institutions. According to statistics, the accumulated overdue debt amount is RMB 3,225,386,200, of which the accumulated bank loans and other debts are 119. The amount of debt of other financial institutions such as trust factoring and financial leasing was RMB 203,079,500. Up to now, some financial institutions have filed lawsuits against companies and holding subsidiaries and adopted preservation measures. The company is currently actively negotiating appropriate solutions with relevant creditor financial institutions and is working hard to raise debt repayment funds. It is understood that Hairun Photovoltaic Technology Co., Ltd. (hereinafter referred to as "the company") has a poor business performance in recent years. At the same time, due to the financial reports for two consecutive years in 2016 and 2017, the accounting firm issued an audit report that cannot express opinions. In response to the relevant provisions of the Shanghai Stock Exchange's "Stock Listing Rules", the company's stock was suspended by the Shanghai Stock Exchange on May 29, 2018. In the process, the company's financing capacity was further limited and liquidity continued to be tight. As a result, some bank loans failed to repay or renew their loans as scheduled, and the due acceptance bills failed to be paid on time. Some financial institutions such as trust factoring and financial leasing also experienced debt overdue. Recently, the company and its wholly-owned subsidiary Jiangyin Hairun Solar Power Co., Ltd. received the "Notice Letter" from China Cinda Asset Management Co., Ltd. (hereinafter referred to as "Cinda Assets"). According to the notification letter, Cinda Assets has been Recently, Huajun Commercial Factoring Co., Ltd. (hereinafter referred to as “Huajun Factoring”) received RMB 278,153,029,400 from the company, and the company needs to repay the above debts to Huajun.

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