The names Shi Zhengrong and Zhang Wei have re-emerged at the center of a pivotal transaction in the photovoltaic industry.
One is among the most iconic figures from the early days of China's solar sector, having reached great wealth with Suntech Power before experiencing the industry's cyclical downturns. The other is his spouse, who previously entered the capital market's view as Asian Silicon attempted a listing on Shanghai's STAR Market. Now, years later, a deal by Jinko Solar Co.,Ltd. to sell its U.S. factory has drawn this line connecting past industry figures back into the spotlight.
On the evening of May 8, Jinko Solar announced that its wholly-owned subsidiary plans to sell a 75.1% stake in its fully-owned subsidiary, Jinko Solar (U.S.) Industries Inc., to FH JKV Holdings Limited for approximately $192 million (about 1.306 billion yuan). Upon completion, FH will hold the 75.1% stake while Jinko Solar retains 24.9%, and the factory will no longer be included in the listed company’s consolidated financial statements.
What truly caught the market's attention was the person behind the buyer.
The announcement indicated that FH is a new entity established for this acquisition, with its ultimate controller being ZHANG Wei, an Australian citizen whose passport number begins with "PB127." Multiple media outlets, comparing this with Asian Silicon's IPO prospectus, noted that Zhang Wei, the spouse of former Chinese billionaire and "PV godfather" Shi Zhengrong, is also an Australian citizen with a passport number starting with "PB127." Furthermore, both are closely connected to the photovoltaic and clean energy industries. Consequently, the market has linked the ZHANG Wei in this deal to Zhang Wei.
This is not Zhang Wei's first appearance in a solar capital story. Previously, when Asian Silicon was pursuing a STAR Market listing, Shi Zhengrong and Zhang Wei were listed as the ultimate controllers in the prospectus. Asian Silicon's main business involves upstream PV segments like polysilicon and was seen as one of the couple's key industrial moves following Suntech. However, Asian Silicon ultimately did not complete its listing. Later, Hongshi Group acquired Asian Silicon, and the capital narrative surrounding Shi Zhengrong and his wife gradually faded from public view.
Public information shows that the Jinko U.S. factory primarily manufactures solar modules, with a designed annual capacity of 2 GW, mainly supplying the U.S. domestic market. In 2025, the factory achieved a capacity utilization rate of 90.7%, generating revenue of 8.545 billion yuan and a net profit of approximately 1.341 billion yuan. In the first quarter of this year, it reported revenue of about 689 million yuan and a net profit of around 37 million yuan. In other words, against the backdrop of Jinko Solar's overall financial pressure, this U.S. asset still maintains relatively high capacity utilization and profitability.
This raises a pointed question: Why would a leading PV company, currently in a loss cycle, sell a majority stake in a still-profitable U.S. factory?
Jinko Solar's 2025 financial report shows the company achieved revenue of approximately 65.492 billion yuan, a year-on-year decrease of 29.18%, and a net loss attributable to shareholders of about 6.882 billion yuan, turning from profit to loss. This marks Jinko Solar's first annual loss since its listing in 2022. The company attributed this primarily to intensified market competition and continuously declining PV product prices leading to a drop in main business revenue. Amid global PV industry chain price fluctuations and overseas trade protection policies, module prices have remained low overall, putting 2025 performance under temporary pressure.
Amid the industry downturn, asset re-pricing, cash recovery, risk isolation, and uncertainties in overseas operations have become issues leading companies must confront. Jinko Solar has not completely exited the U.S. market; by retaining a 24.9% stake, it preserves the possibility of future dividend income and business involvement. In essence, this transaction resembles a shift from heavy-asset controlling operations to minority equity participation.
Shi Zhengrong once represented the earliest wave of globalization for China's PV industry. Suntech Power, overseas listings, European and American markets, and wealth creation myths nearly defined the triumphs and pains of that previous generation of Chinese solar companies. Jinko Solar, in contrast, represents a newer generation of module leaders that grew up later, navigating an era of technological iteration, capacity expansion, price wars, and global trade barriers simultaneously.
The photovoltaic industry is no stranger to cycles or dramatic reversals of fortune. Over the past two decades, wealth, capacity, technology, policy, and overseas markets have successively reshaped the industry landscape.
Now, as Jinko Solar sells a majority stake in its U.S. factory following a loss, and as ZHANG Wei is once again linked by the public to Zhang Wei, it appears the old guard of the PV industry has not truly left the table. They have simply returned in a different form, reappearing beside key assets during the industry's low point.
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