Recently, information from Ali Asset Auction Platform showed that Hairun Photovoltaic 's wholly-owned subsidiary, Wuxi Hairun 
Bidding Announcement". The administrator of Wuxi Hairun Photovoltaic System Research Institute Co., Ltd. will conduct a public auction from 10:00 on November 4, 2025 to 10:00 on November 5, 2025 on the platform of Alibaba Auction Bankruptcy Qiangqing, with a starting price of 206,952.The deposit is RMB 100,000, with an increase of RMB 10,000.
The auction is handled by the administrator of Wuxi Hairun Photovoltaic System Research Institute Co., Ltd. (Hereinafter referred to as the administrator) and supervised by the People's Court of Jiangyin City, Jiangsu Province.
As a former star photovoltaic enterprise, Hairun Photovoltaic was one of the largest export enterprises of crystalline silicon batteries and components in China. Since 2016, Hairun Photovoltaic has suffered huge losses and rising debt ratio, delisted in 2019, formally delisted in July 2021, and was ruled bankrupt by Jiangyin Court in September of the same year. The German Hairun, which
was auctioned this time, was a witness to the glory of Hairun Photovoltaic in the past, but the starting price was only 200000 yuan , which may also show that the subject matter of the auction was "unpopular".
According to the information disclosed in the announcement, the complexity and potential risks of the transaction are far beyond the imagination of ordinary people, and if the buyer succeeds in winning the target, it may face a transnational legal and financial "mess" . The announcement is rare to use a full eight "risk red bold" to remind bidders: rational participation!
The bidding announcement pointed out that because the auction target was 100% of Hairun's equity in Germany, the administrator did not take over the physical materials of any overseas company, and the administrator could not cooperate with the buyer to handle the transfer of equity in China. Only provide the Buyer with the name, telephone number and email address of the foreign director of Germany Hairun and send the instruction email to the director of Germany Hairun. However, the administrator has no right to force the foreign directors of German Hairun to cooperate, and the buyer shall bear the risk of the change of German Hairun's equity, and if necessary, take legal measures to change the equity abroad. The Buyer shall bear the expenses for change registration, overseas notarization and overseas lawyer fees that may arise.
At the same time, the announcement disclosed that, according to the Hairun administrator, the German Hairun directors intend to apply for the German Hairun liquidation procedure locally because of the company's insolvency and in order to prevent their possible legal liabilities as directors. The administrator will provide the latest valid email contact information of the director of German Hairun within the same day after the successful bidding of the bidder; the buyer shall send a written instruction to prevent liquidation to the director as soon as possible after receiving the contact information (it is recommended to send it by mail and notarization). If the German director insists on starting the liquidation procedure , the buyer shall pursue the legal liability on his own, and the administrator shall not bear any responsibility for the director's personal legal acts.
Second, Germany's Hairun is burdened with several debts that could trigger huge repayment liabilities.
As of December 2024, the unaudited financial data of German Hairun show that the remaining debt of Hareon Solar Co. SGS Swiss Global Solar to German Hairun is about 10.92 million euros . The total is nearly 23 million euros .
A company wrote to the administrator and the German director in accordance with the Financial Lease Contract and the Joint Lease Agreement. It claims the ownership of the equipment of the Italian Hairun under the name of the German Hairun and requires the Italian Hairun to pay the relevant fees every year and the German Hairun to assume the " joint and several liability for debt liquidation". On September 30, 2025,
the leasing company again sent a reminder letter to the directors of Hairun, Germany, claiming about 13.726 million euros of creditor's rights to Hairun, Germany, as of September 30, 2025. It
is worth noting that the administrator sent an explicit refusal to pay to the German directors after taking over the above-mentioned debt settlement disputes, claiming that the remaining outstanding "rent" was about 3571218.64 euros and the penalty interest was 1015473. However, it has not prevented its payment , which may lead to litigation or payment risks in the future, nor can it exclude the risk of arbitration in Hong Kong by German Hairun and Italian Hairun .
In addition, according to the public information disclosure, a group company sent a letter to the German director, claiming that the group company should assume the guarantee responsibility for the German Hairun/Italian Hairun, and demanding that the German Hairun/Italian Hairun pay the relevant fees every year. As of August 24, 2025, the company sent a letter of reminder, believing that the principal of the loan payable was about 2968849.84 euros and the interest was about 1182322. It does not exclude the risk of full recovery by subsequent managers .
The announcement emphasized that "the rest of the debt risk, please go to Germany and Italy to investigate by the buyer himself, the company's unrecorded liabilities, the administrator can not verify.". "
In addition, German Hairun and its 100% shareholding Italian Hairun also have many legal risks,
such as shareholder interest tax risk, implicit dividend tax risk," additional profit "risk. And land use disputes in Italy, to name a few. At the end of the
bidding announcement, it is pointed out that "the above matters are only the risks that the administrator knows at present, which does not mean that the administrator recognizes the above risks, nor does it mean that the subject matter only has the above risks.". "
The total amount of these known and potential debts is thousands of times the starting price of the equity, which clearly shows that the essence of the acquisition is to undertake a heavy debt burden, and the final bidder's success in buying the target can no longer be simply summarized as a" hot potato ".
Due to huge losses and rising debt ratio for many years, after the bankruptcy of Hairun " in 2019, many assets under the name of Hairun Photovoltaic eventually started the auction process one after another, but there were also many cases of "no one interested".
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