Shunfeng, once the world's largest solar manufacturer, was wound up for HK$289M

Shunfeng International Clean Energy Limited was founded in 2005 in Wujin, Jiangsu Province, as a solar photovoltaic manufacturer. It listed on the Hong Kong Stock Exchange in July 2011 (stock code 01165) and grew into a clean energy company operating solar power stations, manufacturing solar products, and developing energy storage solutions.

In 2014, Shunfeng acquired Suntech Power, a once-dominant solar panel manufacturer that had collapsed into bankruptcy in 2013, for approximately CNY 3 billion. The deal made Shunfeng one of the world's largest solar module manufacturers, but it came with Suntech's legacy debts and operational challenges. The acquisition debt burden never stopped compounding, and the company struggled under the weight of its financial obligations.

On 13 February 2025, creditor True Bold Global Limited filed a winding-up petition at the Hong Kong High Court seeking repayment of approximately HK$289.1 million in convertible bond obligations. The hearing was adjourned multiple times through April, May, June, August, and November 2025 as the company sought a restructuring. On 19 November 2025, the court issued a winding-up order and appointed the Official Receiver as provisional liquidator. Trading was suspended the same day — the company had failed to present a viable restructuring plan.