Topways Solar, once a stalwart of China’s renewable energy landscape, is currently embroiled in a bitter legal battle that pits its founding couple against their own daughter. The Shenzhen-listed firm disclosed that founders Chen Wukui and Li Fenli have filed lawsuits against Chen Chen to reclaim a 53.6% stake in the company’s controlling shareholder, Shenzhen Aoxin Investment. This escalating family feud signifies more than just a personal rift; it threatens the stability of a pioneer in the solar cell and module industry.
The friction within the family first became public during a board meeting in April, where Chen Chen broke ranks with her parents and management. As a director, she cast dissenting or abstaining votes on several key motions, including a revised executive compensation scheme. She justified her opposition by pointing to the company's precarious financial position, arguing that expanding the board's discretionary power over salaries was inappropriate during a period of severe performance pressure.
While the company insists that its daily operations remain independent of the shareholders’ personal disputes, the financial data suggests a firm in deep distress. In 2025, Topways Solar reported a staggering net loss of 199 million RMB, representing a year-on-year profit collapse of nearly 2,000%. Revenue fell by over 22% as the company’s three primary business segments—solar chips, power generation, and solar glass—all suffered from significant margin compression and declining sales.
This domestic crisis arrives at a critical juncture for the Chinese solar industry, which is grappling with massive overcapacity and a brutal price war. For Topways, the inability to maintain a unified leadership may prove fatal as it navigates these industry-wide headwinds. The litigation, currently pending in a Shenzhen court, marks a dramatic turn for a family-run enterprise that must now fight for its survival in both the courtroom and the marketplace.