Chinese photovoltaic product supplier Skycorp Solar Group has announced plans to acquire a 24% equity stake in Nanjing Cesun Power for approximately USD 8.7 million, further expanding its presence in the clean energy technology sector.
Under the terms of the agreement, Ningbo-based Skycorp will issue 12 million Class B ordinary shares to Skyline Tech Ltd., the seller of the stake, as payment for the acquisition. The newly issued shares will be subject to a five-year lock-up period, during which Skyline Tech will hold more than 13 million Class B shares, representing 97% of Skycorp’s voting rights.
The transaction is expected to close on or before December 20, 2025, pending customary closing conditions.
Expanding Into Smart Energy Technologies
Skycorp’s current portfolio focuses on solar products such as cables and connectors, while Nanjing Cesun Power is involved in new energy power plant development and inverter technologies.
Skycorp CEO Weiqi Huang described the deal as a milestone in the company’s strategic evolution.
“This transaction marks a strategic extension of our investments into AI-driven energy technologies and green energy solutions,” Huang said. “It will create new drivers of sustainable growth for the company.”
Share Consolidation and Nasdaq Listing
Separately, Skycorp shareholders recently approved a share consolidation plan covering the company’s authorized, issued, and outstanding shares. Under the resolution, every 100 existing shares—or a smaller number no less than 10, as determined later—will be consolidated into one new share. The new shares will maintain the same rights and restrictions as the existing ones, except for par value.
No fractional shares will be issued; where necessary, figures will be rounded up to the nearest whole share. The company’s board of directors has up to three years to decide when to implement the consolidation.
In November 2024, Skycorp filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), aiming to list on the Nasdaq. At that time, the company proposed to offer 2.7 million shares at USD 4–5 each, targeting proceeds of up to USD 13.5 million. Skycorp began trading on the exchange in March 2025.
