Parents sue daughter, 170,000 shareholders pay to watch the infighting of a solar-power dynasty

Family feud at the top halts a pioneer

A long-running family power struggle at Tuori New Energy (拓日新能) has erupted into a full governance crisis, and roughly 170,000 small shareholders are watching their holdings evaporate. Once celebrated as an early A‑share photovoltaic (PV) pioneer — often called the exchange’s “first PV stock” after its 2008 listing — the veteran solar firm is now riven by boardroom votes, cross petitions to remove directors and courtroom claims over core shareholdings. The result: management paralysis, operational disruption and sharp market losses.

How a two‑pillar family structure tipped into conflict

The dispute stems from a split, family‑based ownership architecture and intergenerational strategy clashes. The controlling platform Aoxin Investment (奥欣投资) is reportedly dominated by eldest daughter Chen Chen (陈琛), while a second major holder, Dongfang Hexin (东方和鑫), is controlled by founder Chen Wukui (陈五奎), his wife Li Fenli (李粉莉) and their son Chen Jiahao (陈嘉豪). It has been reported that competing proposals — including mutual removal motions at shareholder meetings — escalated in April and May 2026 into reciprocal sacking motions and a formal lawsuit by the founders seeking to confirm ownership of 53.6% of Aoxin Investment, directly challenging Chen Chen’s control. Reportedly, Chen Chen has countered with legal and governance moves of her own, alleging mismanagement and related‑party risks.

Market pain for retail investors

The stock market response was swift. During the peak of the dispute the share price plunged, at one point approaching the down‑limit and closing down more than 8% on a single day, erasing roughly RMB 590 million in market value in that session alone. With more than 170,000 retail accounts on the register, small investors have little leverage as governance fights and a stalled boardmaking process cripple ordinary decision‑making. It has been reported that some short‑term holders are already preparing claims; others grumble they “paid 20 points to watch a family soap opera.”

Governance failure meets sector pressure

This is not just a dynastic quarrel. Tuori’s troubles have been amplified by a deteriorating business backdrop: five years of intense consolidation in China’s PV sector, margin pressure from price competition, heavy capital commitments to perovskite and space‑grade PV projects and rising R&D and capex burn. The company’s R&D spending more than doubled in recent years while 2025 delivered the group’s first annual loss (RMB 199 million), after a much narrower profit in 2024 — a financial squeeze that turned strategic and generational disagreements into an existential fight. For Western readers, the episode shows how family‑run champions in China’s strategic industries can be destabilized by governance gaps at the very moment global trade and subsidy regimes are reshaping competitiveness. Will corporate governance reforms and a neutral board emerge in time to salvage value for minority holders — or will a pioneer of China’s PV boom be consumed from within?