Canadian Solar appoints founder’s wife president as storage revenue overtakes solar modules
Canadian Solar (Atess) replaced President Zhuang Yan with co-founder Zhang Hanbing, wife of Chairman Qu Xiaohua, on September 19, 2026. The change follows a first-half net loss from core operations and a strategic shift where energy storage revenue surpassed solar module revenue for the first time. Zhuang Yan moved to lead the residential storage subsidiary.
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Atess Appoints Zhang Hanbing as President After First Net Loss, Entering 'Two Saints' Era
Canadian Solar (Atess) announced a major leadership change: President Zhuang Yan, aged 62, resigned due to retirement after 17 years with the company. He is succeeded by Zhang Hanbing, aged 68, previously Vice President and Chief Sustainability Officer. Zhang is the wife of Chairman Qu Xiaohua, who was paralyzed in a 2019 car accident. The article describes this as a 'two saints' co-rule structure, with Qu focusing on strategy and Zhang on daily operations. The change follows Atess's first half 2026 results showing a 39.27% revenue drop to 12.78 billion yuan, a 59.02% decline in net profit to 300 million yuan, and a 130.22% plunge in non-recurring net profit to a loss of 253 million yuan—the first such loss since its 2023 listing. The article attributes to the source that Zhang's mandate will be to restore profitability by expanding overseas markets and tightening internal management. Zhuang will remain chairman of a subsidiary focused on home storage.
Read sourceAtess Ex-President Leads Spinoff's Million-Dollar Funding as Solar Giant Seeks New Growth
Chinese solar and energy storage company Atess (Canadian Solar) is pivoting to residential energy storage after its core solar module and large-scale storage businesses fell out of the global top 10 rankings in the first half of 2026. On September 19, 2026, president Zhuang Yan stepped down from the parent company but remains chairman of subsidiary Shenzhen Wenchu Innovation Technology (Wenchu), which focuses on overseas residential storage. Four days later, Wenchu announced a billion-yuan angel funding round led by Zhengxuan Investment, whose chairman Xia Zuoquan is a co-founder of BYD. Wenchu was founded in 2021 and brought in Yin Shaowen, former head of BYD's energy storage division, as general manager in 2022. The article notes Atess's large-scale storage gross margin fell from 28.6% in 2025 to 20.9% in H1 2026, while its global storage system shipment ranking dropped out of the top 10 despite 103.3% shipment growth. The company sees residential storage as a 'third growth curve,' with Wenchu's EP Cube product already in over ten countries and targeting profitability improvements.
Atess Power Group appoints co-founder Zhang Hanbing as president, shifts focus to energy storage
On September 19, Atess Solar Power Group announced that Zhuang Yan resigned as director and president due to retirement and personal reasons, with co-founder Zhang Hanbing expected to succeed him. Zhuang Yan, who worked at Atess for 17 years, will remain chairman of Shenzhen Wenchu Innovation Technology Co., Ltd., focusing on residential energy storage. This management change comes as Atess undergoes a business structure optimization, with energy storage revenue reaching 44.26% of total revenue in the first half of 2026, surpassing solar module revenue for the first time. The company's large-scale energy storage system sales reached 6.1 GWh in the first half of 2026, up 103.3% year-on-year. Atess is transitioning from a solar module manufacturer to an energy company operating energy storage products, system projects, and end-user channels. The company has postponed several solar capacity expansion projects in China to allocate resources to more profitable energy storage ventures. The article notes that the management reshuffle may accelerate the realization of operational results in the energy storage sector.
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Atess Group Replaces President, Shifts Focus to Energy Storage Business
Atess Sunshine Power Group announced on September 19 that Zhuang Yan resigned as director and president due to retirement and personal reasons, with co-founder Zhang Hanbing expected to succeed him. Zhuang Yan, who worked at Atess for 17 years, will continue as chairman of Shenzhen Wenchu Innovation Technology Co., Ltd., focusing on residential energy storage. This leadership change comes as Atess undergoes a business structure optimization. In the first half of 2026, Atess's large-scale energy storage system sales reached 6.1 GWh, a 103.3% year-on-year increase, with storage revenue accounting for 44.26% of total revenue, surpassing photovoltaic modules for the first time. The company's storage business has evolved from early investment to a central revenue source, with large-scale projects driving current scale and residential storage showing higher margins. Atess is expanding its storage business from North America to Europe, with signed orders totaling $3.5 billion as of May 2026. The company is also adjusting its photovoltaic capacity investments, pausing some projects to allocate resources to more profitable areas. The analysis suggests this management reshuffle marks a key point in Atess's transformation from a solar module manufacturer to an energy company operating storage products, system projects, and end-user channels.
Canadian Solar's President Resigns, Co-Founder Zhang Hanbing Takes Over
On September 22, Canadian Solar (688472) announced that President Zhuang Yan resigned due to reaching statutory retirement age and personal reasons. He will continue to serve as Chairman and legal representative of Shenzhen Wenchu Innovation Technology Co., Ltd., focusing on the residential energy storage business. The board appointed co-founder Hanbing Zhang (Zhang Hanbing) as the new President. Zhang, who is also the spouse of controlling shareholder Qu Xiaohua, has led global market development and ESG governance at the company. The leadership change comes as Canadian Solar navigates a challenging photovoltaic industry environment marked by overcapacity and price competition. The company reported a 59% drop in net profit for the first half of 2026, with revenue falling 39.27% to 12.784 billion yuan, due to its 'profit-first' strategy of shrinking low-margin orders. Canadian Solar maintains a strong overseas focus, with nearly 90% of module shipments going abroad, and is expanding U.S. local production capacity. The company views residential storage as a key future profit growth area.
Read sourceCanadian Solar President Resigns, Chairman's Spouse Zhang Hanbing Takes Over as CEO
On September 19, 2024, Canadian Solar Inc. (688472.SH) announced a key leadership change: Zhuang Yan resigned as director and president due to reaching statutory retirement age and personal reasons, effective immediately despite his term originally running until December 19, 2026. The board appointed Hanbing Zhang (Zhang Hanbing), spouse of chairman and co-controlling shareholder Qu Xiaohua, as the new president. Zhang, born in 1958 and a Canadian citizen, has been with the company since 2005, serving as global marketing vice president and chief sustainability officer. The leadership change comes as Canadian Solar accelerates its strategic shift from solar module manufacturing to energy storage. The company's 2026 first-half financial results show solar module revenue plummeted 73.59% year-on-year to 3.793 billion yuan, while energy storage system revenue grew 27.74% to 5.659 billion yuan, surpassing module revenue for the first time. Additionally, the company and controlling shareholder CSIQ plan to establish two joint ventures for U.S. solar and storage operations, with Canadian Solar holding 24.9% equity and CSIQ controlling 75.1%, allowing Canadian Solar to receive a one-time transfer consideration while retaining ongoing equity income from U.S. operations.
Canadian Solar Names Founder's Wife CEO as Storage Overtakes Solar Modules in Revenue
Canadian Solar (Atess) announced on September 19 that President Zhuang Yan resigned due to retirement, replaced by co-founder Zhang Hanbing, 68, wife of Chairman Qu Xiaohua. The change comes amid a brutal solar industry downturn in H1 2026, with module prices below 0.7 yuan/W and 5,089 solar-related companies dissolved. Despite a 39.27% revenue drop to 12.78 billion yuan, Atess posted a net profit of 300 million yuan, one of few profitable mainline firms. Storage system revenue of 5.66 billion yuan surpassed module revenue of 3.79 billion yuan for the first time. Zhuang Yan moved to lead subsidiary Shenzhen Wenchu Innovation Technology, focusing on residential storage. Atess restructured its US operations via a joint venture with controlling shareholder CSIQ, retaining only 24.9% equity to comply with FEOC rules and access US subsidies. The company's extreme cost-control culture helped it survive, but non-recurring items boosted net profit; core operations still lost money. Analysts at Dongwu Securities forecast 2026-2028 net profits of 1.72 billion, 3.36 billion, and 4.58 billion yuan, contingent on storage growth, US JV success, and stable pricing.
Read sourceAtess Replaces President, 68-Year-Old Co-Founder's Wife Takes Over as Solar Giant Pivots to Storage
Chinese solar module manufacturer Atess (Canadian Solar) announced on September 19, 2026, that President Zhuang Yan resigned due to retirement age, replaced by Zhang Hanbing, the 68-year-old Canadian wife of co-founder and Chairman Qu Xiaohua. The leadership change comes amid a brutal solar industry downturn, with module prices below 0.7 yuan/W and 5,089 solar-related companies dissolved in the first half of 2026. Atess reported a net profit of 300 million yuan in H1 2026, one of the few profitable major solar firms, as 11 of 13 peers posted losses totaling 14.8 billion yuan. The company's energy storage revenue (5.659 billion yuan) surpassed solar module revenue (3.793 billion yuan) for the first time, with storage shipments up 103.3% to 6.1 GWh. Zhuang Yan moved to lead the residential storage subsidiary Shenzhen Wenchu Innovation Technology. Atess restructured its US operations through a joint venture with controlling shareholder CSIQ, retaining only 24.9% equity to comply with FEOC restrictions under the US Inflation Reduction Act. The company faces ongoing challenges including negative adjusted net profit (-253 million yuan in H1), exchange losses of 409 million yuan, and the elimination of VAT export rebates on solar products from April 2026. Analysts at Dongwu Securities forecast net profits of 1.72 billion, 3.36 billion, and 4.58 billion yuan for 2026-2028, contingent on sustained storage growth, successful US joint venture operations, and no further price war deterioration.
Canadian Solar Replaces President, 68-Year-Old Co-Founder's Wife Takes Over as Storage Beats Solar Revenue
Canadian Solar (Ate Si) announced on September 19 that President Zhuang Yan resigned due to retirement age and personal reasons, and was succeeded by Zhang Hanbing, 68, the wife of co-founder and Chairman Qu Xiaohua. The article from Ofweek (via Tencent Stock) analyzes this as a strategic shift amid a brutal solar industry downturn in H1 2026, where module prices fell below 0.7 yuan/W and 5,089 solar companies closed. Canadian Solar posted a net profit of 300 million yuan, one of the few profitable major solar firms. The company's energy storage revenue (5.659 billion yuan) surpassed solar module revenue (3.793 billion yuan) for the first time. Zhuang Yan moved to lead the residential storage subsidiary Shenzhen Wenchuang Innovation Technology. The article notes that while net profit was positive, non-recurring items contributed significantly, and the company's core business remains under pressure. Canadian Solar restructured its US operations via a joint venture with controlling shareholder CSIQ, retaining only 24.9% to comply with FEOC rules and access US subsidies. The article attributes forecasts from Dongwu Securities projecting net profit of 1.72 billion, 3.36 billion, and 4.58 billion yuan for 2026-2028, contingent on storage growth, US JV success, and stable pricing.
Read sourceCanadian Solar Veteran Resigns After 17 Years, Founder's Wife Appointed as New President
On September 21, Canadian Solar (Ate Si, SH: 688472) announced that Zhuang Yan (庄岩) has resigned as director and president due to reaching the statutory retirement age and personal reasons, effective September 19. The company plans to appoint Zhang Hanbing (张含冰), the wife of founder Qu Xiaohua (瞿晓铧) and a co-controlling shareholder, as the new president until the current board's term ends in December 2026. Zhuang Yan, a 17-year veteran, was instrumental in building Canadian Solar's global sales and market presence, with overseas revenue consistently above 60% and reaching 91.58% in the first half of 2025. The leadership change comes as Canadian Solar undergoes a major strategic shift from solar module manufacturing to energy storage. In the first half of 2025, its large-scale energy storage system revenue surpassed solar module revenue for the first time, accounting for 44.26% of total revenue with a 20.9% gross margin, compared to modules' 8.63% margin. Zhuang Yan will remain chairman of the company's residential storage subsidiary, Wenchu Innovation. The article speculates this transition may accelerate the company's transformation.
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