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Canadian Solar President Zhuang Yan Resigns for Retirement; Chairman's Spouse Zhang Hanbing Takes Over
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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.
Source report
September 19 — Atotech Solar Power Group Co., Ltd. (688472.SH) has completed a key executive reshuffle. Zhuang Yan has resigned from his positions as Director and President of the company due to reaching statutory retirement age and personal reasons. Following review by the Nomination Committee and approval by the Board of Directors, the company has appointed Hanbing Zhang as President.
Zhang Hanbing is the spouse of Atotech Chairman Qu Xiaohua, and the two are joint actual controllers of the listed company. This leadership change comes at a critical juncture as Atotech accelerates its strategic shift from photovoltaic (PV) modules to energy storage.
Departure of a Long-Serving Executive
Zhuang Yan's original term was set to expire on December 19, 2026. His early departure marks the end of an era for the veteran executive who has been with Atotech for many years. After resigning, Zhuang Yan will continue to serve within the company's subsidiaries as Chairman and Legal Representative of Shenzhen Wenchu Innovation Technology Co., Ltd. (the company's residential energy storage business).
Profile of the New President
Zhang Hanbing, born in 1958 and a Canadian citizen, is not only the wife of Chairman Qu Xiaohua but also a core member of the company's long-term management team, having been responsible for global market operations.
According to public records:
- Since 2005, Zhang served in the global marketing department of controlling shareholder CSIQ, holding positions including Senior Director and Vice President of Global Marketing.
- In 2009, she officially joined the Atotech system.
- She currently serves as Global Marketing Vice President and Chief Sustainability Officer.
- She has long led the Group's global market expansion and overseas business layout, while also overseeing internal controls and building the company's internal management and sustainable development governance systems.
- She founded the WISE Photovoltaic Smart Women's Alliance and has been consecutively listed on the Forbes China 100 Outstanding Business Women list.
Strategic Shift Underway
Atotech is currently reducing some low-efficiency PV production capacity, with its growth focus accelerating toward energy storage.
The company's 2026 semi-annual report data reflects a clear contraction in PV module business, though energy storage continues to grow:
| Metric | H1 2026 Value | Year-on-Year Change | |--------|---------------|---------------------| | Total Revenue | RMB 12.784 billion | -39.27% | | Net Profit Attributable to Parent | RMB 300 million | -59.02% | | PV Module Revenue | RMB 3.793 billion | -73.59% | | Energy Storage System Revenue | RMB 5.659 billion | +27.74% |
Energy storage system revenue has now surpassed PV module revenue.
US Business Restructuring
Regarding US operations, the listed company and controlling shareholder CSIQ plan to establish two joint venture platforms to separately manage US PV and energy storage businesses. Atotech will hold 24.9% of each, while CSIQ will hold 75.1% and control the joint ventures.
This arrangement allows Atotech to receive a one-time equity transfer consideration while retaining a 24.9% ongoing equity interest in future US operations. This means the relevant US business platforms will be controlled by CSIQ, with Atotech relinquishing control but not fully exiting the US market, retaining a 24.9% stake and ongoing equity income rights.
Original title: Atotech President Resigns, Qu Xiaohua's Wife Takes Over
Source
OFweek太阳能光伏网Neutral / independent
Part of this Story
Canadian Solar President Resigns, Founder’s Wife Takes Over as Storage Revenue Surpasses Solar Modules