Shinfox Energy's subsidiary suffers losses from Taipower offshore wind farm project; Parent company's Q1 net worth turns negative, facing delisting pressure
Fuwei Energy, a subsidiary of Shinfox Energy (under P-TEAM Group), incurred significant losses from its contract for Taipower's offshore wind power phase two project. This resulted in Shinfox Energy's Q1 net worth becoming negative, putting the company under pressure for delisting. The company is actively seeking strategic investors and disposing of assets to strengthen its financial structure.
📋 Article Processing Timeline
- 📰 Published: May 13, 2026 at 18:31
- 🔍 Collected: May 13, 2026 at 19:02 (30 min after Published)
- 🤖 AI Analyzed: May 14, 2026 at 02:16 (7h 14m after Collected)
Central News Agency
(Central News Agency reporter Pan Chih-yuan, Taipei, 13th) Fuwei Energy, a subsidiary of Shinfox Energy (under P-TEAM Group), undertook Taipower's offshore wind power phase two project, resulting in severe losses. Shinfox Energy today announced a Q1 net loss attributable to owners of the parent company of NT$1.848565 billion, with earnings per share (EPS) loss of NT$6.73, and a net worth of negative NT$182.233 million. Due to factors such as negative net worth, the company may face delisting pressure.
Fuwei Energy, a subsidiary of Shinfox Energy, undertook Taipower's "Offshore Wind Power Phase Two Project - Wind Farm Procurement and Installation Case." During the procurement and subcontracting period, non-attributable reasons such as inflation and rising interest rates due to the Russia-Ukraine war caused losses. Although Fuwei Energy applied to Taipower for additional budget, Taipower recently agreed to pay NT$5.556933697 billion, which still could not change the fate of losses.
Shinfox Energy today announced its Q1 consolidated financial report. The financial report reviewed and certified by accountants shows that the company's net worth is negative NT$182.233 million.
Shinfox Energy stated that it will introduce strategic investors, actively conduct private placements, and introduce strategic partners to replenish working capital, repay borrowings, and improve capital structure; asset activation and disposal will include disposing of its subsidiaries, evaluating the sale of its vessel assets and shares in some investee companies to activate assets and adjust investment layout, accelerate cash回流 to increase the company's working capital, reduce capital occupation, and increase available funding sources.
Shinfox Energy had previously, in its 114 (2025) fiscal year financial report, recognized anticipated contract losses in accordance with accounting standards and prudence principles for the "Offshore Wind Power Phase Two Project - Wind Farm Procurement and Installation Case" undertaken by its subsidiary Fuwei Energy Co., Ltd. for Taiwan Power Company. Accountants issued an audit report with a "material uncertainty related to going concern" opinion, leading some lending banks to invoke acceleration clauses in loan agreements or refuse to extend loans upon maturity.
Shinfox Energy stated that the specific reasons for the significant challenges to its financial structure include: in the 114 (2025) fiscal year financial report, Shinfox recognized huge losses due to anticipated contract losses even after additional payments, leading some banks to tighten credit; additionally, on March 30, 115 (2026), accountants issued an unmodified opinion with a material uncertainty related to going concern paragraph in the audit report, and the Taiwan Stock Exchange announced that Shinfox Energy would be changed to a full delivery stock from April 7 this year, with its credit rating listed as "D." This caused bill companies and banks to not only stop providing new credit but also demand repayment of existing loans, resulting in a huge impact on the overall financial structure and a significant shortage of operating working capital.
Shinfox Energy stated that the wind turbine installation contractor required Fuwei to prepay all estimated engineering costs and unilaterally claimed increased amounts, both of which must be reserved from Taipower's additional payments from dispute mediation cases, greatly increasing the company's short-term liquidity pressure. The originally planned additional payments could not support Singapore's BaoWei Marine Engineering Company and could only be used for 2026 construction and reserved for wind turbine contractors.
After BaoWei Marine Engineering transformed into a vessel leasing company, factors such as charterers defaulting on rent payments caused BaoWei Marine's working capital to become even tighter. Shinfox Energy, affected by the overall operating environment and changes in the capital market, and to protect the rights and interests of shareholders and stakeholders, is unable to support BaoWei Marine's continued operation in terms of its operating strategy. BaoWei Marine is also unable to repay its debts, leading Shinfox Energy and Fuwei Energy to recognize related losses from endorsements, guarantees, and loans to BaoWei Marine, resulting in a Q1 115 (2026) financial report net loss attributable to owners of the parent company of NT$1.848565 billion and net worth turning negative.
Shinfox Energy emphasized that it will continue to advance Taipower's offshore phase two project, ensuring completion on schedule and with quality, and maintain close communication with Taipower, financial institutions, suppliers, and various partners to reduce the impact of external factors on operations. At the same time, to ensure stable operations and defend the rights and interests of employees, shareholders, and stakeholders, the management team has simultaneously initiated four key strategic improvement actions to achieve financial improvement goals through precise management.
Shinfox emphasized that it will strive to extend and activate funds, actively apply to existing financial institutions for extensions of existing loans, and seek installment repayments to enhance financial flexibility. Regarding cost control and節約, various subsidiaries of the group have strictly controlled capital expenditures and saved costs to improve overall operational efficiency, reduce various costs, and operating expenses. (Editor: Chang Chun-mao) 1150513
Choose to stand with the facts, every sponsorship you provide is the power to protect press freedom.
Download the Central News Agency "First-hand News" APP to stay updated with the latest news.
Text, images, and videos on this website may not be reproduced, publicly broadcast, publicly transmitted, or utilized without authorization.
(Central News Agency reporter Pan Chih-yuan, Taipei, 13th) Fuwei Energy, a subsidiary of Shinfox Energy (under P-TEAM Group), undertook Taipower's offshore wind power phase two project, resulting in severe losses. Shinfox Energy today announced a Q1 net loss attributable to owners of the parent company of NT$1.848565 billion, with earnings per share (EPS) loss of NT$6.73, and a net worth of negative NT$182.233 million. Due to factors such as negative net worth, the company may face delisting pressure.
Fuwei Energy, a subsidiary of Shinfox Energy, undertook Taipower's "Offshore Wind Power Phase Two Project - Wind Farm Procurement and Installation Case." During the procurement and subcontracting period, non-attributable reasons such as inflation and rising interest rates due to the Russia-Ukraine war caused losses. Although Fuwei Energy applied to Taipower for additional budget, Taipower recently agreed to pay NT$5.556933697 billion, which still could not change the fate of losses.
Shinfox Energy today announced its Q1 consolidated financial report. The financial report reviewed and certified by accountants shows that the company's net worth is negative NT$182.233 million.
Shinfox Energy stated that it will introduce strategic investors, actively conduct private placements, and introduce strategic partners to replenish working capital, repay borrowings, and improve capital structure; asset activation and disposal will include disposing of its subsidiaries, evaluating the sale of its vessel assets and shares in some investee companies to activate assets and adjust investment layout, accelerate cash回流 to increase the company's working capital, reduce capital occupation, and increase available funding sources.
Shinfox Energy had previously, in its 114 (2025) fiscal year financial report, recognized anticipated contract losses in accordance with accounting standards and prudence principles for the "Offshore Wind Power Phase Two Project - Wind Farm Procurement and Installation Case" undertaken by its subsidiary Fuwei Energy Co., Ltd. for Taiwan Power Company. Accountants issued an audit report with a "material uncertainty related to going concern" opinion, leading some lending banks to invoke acceleration clauses in loan agreements or refuse to extend loans upon maturity.
Shinfox Energy stated that the specific reasons for the significant challenges to its financial structure include: in the 114 (2025) fiscal year financial report, Shinfox recognized huge losses due to anticipated contract losses even after additional payments, leading some banks to tighten credit; additionally, on March 30, 115 (2026), accountants issued an unmodified opinion with a material uncertainty related to going concern paragraph in the audit report, and the Taiwan Stock Exchange announced that Shinfox Energy would be changed to a full delivery stock from April 7 this year, with its credit rating listed as "D." This caused bill companies and banks to not only stop providing new credit but also demand repayment of existing loans, resulting in a huge impact on the overall financial structure and a significant shortage of operating working capital.
Shinfox Energy stated that the wind turbine installation contractor required Fuwei to prepay all estimated engineering costs and unilaterally claimed increased amounts, both of which must be reserved from Taipower's additional payments from dispute mediation cases, greatly increasing the company's short-term liquidity pressure. The originally planned additional payments could not support Singapore's BaoWei Marine Engineering Company and could only be used for 2026 construction and reserved for wind turbine contractors.
After BaoWei Marine Engineering transformed into a vessel leasing company, factors such as charterers defaulting on rent payments caused BaoWei Marine's working capital to become even tighter. Shinfox Energy, affected by the overall operating environment and changes in the capital market, and to protect the rights and interests of shareholders and stakeholders, is unable to support BaoWei Marine's continued operation in terms of its operating strategy. BaoWei Marine is also unable to repay its debts, leading Shinfox Energy and Fuwei Energy to recognize related losses from endorsements, guarantees, and loans to BaoWei Marine, resulting in a Q1 115 (2026) financial report net loss attributable to owners of the parent company of NT$1.848565 billion and net worth turning negative.
Shinfox Energy emphasized that it will continue to advance Taipower's offshore phase two project, ensuring completion on schedule and with quality, and maintain close communication with Taipower, financial institutions, suppliers, and various partners to reduce the impact of external factors on operations. At the same time, to ensure stable operations and defend the rights and interests of employees, shareholders, and stakeholders, the management team has simultaneously initiated four key strategic improvement actions to achieve financial improvement goals through precise management.
Shinfox emphasized that it will strive to extend and activate funds, actively apply to existing financial institutions for extensions of existing loans, and seek installment repayments to enhance financial flexibility. Regarding cost control and節約, various subsidiaries of the group have strictly controlled capital expenditures and saved costs to improve overall operational efficiency, reduce various costs, and operating expenses. (Editor: Chang Chun-mao) 1150513
Choose to stand with the facts, every sponsorship you provide is the power to protect press freedom.
Download the Central News Agency "First-hand News" APP to stay updated with the latest news.
Text, images, and videos on this website may not be reproduced, publicly broadcast, publicly transmitted, or utilized without authorization.