Other potential bidders including Suntech's rival Trina Solar Ltd and Yingli Green Energy Holding Co Ltd did not show up during Tuesday's bidding, while the consortium formed by GCL-Poly Energy and Wuxi Guolian attended the showdown.

Industry insiders said the move by Shunfeng would be a better resolution for Suntech, compared with being taken over by Trina or Yingli.

Shunfeng said in its filing that the group is "in the process of expanding into the construction and development of solar power stations". The possible acquisition is in line with the group's expansion strategy and will enable it to further strengthen its production capabilities of solar cells and modules, which in turn is expected to create synergies for the group's expansion into solar power station operations.

"The biggest difficulty faced by Suntech now is cash. It still has its advantages in technology and cost control. And Shunfeng is very experienced in capital operations and is now in need of a stable supply of upper-stream products," said Ren Haoning, an energy industry analyst with China Investment Consulting.

The failure of Suntech is largely down to its over-aggressive expansion. It had invested too much in purchasing silicon materials. The unexpected price collapse of silicon materials severely hit the company, said Simon Liu, an industry insider based in Shanghai.

Earlier reports said Wuxi Suntech had verified all debt claims filed by its creditors, including domestic banks and suppliers, and confirmed that its liabilities reached 10.7 billion yuan.