LDK Solar Co's share values has declined nearly three fourths since 2012 and has now sold additional shares to Fulai Investments at discounted rate of 30% of value from last month. 

Fulai purchased 12 million shares from the Chinese solar manufacturer at US$1.28 per today. Last Feb.28, Fulai also purchased LDK shares at US$1.83 per share. The latter purchase was the first tranche in a 17 million share purchase contract previously announced.

Fulai is owned by Hong Kong tycoon Cheng Kin Ming and with the latest purchase, would have the option to install two directors in the ten member LDK board. This also makes Fulai the largest shareholder in LDK after its Chairman Peng Xiaofeng according to statistics obtained by Bloomberg.

LDK is the largest manufacturer of solar cell wafers after GCL-Poly Energy Holdings Ltd. It was mired in US$3.1 billion in debt as of the third quarter of 2012. In order to manage its liabilities, the company has engaged the services of Citigroup.