in China is in suspense again.
On September 26, Wuxi Suntech Solar Power Co., Ltd. was listed as the executee by Nanchang Intermediate People's Court. Execution target 5.
Wuxi Suntech is closely tied up with Shi Zhengrong, the godfather of photovoltaic, and people who know a little about it are familiar with it.
In 2001, Shi Zhengrong, who returned from Australia, came together with the Wuxi Municipal Government and jointly pulled up the big plate of Suntech in Wuxi.
After three years of development, in 2004, the newborn Wuxi Suntech caught up with the German "Renewable Energy Act" amendment and climbed to its peak in 2005, becoming the first Chinese photovoltaic company listed on the New York Stock Exchange.
At that time, Wuxi Suntech can be said to have created a new era of photovoltaic in China. Before Suntech, in the process of China's ", It is difficult to say whether Wuxi Suntech made Shi Zhengrong or Shi Zhengrong made Wuxi Suntech, but it is certain that this glory does not belong to Shi Zhengrong alone. Behind
this, there are two indispensable roles.
"For $8 million, I can create the world's largest enterprise."
This was the ambition of Shi Zhengrong, who had just returned to China in 2000, but at that time most people chose to sweep Shi Zhengrong out with his ambition, but a Jiangsu official welcomed them into the door and introduced them to the Wuxi municipal government.
At that time, the Wuxi government was seeking to support a number of high-tech industries, and under the recommendation of this official, the two sides hit it off. Besides Shi Zhengrong,
this official will also become the most important person in the early days of Suntech in Wuxi. He was Li Yanren, then director of the Wuxi Economic Commission.
As the old saying goes, military forces did not move, hay first. For an enterprise, the seed of core technology and capital are water, both of which are indispensable. Shi Zhengrong took more than 10 patents to get the technology, while Li Yanren was the one who got the money.
In 2001, under the operation of Li Yanren, eight state-owned enterprises in Wuxi invested 6 million US dollars and Shi Zhengrong's cash plus technology of 2 million US dollars, totaling 8 million US dollars, to establish Wuxi Suntech Solar Power Co., Ltd.
For a person who has been abroad for many years before, how can he persuade so many state-owned enterprises to support him? Li Yanren persuaded the Wuxi municipal government with years of political connections, and eight state-owned enterprises reluctantly bet 6 million yuan on this strange middle-aged man. According to previous media reports, at that time, there were relevant personnel in eight state-owned enterprises, and the 6 million yuan was wasted .
In other aspects, land acquisition, taxation, bank credit, lending and so on, the newborn Wuxi Suntech was almost a green light all the way, and took the lead in establishing the first domestic battery production line of more than 10 MW in the second year, and obtained international certification, while the total capacity of China at that time was only 18 MW.
However, Suntech, which had a smooth start, did not continue its previous good luck, but appeared to assert the failure of state-owned enterprises. In the first year after the line was built, Suntech lost 7 million.
According to Shi Zhengrong, at that time, because of the arrears of 20000 yuan, even the people of the cleaning company could go directly to their company to move equipment to pay off debts.
Holding his breath, Shi Zhengrong began to focus on the foreign market, while at home, Li Yanren once again successfully persuaded the shareholders of state-owned enterprises and the government by virtue of his government relationship network, which he had operated for many years, to provide 50 million guarantees for Shandra and more than 87 million funds and 11 projects for the two departments of the Wuxi government.
With the support of Wuxi Municipal Government and local state-owned enterprises, young Suntech has survived the long night and entered the glory of listing. On December 14,
2005, in front of the New York Stock Exchange, the five-star red flag fluttered in the wind and Wuxi Suntech was listed.
2005, Shi Zhengrong raised $80 million from Goldman Sachs, British Union, Longke and other famous international investment banks to complete the last equity acquisition of Guolian Group. Li Yanren, who had no state-owned shareholders as his base, left the stage sadly. It was rumored that when he left, he only took away one million yuan in cash and an Audi A6 that had been driving for several years. Didn't get a penny of equity. "From then on, I felt free," said Shi Zhengrong on the day he retired
all the shareholders of state-owned enterprises.
On the government side, the economic value of Suntech is far less than political significance. At the time of the withdrawal of state-owned shares, Shi Zhengrong's offer was actually not high, and Guolian Group, which held almost the same number of shares as Shi Zhengrong at that time and was expected to control Suntech, was only twice as high as other shareholders.
"Government venture capital, advance is support, retreat is support," Wuxi leaders at that time explained the withdrawal of the League of Nations, but from the results, the government's support for Suntech, the cost may be somewhat high. Although the
League of Nations Group made a brief exit, he will soon return to Suntech as a "white knight".
Wuxi Suntech went public in 2005, and in 2008, the company's share price was close to $90.
However, from the actual operation point of view, Suntech, which has grown into a giant, has been wrestling after its listing. Shi Zhengrong, who was born in
technology, may not be experienced in business management. After the listing of Suntech Power, which left Li Yanren, two things happened that shook the foundation:
First, in 2006, under the high price of polysilicon of more than $400, Shi Zhengrong signed a 10-year long-term contract with MEMC, an American silicon material company. It was agreed that Suntech would purchase silicon materials at a price of $80-100/kg. As a
result, as we all know, the price of polysilicon plummeted in 2008, and by 2011 it had fallen to $40/ton. Suntech Power finally cut its wrist to 2. In the whole year of 2011, Suntech lost 10.
While the efficiency of monocrystalline and polycrystalline silicon cells has reached more than 20%, while the stable efficiency of amorphous silicon thin film cell laboratory is only 13%, Wuxi Suntech announced that it would invest $300 million to build a 400 MW thin film cell line.
In 2009, Suntech Chengdu Cadmium Telluride Battery Project was closed, and in the following year, Shanghai Thin Film Battery Factory was closed again.
In addition to the company's constant mistakes in decision-making, Shi Zhengrong was widely criticized for his unconditional blood transfusion to his private Asian Silicon Industry after Suntech's listing. In 2007, Asia Silicon, which was founded less than a month ago, received a 16-year unconditional payment contract of $1.5 billion from Suntech, and in the following two years, it provided more than $70 million in financial support. However, during this period, Asia Silicon did not supply half of the silicon materials to Suntech. In the six years since Suntech went public, Shi took billions of dollars in assets into the hands of his private companies,
according to people familiar with the matter. As
we all know, in 2012, Europe and the United States set off a wave of "double-reaction", only in that year, the market value of Suntech Power, a listed company in the United States, evaporated by more than 60%. In July, Suntech again suffered losses
due to the German securities fraud case. In March 2013,
the Wuxi Intermediate People's Court ruled that Wuxi Suntech Solar Power Co., Ltd. could not repay its debts due and entered the bankruptcy reorganization procedure.
At this point, the former star enterprise was completely defeated, the company's debt ratio was as high as 80%, 555 domestic creditors were facing debt collection, the amount exceeded 17 billion, and foreign creditors were facing the crisis of forced delisting. At the beginning of
the chaos, Shi Zhengrong, who was expelled from Suntech but still shook hands with a large number of shares, became the shopkeeper and transferred the pressure to the Wuxi Municipal Government.
In 2013, the Wuxi League of Nations, dressed in white on behalf of the government, took over the whole mess of Suntech in Wuxi and officially launched the battle to defend Suntech.
In the second half of 2013, Wuxi Guolian, which holds the core assets of Suntech, gained control of the company and began to plan reorganization plan of Suntech in Wuxi. In November
2013, Wuxi Intermediate People's Court held the second creditors' meeting of Wuxi Suntech. At this meeting, the fate of Wuxi Suntech was finally settled, and the amount of creditor's rights confirmed by the reorganization party was 9.5 billion yuan, significantly less than 17.4 billion yuan determined at the first meeting. The number of creditors increased by 25 to 555.
In a battle that no one won, the major banks accounted for 6.6 billion, and ended with a loss of more than 70%.
And the laborious Wuxi Guolian, as the representative of the government, if there is no downwind photoelectricity, he will be the undertaker.
When Shunfeng Photovoltaic has sent people to Wuxi Suntech to start work, Wuxi Guolian has once again shouldered the burden of saving Suntech Power, the parent company of Wuxi Suntech.
At this time, overseas creditors were no longer patient, demanding that Suntech Power enter compulsory bankruptcy proceedings in the United States and thoroughly investigate the company's financial and past transactions.
In order to maintain Wuxi Suntech as an important financing platform outside, Wuxi Guolian announced that it would be
on the official website of Wuxi Suntech. Digital New Energy DNE found this passage: "The company's sales area covers more than 100 countries and regions around the world, with more than 1500 partners." Historical cumulative shipments exceed 40 GW . However, it is puzzling that neither Suntech's official website nor its parent company Shunfeng Photovoltaic Company disclosed Suntech's real production capacity information.
If we take 2013 as the node, then the former Suntech is high-spirited and famous in the world; the latter Suntech is low-key to the extent that the production capacity information is hidden.
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