Abstract Yesterday (20th), the Wuxi Intermediate People's Court issued a notice stating that Wuxi Suntech Solar Power Co., Ltd. (referred to as Wuxi Suntech) had ruled bankruptcy and reorganization due to the inability to return the debts due. Wuxi Suntech is the largest in China and the world's four largest PV companies...
Yesterday (20th), the Wuxi Intermediate People's Court issued a notice stating that Wuxi Suntech Solar Power Co., Ltd. (referred to as Wuxi Suntech) had ruled bankruptcy and reorganization due to the inability to return the debts due. Wuxi Suntech is China's largest and one of the world's four largest PV companies. Founded in 2001 by well-known photovoltaic scientist Shi Zhengrong. At the beginning of its establishment, Wuxi Suntech had developed at a high speed. In September 2002, the first package line was put into production, and in December of that year, it began to make profits. In 2005, Shi Zhengrong registered and established “Shangde Power Companyâ€, which is 100% controlled by Wuxi Suntech, and listed on the New York Stock Exchange. Shortly after the listing, the stock price rose to 40 US dollars, and Shi Zhengrong himself became the "China's richest man" in 2006 with 2.3 billion US dollars.
Have the best technology and the best brands. Since last year, Suntech has gradually gone downhill. As of March this year, Suntech’s total liabilities have reached $3.582 billion, and the debt ratio has reached 81.8%. The market value has also dropped from $4.922 billion at the beginning of the listing to $149 million today. Up to now, the creditors have come to the door and finally become the last straw to crush Suntech.
The reporter learned from the Wuxi City Court that as of the end of February, the nine creditor banks including ICBC, Agricultural Bank of China, and Bank of China had reached a balance of RMB 7.1 billion in the balance of RMB and foreign currency credits of Wuxi Suntech. On March 14 this year, Suntech Power, a company listed on the New York Stock Exchange, said in a statement that the company "has not completed the repayment plan for the $540 million bond principal due today." Analysts said, "Suntech has actually had a debt crisis, unless there is bankruptcy and reorganization, and there is no way out."
So what does bankruptcy reorganization mean? Yue Yushan, a lawyer at Beijing Yuecheng Law Firm, said that according to Chinese law, during the period of bankruptcy reorganization, the court will appoint a manager to take over, Wuxi Suntech will continue to carry out daily work under the supervision of the administrator. For the debt-ridden Suntech, bankruptcy reorganization is not a good way to go, but it is a probation for corporate bankruptcy. If you go well, it is an opportunity to reinvent yourself:
Yue Lushan: The concept of reorganization is when the creditor applies for the debtor’s bankruptcy. The court gives the creditor or the bankrupt enterprise an opportunity according to the bankruptcy law. If the enterprise can resume normal operations after reorganization, and can get rid of the situation of insolvency, Enterprises can regain their vitality through their own reorganization, and they can repay the debts of creditors, and this will eventually lead to bankruptcy.
Last night, Cao Bo, the duty editor of News Talk, called the phone of a staff member of Suntech Power in Beijing. On the phone, the staff member confirmed that the news of the bankruptcy reorganization was notified by the company by mail, but the business is currently not affected. He is not clear about the future of the company:
Staff: The business should have no impact. How can we change the top management? Our business is still doing the same. I don’t have any opinion about the future of the company as a small employee, and I can’t say something that is not reliable, because I can’t figure it out.
As the first PV company listed in the US capital market, Suntech Power has been the benchmark for the development of China's PV industry. However, the bankruptcy and reorganization of Wuxi Suntech has become the first sharp alarm issued by the Chinese PV industry after the global financial crisis, the global overcapacity, the European and American “double anti-China†crisis.
Coincidentally, just yesterday, another domestic giant Yingli Green Energy and polysilicon giant Poly GCL Energy signed a deep strategic multilateral cooperation agreement. In the words of Putian, the director of public relations of Yingli Group, this is just to warm up the group:
Liang Tian: China's photovoltaic industry has suffered the most severe test in 10 years and is in a trough. The company's production capacity, scale and technological leadership are among the highest in the world. However, the cyclical adjustments and product structure adjustments that the industry faces are indeed not out of the bottom. This period may be common to all PV companies. Faced with a severe test period.
In the interview, there was no comment on Suntech’s former rival, but there was not much comment in Putian, but he admits that the current dilemma of China’s PV industry is due to the “anti-dumping†policy of the European and American markets. Enterprise management decision-making mistakes, radical blunders:
Liang Tian: This event is a very big event for the entire PV industry. It also reminds all the peers that the global PV industry must have its own judgment whether it is hot or cold. It must be organically integrated according to the development trend of the market. Our own strategic business philosophy, including technology upgrades and product structure, needs to be steadily and steadily as the main concept of business operation, so that the photovoltaic industry can develop together in a healthy and sustainable manner, rather than rushing forward or slowing down or hesitating.
Although Suntech’s former Chinese PV “myth†has already left the altar, Putian still said that the bankruptcy reorganization of Wuxi Suntech is not a bad thing, and the whole industry is still promising:
Liang Tian: Especially now, we need everyone to be very good and able to let us spend this short period together. The photovoltaic industry has given a very strong prospect signal from the global strategic choice to the country's strategic support. We all work hard together to overcome the current difficulties, which is the development trend of China's photovoltaic industry, and we can maintain our current rare. A global leader.
It is understood that the EU will make a double-reverse "preemptive ruling" on China's photovoltaic products in June. The preliminary stage of the current case questionnaire has been basically completed, and several typical enterprises in China are waiting for the field investigation of the EU investigation team. For China's photovoltaic industry, it is the bottom of the valley, or the darkness before dawn, Suntech's fall, there are many stories to say.
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