三级aa视频在线观看-三级国产-三级国产精品一区二区-三级国产三级在线-三级国产在线

US EUROPE AFRICA ASIA 中文
Business / Solar firms warned on delisting

Suntech freezes assets of troubled partner

By Xie Yu in Shanghai (China Daily) Updated: 2012-08-17 07:36

Suntech Power Holdings Co Ltd, China's largest solar energy firm, has replaced its founding Chief Executive Shi Zhengrong, after winning a court order freezing the worldwide assets of its partner in a solar development fund.

Shi, who founded the company in 2001, has been replaced by David King, the company's chief financial officer.

Shi will also step down as chairman to become the executive chairman as well as chief strategy officer.

Shi is considered the most prominent of the country's solar entrepreneurs, building Suntech into the world's largest panel maker in terms of manufacturing capacity.

"We believe that this new management structure will position Suntech to excel in this environment," Shi said.

He had been serving as chairman and CEO of the company since he founded it.

"The solar industry is at a critical juncture and is facing both significant challenges and exciting opportunities.

"At this time, I believe it's important to devote more of my time to guiding the strategic direction of the company, building relationships with key partners, and driving the ongoing development of Suntech's leading solar technology," Shi added.

The company's disclosure at the end of July of allegation that it may have been defrauded by a partner, GSF Capital, raised new industry fears it may struggle to cover 560 million euro ($685 million) in German government bonds due in early 2013, sparking market worries over its finances, at a time of considerable pressures on the industry in China and worldwide.

Suntech, which has been seeking to sell its 80 percent stake in GSF to raise money to cover debt payments, announced an investigation into the alleged fraud, alleging that the bonds, which it should have received as security for an investment in Global Solar Fund, had never have been posted as collateral.

Suntech's shares have dropped by 17 percent since July 30, when it reported the alleged fraud, Reuters said.

"It is hard to tell if Shi's leaving his post has anything to do with this, but for sure the company is in trouble," said Wang Anshi, secretary-general of Shanghai Solar Energy Society.

According to reports, the company has already said it is working with existing lenders to secure new financing, and is believed to be considering a debt issuance.

It said on Wednesday that it had now won court orders freezing the worldwide assets of GSF Capital, and GSF owner Javier Romero, and a court-appointed manager would oversee the frozen assets.

Shi insisted the solar plants owned and operated by the fund's operating companies remained "in good order".

"Over the coming weeks we intend to work closely with the manager to review all of the assets, and confirm that the operations are in line with our initial expectations," he added

An earlier media report said the worst result might be that Suntech has to cover the 560 million euros by itself, which would be a severe hit to the company.

The 21st Century Business Herald said government officials were now trying to convince one or two listed companies in Suntech's home Jiangsu province to buy its shares to support it.

But Zhang Jianmin, a senior manager in the CEO's office, refused to confirm this in a message to China Daily on Thursday.

Maxim Group, an investment bank in the United States, said in a recent report that China's solar industry is close to the edge of bankruptcy.

The debt of 10 of the country's largest solar energy companies totaled $17.5 billion, the report said. It pointed out that LDK Solar, another solar giant in Jiangxi province, and Suntech were the most likely to go bankrupt.

A supply glut and falling prices are cutting profits at China's solar companies.

For many, profit margins have narrowed to 20 percent or lower, down from the 139 percent they previously enjoyed, added Wang Quan'an, secretary-general of Shanghai Solar Energy Society.

More than 90 percent of Chinese-made solar products used to be exported, but that number may drop to 75 percent this year, due to the global economic slowdown, he said.

What's more, the US has announced it will impose duties on panels made in China, and Europe may launch a similar anti-dumping investigation, adding to the troubles of Chinese solar manufacturers.

Many Chinese companies are now trying to grow their domestic market share.

Last year, China overtook Japan as Asia's biggest solar market, and demand is likely to continue. Some 3,000 megawatts of solar facilities will be installed in China this year, up from about 800 mW in 2010, Bloomberg New Energy Finance reported.

xieyu@chinadaily.com.cn

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 青青操精品| 欧美精品三区 | 久久综合在线 | 日韩免费精品一级毛片 | 国产精品天天看特色大片不卡 | 99热官网| 成人免费大片黄在线观看com | 国产高清精品一级毛片 | 黄网站免费在线 | 亚洲国产日韩欧美 | www.黄色一片 | 国产色秀视频在线观看 | 粉嫩极品国产在线播放 | 亚洲精品视频免费观看 | 亚洲欧美在线视频免费 | 亚洲成在人网站天堂一区二区 | 亚洲狠狠狠一区二区三区 | 久久久久avav久久久 | 国内在线网友露脸自拍 | 国产乱人乱精一区二区视频密 | 日韩精品国产一区 | 久草久热 | 亚洲综合精品香蕉久久网 | 欧美日韩一区二区三 | 国产午夜免费视频片夜色 | 欧美日韩免费 | 国产色婷婷免费视频 | 398av影院视频在线 | 成人短视频在线观看 | 性大片免费观看yy | 久久久久免费精品国产 | 综合久久综合久久 | 色综合天天综合高清影视 | 国产在线91 | 91福利国产在线观看一区二区 | 欧美一级视频在线观看欧美 | 黑人巨鞭大战白妞10级 | 久久综合狠狠综合久久综合88 | 久久亚洲国产高清 | 91久久亚洲精品国产一区二区 | 伊人久久综合影院首页 |