Shi: From the richest man to zero sizeSource: Money Weekly? Author: Wang Mei Suntech is being put on a thrilling suspense movies, and actor Shi was frozen. 'Now the outside inside and outside the company agreed not to make any comments, it will not be interviewed, but the company operate as usual.' Staff Suntech Tao Mao San reject spoilers. Now the story has grown to the climax, the parties have to guess the final outcome. The story begins a Air Jordan 18 legend, China's richest man Shi Speaking: Seven years ago, Shi venture four years, Suntech will push the New York Stock Exchange, wealth soared to 15 billion yuan, became the 'New Fortune 500 richest people' richest man. Then his fortune in the air to draw a perfect parabola rise, hit an inflection point in 2008, its wealth waterfalls, to 2012 fell to 3.0 billion. 14-15 March 2013, two days Suntech shares plunged 38 percent, closing price of $ 0.67, the market value of $ 150 million remaining, the United States and even Maxim Group Suntech stock target price down to $ 0. So the story came to a standstill with a business closely related to reversal - photovoltaic industry, Shi is the industry's 'Godfather' class characters. Development of 12 years, he had never heard of an industry in China had become a value of hundreds of billions, millions of people drive on the employment of a complete industrial chain, and even European and American followed suit. He was the media and the government's 'darling', but now deserted, and even become common knowledge. Shi-handedly founded Suntech, a total area of about 18,000 square meters of the world's largest photovoltaic curtain wall was Wuxi proud of a business card, and now has become a hot potato, hanging by a thread. Scientists from a rural baby to the brink of bankruptcy to the richest man then, Shi's life trajectory than the drama also plays. Just 7 years, from falling into the abyss of the bottom peak life behind Shi, it is the reflection of the entire industry. Suntech reorganization suspicions might rescue some of the locally owned assets, but does not save the listed companies. Short-term debt crisis, high debt and suffered questioned transfer of benefits is becoming pressure on him Shi three big mountains, heard rumors of bankruptcy. March decides Suntech's life and death, good and bad news such as ECG generally mixed to follow. The night of March 4, Suntech announced that former independent directors SusanWang (Wang Shan) has been appointed as chairman of the board, chairman Shi position is replaced. This change means that since August last year after the former CFO resigned as CEO to succeed Jin Wei, Shi of Suntech's control was further weakened, but it has a stake of about 30% is still, not diminished. The next day, Shi said in a statement the board was illegal abolish duties, will take all necessary measures to protect the company. Suntech current assets of about $ 2 billion of debt on the balance sheet, of which over 541 million US dollars of convertible bonds at maturity March 15, 2013. March 11 evening, the company's bankruptcy seemed Nike Shoes to usher in a turning point: the company announced that more than 60% of the convertible bondholders has signed a forbearance agreement with Suntech. The company had to pay a bond matures on March 15, is now being extended to May 15. But the remaining 40% of the creditors would not preclude the March 15 Suntech debt requirements. March 13, Suntech announced, due to PV 'double reverse' investigation as well as the impact of overcapacity, the company Goodyear in Arizona assembly plant will stop production on April 3, which is following the recently closed Suntech P2 After the factory, Suntech closed another plant. Affected by this news, Suntech shares falling, on the 14th intraday decline was more than 50%, eventually closed down 19.28 percent, to close at $ 0.67. Suntech's market value has evaporated in Air Nike Air Yeezy Jordan 9 Retro 2012 by 60%. After July 2012, Germany declared themselves to be victims of trumped-bond fraud and loss of 560 million euros, Suntech never issued a financial report. The outcome seems to be getting closer, 14, foreign media reports, Suntech has nearly exhausted all cash, will be the headquarters of some or all of the Wuxi municipal government's holding company - Wuxi country joins the tube. The report also said Suntech's Wuxi municipal government has reached a related agreement. Some media said the Wuxi municipal government will come up with a final solution on Suntech March 17. This message, a photovoltaic industry analysts believe that the municipal government of Wuxi Suntech might rescue some locally owned assets, but does not save the listed companies. At the same day, the National Development and Reform Commission climate change strategies and Li Junfeng, Director of the International Cooperative Research Centre pointed out that the government wants to digestion manufacturing overcapacity and the consolidation of the existing size of the industry worldwide. Li Junfeng said, 'The Chinese government does not intervene, nor should intervene.' Government will not to the troubled power company Suntech helping hand, because who has China's largest manufacturer of solar control panel Suntech Power requirements and other companies in the same industry Like austerity. Smoke still filled the air, but can be determined, the clouds are cleared to see the sky the day is near. As also photovoltaic, PV also lost from 2011 to enter a loss Suntech has been hoping to government aid. 'Ups and downs' seem inadequate to describe Shi experienced life drama, he seems to hover in two roles - the 'save' and 'be saved.' February 10, 1963, Shi was born in Zhenjiang City, Jiangsu Province, called Taiping village where he was born to save the two families. Because on the same day the Shi family mother gave birth to a stillborn daughter, distraught. Chen's mother gave birth to a twin, a poor family, converting feed. Thus, the twin brother was sent to the Shi family, Shi Zhengrong, he is today. Shi did not let parents disappointed him through college, graduate reading, the final honors were sent to Australia to study well. Here he studied under the 'father of the world's solar energy', winner of the 2002 Nobel Prize for the Environment, Professor Martin Green, 1991 with excellent polycrystalline silicon thin film solar cell technology doctorate. And his twin brother also became doctor of chemistry. In 2000, with technology and in Australia two years of salary of $ 400,000, Shi return preparation business. He was also carrying a small bag and a laptop computer, in mainland China turn seven or eight cities, every time I see a city competent person in charge, he would tell each other how much money their project, saying, 'Give me 8000000 dollar, I'll make a big business in the world, 'but no one dared to take, never heard of such a solar energy industry, most people would regard him as a liar. But Huiyanshizhu Wuxi municipal government, promising Shi project. So in the government dominated by Wuxi Little Swan Group, Wo pharmaceutical, Wuxi High-Tech Venture Capital Co., Ltd. and other eight companies co-financing $ 6,000,000, as a major shareholder, Shi himself by the Technical Unit and $ 400,000 in cash dividends A total 25% of the shares, was established Suntech. Riding east of photovoltaic industry development, in 2005, Suntech Ones NYSE, Shi net worth reached $ 2.313 billion - far more than the richest man in China by Forbes in 2005 of $ 1.64 billion and Larry Yung Hurun rich list Huang Guangyu of 14 billion yuan. 4 years, Shi highly questionable from an entrepreneur turned to the media blitz 'the rich' and, more importantly, he will the gap between China and the world photovoltaic industry to shorten the 15-year level. By the end of 2007, Suntech's sales revenue of over 10 billion yuan, the company's value to break through billions of dollars into the world PV top three. Shi was named 'save the Earth 50' in a British well-known media, 'The Guardian.' Shi no two beautiful moment, not only Suntech is the world's largest PV module manufacturer, Wuxi has become 'China's largest photovoltaic production and export base', it is in effect and the temptation Shi Wuxi achievements, many cities were added to the vigorous solar campaign, for a time, almost every city has a photovoltaic park. The Government's full support and photovoltaic industry rich mythology let thousands of people into this movement in Denver, then listed dozens of solar companies leaving the industry to abnormal development of Road Rage. The most prominent manifestation is the upstream raw material polysilicon prices skyrocketing. Prior to the development of photovoltaic industry, polysilicon is extremely cheap price of industrial raw material, development of photovoltaic industry, silicon has become the object of berserk, 'pro-silicon is king' seems to become laws. In early 2007, the black market price per kilogram of polysilicon rose $ 100 to $ 300 turn. At the end of 2007, the black market price is a record price of $ 400 per kilogram. When the silicon at high prices, the Shi with foreign suppliers signed nearly 70 million polysilicon supply contract. Contract period of up to ten years. It lay hidden now more than 80% debt ratio. Intensified price bubble risk polysilicon, solar cells in the downstream demand is slowing. Until the outbreak of the global financial crisis in 2008, the solar photovoltaic industry suffered a fatal blow, began to rapidly decline. At present, polysilicon prices have dropped to around $ 20 per kilogram. 'PV industry body mass, increase it a lot faster than traditional enterprise, investment in equipment in the first year, second year, several hundred million of revenue. We believe that the development of the industry now surplus, have a great relationship with the government. Two years ago the government The thrust of the whole industry is very harmful, and now began to collect the loan, which is not fair. 'A photovoltaic industry executives told financial weekly newspaper reporter. Shi relations with the Wuxi municipal government can say, 'No, there is no government Wuxi Suntech' and Wuxi city government against Shi greatly enhance performance. So personal friendship with the Wuxi municipal government officials Shi was very good, with government relations, Shi can easily obtain loans from banks. So some people say that the city government of Wuxi, 'spoiled' harm Suntech. From 2011 to enter a loss Suntech has been hoping to government aid, but to push Nike Air Force 1 everyone down the wall, then the lonely Shi is facing related party transactions, transfer of benefits questioned. According to informed sources, the Suntech Board has entered March 8 internal audit process, audit focused on individuals associated with Shi Zhengrong related transactions, including Asia Silicon Qinghai Limited ('Asia Silicon'), Suzhou race Kivu application Technology Co., Ltd. ('Suzhou Wu Race'), the town of Jiang Fengyuan New Energy Technology Co., Ltd. (referred to as 'Fengyuan new energy'), Jiangsu Luyang Electronic Instrument Group Co., Ltd. (referred to as 'Green Yang Group'), Shanghai Shang Li Investment Co., Ltd. (referred to as 'still manage investment'), Jiangsu Sun Group Limited ('Sun Group'). Suntech Board has faced up to give investors a ready explanation. 'Under the strict supervision of the NYSE, related party transactions of this kind of thing can not happen otherwise, so many years on the failure of internal control and audit.' The executives told financial weekly newspaper reporter. In a Sturm und Drang of the industry, Shi was a pioneer, but also with the ups and downs of the industry needs to 'be saved' pioneer. Suntech concern within the industry is now in a downward Suntech every single all losses. Why just a few years, Shi from the 'richest man' on the brink of bankruptcy? From the external perspective, the development of photovoltaic industry changing elusive, prompting excessive body Suntech too late to turn things around. But more important is that internal factors: poor execution and cultural conflict. 'Suntech's products from order to delivery turnaround two months, while the industry average we only need 15-20 days, there is a lot of money on precipitation Air Jordan 1 in there. Now we are in this industry is down, Suntech every single all is a loss, with the raw materials are expensive, but prices upward in time, Suntech has been to make money. 'A five or six years in the photovoltaic industry, insiders often communicate with Suntech executives told financial weekly reporter. Excessive body, resulting in many people poor execution, the idea of executives in the final landing will cause a lot of problems. More importantly, 'Suntech internal culture is diverse, pluralistic will have different views lead to a variety of different approaches, it has not formed a final culture -' Suntech should be like, 'This is a very a big problem. 'The insiders said. This is related to Shi's talent, he prefers those 'glossy resume, with multinational background, life experience overseas executives.' So Shi hired at these foreign background Suntech executives airborne and requires the presence of foreigners as long as you can only speak English. Shi external professional managers favor, it has enabled Suntech elderly dissatisfied. Suntech newcomers and old conflicts over the years, the contradiction of international talent and local talent are intertwined, we have accumulated into a serious estrangement within the company. 'A lot of the simple things are becoming very complex, serious internal friction.' A Suntech departure executives said, the high cost of communication leads to inefficient execution. This results in the past few years, Suntech brain drain is very serious, middle-level staff (about a thousand) has been filled with an anger. 'Now how many domestic photovoltaic enterprises, listed not listed Suntech almost all people, regardless of technology or talent, he is president of the Whampoa Military Academy in the industry.' The insider admitted. Shi was not a strong person in the company, he creates a very gentle, open atmosphere, from executives to middle dared to challenge him. Even when Shi presided over the executive meeting, and often is a blazing row. Shi's 'moderate' so that employees can not find the backbone, in terms of ideology, did not become Suntech employees can rely on 'soul.' Although he focused on himself after training, but it was too late. In the eyes of peers, Shi was a highly respected and quite 'elderly demeanor,' the pioneer within the industry prefers to call him 'Dr. Shi.' They think that Shi's character is no problem, technology is no problem, no doubt contribute to the industry. In the development of the industry, Shi is 'has been imitated, always beyond' very tragic people. Whether it is to do fund model power plants, components or development and other issues, and later followed suit, 'we are asking Suntech doing, and then we follow suit. Then if you do, you will find a lot of good results . 'The insider said bluntly. After communication with the interior Suntech executives, he will do bad reasons Suntech Shi classified as internal cultural management oversight. The insiders have repeatedly contacted with Shi Zhengrong, the biggest impression on him was 'a scientist temperament' work very rigorous, like 'progressive' Nike Air Yeezy way of doing things, and thus missed a chance some of the reforms. But very creative consciousness, creating a lot of patterns. But others questioned, arbitrary decision-making is the Shi strategic mistakes led to several companies, such as 2009, Suntech Sichuan and Sichuan University set up Suntech Power Co., R \u0026 D and market applications of thin film battery project for this later Suntech R \u0026 D project to pay several hundred million dollars, but the conversion rate has not seen the effect. In addition, Suntech in Shanghai invested $ 300 million to build thin-film battery factory, but when the first phase completed, this project Shi and converted into crystalline silicon cell plant, during which the loss of several million dollars. He has also launched a high profile to the outside world of a 'revolutionary' high conversion technology 'Pluto', but the delay can not achieve industrialization. No matter how, the outcome has not been revealed, but Shi's 'Fall' touch to government, business, market, industry, finance and individuals at all levels, such as a mirror, leading to the heart.