Asset seizure casts new clouds over Suntech retrench
Someone should write a book about solar panel superstar Suntech (NYSE: STP), whose the incredible rise and spectacular fall has taken yet another intriguing twist with word that some of its major assets have been seized by a court in Italy. The Italian angle is just the latest turn in this international story of a company founded by an Australian-educated Chinese engineer, which once look set to revolutionize the solar energy sector, only to be forced into bankruptcy when the sector plunged into a massive downturn. From a more practical perspective, I suspect this latest development will prolong Suntech’s bankruptcy reorganization, since its creditors may have been hoping to liquidate these Italian assets to repay some of the company’s massive debt. Read Full Post…
The following press releases and media reports about Chinese companies were carried on September 24. To view a full article or story, click on the link next to the headline.
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4G License Timetable Not Set, Talk Of Q3 Release Unreliable (Chinese article)
GSK’s (London: GSK) China Sales May Be Down 30 Pct On Scandal: Analysts (English article)
Suntech (NYSE: STP) Announces Seizure Of Global Solar Fund Assets In Italy (PRNewswire)
Sina (Nasdaq: SINA) Weibo, Hisense (Shanghai: 600060) Roll Out Smart Air Con (Chinese article)
Used Car Website Operator Souche Secures US Dollar 8-Digit Funding (English article)
Beijing took an important step towards rejuvenating the global solar panel sector last week when it announced new steps that will strictly limit new plant construction. This kind of government-led approach is a good short-term solution, as it will halt the introduction of new supply, which in turn will allow prices to stabilize after more than 2 years of steep declines caused by massive overcapacity. Read Full Post…
The following press releases and media reports about Chinese companies were carried on September 14-16. To view a full article or story, click on the link next to the headline.
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Blackstone-Led Buyout Group Lowers Bid For Pactera (Nasdaq: PACT) (English article)
Suntech (NYSE: STP) Announces Management Change, Appoints New CEO (PRNewswire)
Several solar panel companies are in the headlines once again, led by an news that bankrupt former superstar Suntech (NYSE: STP) is nearing a reorganization that will cost its stockholders most of their money. While that may sound bad, I personally don’t have much sympathy for anyone who continued to hold Suntech stock after the company started experiencing major problems about a year ago. Meantime, the news is a bit more positive for rivals Yingli (NYSE: YGE) and Renesola (NYSE: SOL), which both reported narrowing losses as outlook for the sector continues to improve with stabilizing and even rising prices for solar panels. Read Full Post…
The following press releases and media reports about Chinese companies were carried on August 31-September 2. To view a full article or story, click on the link next to the headline.
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The following press releases and media reports about Chinese companies were carried on August 29. To view a full article or story, click on the link next to the headline.
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Chinese Shoppers Set To Become World Leaders Online (English article)
Suntech (NYSE: STP) Announces Director Resignations and Election of New Chairman (PRNewswire)
Suntech, Canadian Solar feel new heat in sector overhaul
The latest news from Canadian Solar (Nasdaq: CSIQ) and Suntech (NYSE: STP) is casting a shadow over a nascent recovery for the embattled solar sector, as each company struggles to fix its broken finances pummeled by a two-year downturn. Canadian Solar has announced a plan to raise up to $50 million through a stock sale, while domestic media are reporting that bidding for bankrupt Suntech is moving ahead quickly, indicating the end may be near as an independent company for this former solar high-flyer. All this shows that investors shouldn’t get too bullish on solar companies just yet, even as Canadian Solar says it is still on target to post a profit for all of 2013. Read Full Post…
The following press releases and media reports about Chinese companies were carried on August 15. To view a full article or story, click on the link next to the headline.
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I’m officially calling today “Solar Friday”, as we’re getting bombarded with a sudden flurry of news that shows the sector is rebounding and could also see its first major merger. In the former category, earnings updates from Yingli (NYSE: YGE) and Trina (NYSE: TSL) are showing steady improvement for the embattled panel-making sector, while a quarterly report from Canadian Solar (Nasdaq: CSIQ) is showing the sudden improvements may already be starting to plateau. In the latter category, Chinese media are reporting that both Yingli and Trina are also showing interest in investing in Suntech (NYSE: STP), the former solar panel pioneer that is now in bankruptcy reorganization. Read Full Post…
The following press releases and media reports about Chinese companies were carried on August 9. To view a full article or story, click on the link next to the headline.
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Trina (NYSE: TSL), Yingli (NYSE: YGE) Among Bidders For Suntech – Source (Chinese article)
Canadian Solar (Nasdaq: CSIQ) Reports Q2 Results (PRNewswire)
Tencent’s (HKEx: 700) 51Buy Adds Delivery Tracking Feature to Mobile App (English article)
