President Obama’s election victory has dominated US headlines over the last 2 days, but Washington showed it was still hard at work with news that the US trade watchdog has finalized punitive anti-dumping tariffs against Chinese solar panel makers. In a way, this kind of quiet ending seems appropriate for a drawn-out process that began more than a year ago with a Congressional probe into a bankrupt US solar firm. With this trade issue now resolved, China, which produces more than half of the world’s solar panels, can now focus on simply saving an industry that is bleeding cash due to a huge oversupply glut.
Tag Archives: Suntech
LDK Rescue Continues With CEO Removal 赛维LDK首席执行官易主
After a week of unusual quiet on the stormy solar panel front, the sector is splashing back into the headlines with word that struggling LDK (NYSE: LDK) is moving one step closer to a state-led takeover of the debt laden company. Meantime, China is also taking its own broader moves against recent protectionist actions in the west by lodging an official complaint at the World Trade Organization against what it is calling unfair treatment of its companies in Europe.
Shi, Beijing Battle for Heart of Suntech 尚德电力为获政府救援或失去施正荣
Solar panel maker LDK (NYSE: LDK) started its long march to a takeover by the state with a major stake sale this week, but the equally cash-starved Suntech (NYSE: STP) looks like it may put up a bigger fight to maintain its independence. What’s happening at Suntech comes down to a single word: Pride. The latest twist at Suntech also has broader implications, as the kind of pride we’re seeing from founder Shi Zhengrong could foreshadow similar resistance we’re likely to see at many of the nation’s other solar panel makers.
News Digest: October 24 报摘： 2012年10月24日
The following press releases and media reports about Chinese companies were carried on October 24. To view a full article or story, click on the link next to the headline.
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- Nexen (Toronto: NXY) Sale Said to Turn on China Backing Canada Deals (English article)
- Suntech (NYSE: STP) Refuses Conditions for Government Assistance (Chinese article)
- NetEase (Nasdaq: NTES) Portal Editor-in-Chief Joins Baidu (Nasdaq: BIDU) – Source (English article)
- TAL Education (NYSE: XRS) Announces Fiscal Q2 Results, Declares Dividend (PRNewswire)
- Ironwood, AstraZeneca (London: AZN) Announce Linaclotide Collaboration for China (Businesswire)
- Latest calendar for Q3 earnings reports (Earnings calendar)
LDK Joins State-Led Solar Bail-Out 江西赛维加入政府主导的救助行列
The nascent state-led bailout of China’s struggling solar industry has taken another step forward with word that LDK (NYSE: LDK) has just sold a big chunk of itself to a partly state-owned consortium for enough cash to perhaps fund its operations for another month or 2. This new rescue package values LDK at just $140 million, which is probably still too high a figure for one of China’s weakest solar panel makers in an industry where everyone losing big money due to a huge supply glut.
China’s Speeds Up Solar Lifeline 中国加大力度扶持光伏行业
A new Chinese media report shows that after more than a year of talk, Beijing is finally turning its aggressive talk on solar energy into action by more than doubling its approval of new solar power plants this year. The main question now is: Will any of its struggling solar panel makers survive long enough to enjoy the expected boom in business when some of these new plants start to get built. Of course industry watchers will know the answer is probably “yes”, as Beijing and local governments get set to hand out generous rescue packages to support these companies through a massive supply glut that has sent prices plunging and left everyone reporting big losses. (previous post)
Solyndra Lawsuit: War of the Solar Dead Solyndra发难 光伏业者拼个你死我活
The fight for survival among the world’s embattled solar panel makers is starting to look more like a battle of the dead, with word that bankrupt US player Solyndra is suing 3 of its biggest Chinese rivals over allegations of running an illegal cartel. (English article) Some of you might be saying: “Wait a minute, doesn’t Solyndra have better things to do than to be filing lawsuits against rivals who are also flirting with bankruptcy?” If that’s the question, then the answer appears to be “no”. Perhaps the failed Solyndra is still seeking some final respect, and also perhaps some money through a quick settlement of this lawsuit to repay a long list of creditors that includes the US government.
News Digest: October 13-15 报摘： 2012年10月13-15日
The following press releases and media reports about Chinese companies were carried on October 13-15. To view a full article or story, click on the link next to the headline.
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- Canada’s Harper Says Must Weigh National Security in China Ties (English article)
- ZTE (HKEx: 763) Announces Preliminary Results for 9 Months Ending Sept 30 (HKEx announcement)
- China’s Top Two Shippers Join Forces in Domestic Container Trade (English article)
- China Lodging Group (Nasdaq: HTHT) Announces Preliminary Q3 Operating Results (Globe Newswire)
- Bankrupt Solyndra Sues Suntech (NYSE: STP) Over Antitrust Claims (English article)
- Latest calendar for Q3 earnings reports (Earnings calendar)
News Digest: October 12 报摘： 2012年10月12日
The following press releases and media reports about Chinese companies were carried on October 12. To view a full article or story, click on the link next to the headline.
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- Lenovo (HKEx: 992) Knocks HP (NYSE: HPQ) From Top of Global PC Market: Gartner (English article)
- Hasbro (Nasdaq: HAS) and Alpha Animation Announce Strategic Partnership for China (Businesswire)
- US Prepares to Launch 2nd Round of Investigations Into Huawei, ZTE (HKEx: 763) (Chinese article)
- Suntech (NYSE: STP) Responds to Final US Dept of Commerce Determination (PRNewswire)
- Ex-Central Banker Says Canada Should Approve CNOOC (HKEX: 883) Bid for Nexen (English article)
Suntech Gets Set to Tackle Debt 尚德着手应对债务问题
Struggling solar cell maker Suntech (NYSE: STP) has just issued a euphemistically upbeat plan on how it intends to “solidify market leadership,” as it tries to return to health amid a prolonged industry downturn that has seen prices plunge more than 70 percent over the last 2 years. But investors are clearly focused on the last part of the plan, specifically discussing how the company intends to deal with nearly $600 million in convertible bonds that will come due in March next year. The process of renegotiating that debt is likely to be a long one, and is hardly guaranteed success without major support from Beijing and other government entities.
News Digest: October 10 报摘： 2012年10月10日
The following press releases and media reports about Chinese companies were carried on October 10. To view a full article or story, click on the link next to the headline.
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- Japan Car Sales in China Tumble, Hit By Islands Row (English article)
- Tencent (HKEx: 700) E-Commerce to Start 300 Mln Yuan Promotion (English article)
- Suntech (NYSE: STP) Announces Strategy to Solidify Market Leadership (PRNewswire)
- China Telecom (HKEx: 728), Unicom (HKEx: 762) Start Taking iPhone 5 Orders (Chinese article)
- ZTE (HKEx: 763) Says Equipment Safe, and Poses No Security Threat (Businesswire)
