Previously, there were many discussions about the game between Wuxi municipal government and Shi. Among them, the most talked-about view is that Wuxi municipal government will provide assistance to Suntech at the price of providing unlimited liability guarantee for all its personal assets, but this plan has not been supported by History.
People close to Wuxi Suntech said that Shi and the Wuxi municipal government seemed to have reached a balance in the dark war. Since Shi stepped down as CEO of Suntech Power in August 20 12, Wuxi Guolian Group may take over Wuxi Suntech as a financial investor to solve the urgent need of Suntech Power's $575 million convertible bonds due. Wuxi Suntech is a subsidiary of Suntech Power, a listed company, and it is also its core asset and main operating entity.
"Now Guolian Group has formed a work service team to enter Suntech's office, and major bank creditors have also entered Suntech to find a better solution to save Suntech." The above-mentioned insiders said.
Although this plan has not yet been settled, if the final offer is really Guolian Group, it will be a reincarnation for Suntech. As early as 200 1, 1, when Wuxi Suntech was founded, Wuxi Guolian Trust and Investment Company, a subsidiary of Wuxi Guolian Group, joined hands with Jiangsu Little Swan Group, Wuxi Hi-tech Investment Company, Wuxi Mercury Group, Wuxi Venture Capital Company, Wuxi He Shan Group and other state-owned enterprises to invest 6 million US dollars in Wuxi Suntech and hold 75% of its shares. On the other hand, it invested $400,000 in cash and $654,380 in technology, holding a 25% stake in Wuxi Suntech. In 2005, in order to facilitate overseas listing, Shi introduced bridge loan and overseas investment institutions (such as Goldman Sachs, Investment, French Natexis, etc. ) acquired the state-owned shares of Wuxi Suntech through a series of financial technologies, and Wuxi Guolian Group also withdrew with other state-owned shares at this time.
In this reincarnation, Shi, who made his fortune by sunshine, walked down the altar from the honor of "godfather of new energy" and "richest man in China"; But at the same time, in a secret place outside the public eye, Shi actually established his own private business kingdom. In this private kingdom, Shi's wife, friends and fellow villagers each hold a corner. Only by crossing them can we see the intangible wealth of giving. "History can completely recreate a Suntech," the above-mentioned insiders said. "But from another perspective, if there is no private enterprise like History, Suntech's current situation may not be so bleak." In the six years after Suntech went public, Shi handed over billions of dollars in property to his private company.
On June 30, 2006, a company named "Asia Silicon Industry (Qinghai) Co., Ltd." (hereinafter referred to as "Asia Silicon Industry") was incorporated in Qinghai Province. According to the documents obtained by the Department of Commerce of Qinghai Province, this company was jointly established by British Virgin Islands Asia Silicon Industry Co., Ltd. (hereinafter referred to as "Asia Silicon Industry (BVI)" and Qinghai New Energy Research Institute Co., Ltd. * *, in which Asia Silicon Industry (BVI) invested 47.5 million US dollars, holding 95% of the shares, and Qinghai New Energy Research Institute Co., Ltd. invested 2.5 million US dollars, holding 5% of the shares.
This is an enterprise engaged in research and development, production and sales of polysilicon materials. This enterprise seems to have nothing to do with Shi himself, but it turns out that this enterprise was completely controlled by Shi from the beginning.
According to informed sources, Wang Tihu, the first chairman of Asia Silicon Industry, met Shi while studying in Australia. Suntech's internal address book shows that in 2006 and 2007, Wang Tihu was also the vice president of Suntech, mainly responsible for the development and research of silicon materials and high-efficiency solar cells.
Other board members include Zhang Yuxin, Sha, Guo Enlai and. Among them, Zhang Yuxin and his heirs are closely related to Shi himself.
Zhang Yuxin is the legal representative of Asian Silicon Industry (BVI). He once worked in Huaxia Securities Investment Banking Department and Southwest Securities Investment Banking Department, and later established Shanghai Daojie Investment Co., Ltd. as executive director and general manager, and Shanghai Daojie Equity Investment Management Co., Ltd. as executive director. In personal relations, Zhang Yuxin is a relative of Shi's wife. Before Suntech IPO, he was Shi's main financial adviser, leading Shi's capital operation of acquiring shares from Wuxi state-owned shares before Suntech IPO.
Only three months after its establishment, on March 15, 2007, the members of the board of directors of Asia Silicon Industry changed. Sha and Guo Enlai left the board of directors, Zhang Weiguo and Liao Hui became members of the board of directors of Asia Silicon Industry, and Zhang Weiguo became the chairman and legal representative of the board of directors of Asia Silicon Industry. The members of the Board of Directors of Asian Silicon Industry include: Chairman Zhang Weiguo, Directors Zhang Yuxin, Wang Tihu, Liao Hui and Zhang Zhimin.
He is also an important member of the Shi family and once served as the investment manager of Wuxi Venture Capital Company. According to Suntech Power's IPO prospectus, Zhang Weiguo was the fifth largest shareholder of Suntech at that time, holding 333,000 shares.
Since Suntech invested in the Asian silicon industry in 2009, Stone has really reached the forefront of the Asian silicon industry.
Suntech's annual report shows that in June 2009, 5438+ 10, Suntech bought 12.5% of the shares from an "exit shareholder" in the Asian silicon industry at a price of 865438+ million US dollars. In June of the same year, 5438+ 10, Suntech Power increased its shareholding ratio to 20%-Suntech Power paid a total of/kloc-0.75 billion US dollars for this 20% equity. From the relatively simple ownership structure of Asian silicon industry, it can be seen that this "withdrawing shareholder" obviously came from Asian silicon industry (BVI), and it was later proved that the ultimate controller of Asian silicon industry (BVI) was actually Shi.
A 2006 registration document obtained by the reporter from the BVI Registry shows that the first director of the Asian Silicon Industry (BVI) was actually Shi and his wife. That is to say, Shi has been involved in the Asian silicon industry since its inception, but he has been hiding behind Zhang Yuxin. Until 2009, he never disclosed it to Suntech's shareholders, banks providing loans and other participants in the capital market.
It was not until 2009 that Suntech Power began to invest in the Asian silicon industry that Shi was able to step down from the behind-the-scenes status as the helm of the Asian silicon industry (BVI) and walk to the stage as the chairman of Suntech Power's board of directors.
Due to Suntech's investment, the members of the board of directors of Asia Silicon Industry were further changed on June 5438+1October 8, 2009. Through this change of board members, we can get a glimpse of the layout of history.
According to the public information of Qinghai Provincial Administration for Industry and Commerce, on June 8, 2009, Zhang Yuxin and Liao Hui withdrew from the board of directors of Asia Silicon Industry. Members of the new board of directors include Shi, Chen Qiuming, Wang Tihu and. After this personnel change, Shi became the chairman and legal representative of Asia Silicon Industry.
On May 18, 2009, Asian Silicon Industry passed the resolution of the board of directors, and Asian Silicon Industry (BVI) acquired 5% equity held by Qinghai New Energy Research Institute Co., Ltd., thus, Asian Silicon Industry was jointly held by Asian Silicon Industry (BVI) and Suntech. Zhang Zhimin, the representative of Qinghai New Energy Research Institute Co., Ltd., therefore withdrew from the board of directors.
Another personal friend of Shi officially came out after the transaction-Chen Qiuming, a new director, worked for Jiangsu International Trust and Investment Company, and moved to Australia 199 1 year later, where he met Shi. In 2008, Chen Qiuming was invited by Shi to return to China, and his main responsibility was to look after Shi's private wealth. Many people in the industry regard Chen Qiuming as the new financial adviser and investment strategist after Zhang Yuxin.
"Only with the equity of Suntech 12.5%, Shi Cai was able to become the chairman and legal representative of the Asian silicon industry. Is this possible? These are all stone bureaus. " A former Suntech employee said. After this series of operations, the board of directors of the Asian silicon industry is completely composed of the "own people" of history. Since its establishment, the Asian silicon industry has been maintaining close cooperation with Suntech.
June 5438 +2007 10, less than a month after its establishment, the Asian silicon industry won Suntech's big order: Suntech signed an unconditional payment contract with it for 16 years to purchase high-purity polysilicon materials; Official website, an Asian silicon industry, shows that the first batch of polysilicon in Asian silicon industry was officially released on February 3, 20081day.
During this period, although the Asian silicon industry did not supply Suntech, Suntech still gave blood transfusion to upstream suppliers. According to Suntech's annual report, in 2008, Suntech Power provided an interest-free loan of US$ 6,543,800+to the silicon industry in Asia. As for the advance payment, Suntech Power provided the Asian silicon industry with an advance payment of US$ 665,438+US$ 2,000 from 2007 to 2008, but at this time, the Asian silicon industry has not really realized polysilicon production, and the supply to Suntech did not start until the first half of 2009. More interestingly, after the Asian silicon industry began to supply in 2009, the Asian silicon industry quickly became one of the three major suppliers of Suntech Power.
According to the above-mentioned insiders, in addition to business cooperation, Suntech Power has also helped the Asian silicon industry from manpower: "Suntech's financial personnel have been helping the Asian silicon industry roadshow and obtaining loans from banks." With Suntech's big orders, the Asian silicon industry has successively obtained bank loans (including at least 500 million yuan loans from Standard Chartered Bank guaranteed by Suntech Power) and local government subsidies in Qinghai as supplementary funds.
After Suntech Power started to invest in the Asian silicon industry in 2009, the blood transfusion to the Asian silicon industry did not stop after Suntech invested. In terms of product purchase, Suntech still spares no effort. 20 10 purchased 76.9 million dollars of polysilicon from the Asian silicon industry and provided 82.4 million dollars of advance payment for the Asian silicon industry.
"Stone is too good at creating wealth for himself. The outside world usually pays little attention, so I know almost nothing about the operation behind the stone, but if you look at these transactions together, you will find something embarrassing. " The above-mentioned former employees of Suntech said.
He is talking about odd-numbered transactions, that is, Suntech Power withdrew its investment in Asian silicon industry and Shi himself entered-Suntech Power increased its investment in Asian silicon industry from June 5438 to 2009 10, and its shareholding ratio increased to 20%; 20 10 February, 10, "Due to strategic adjustment", Suntech Power sold 20% of its equity again at a price of 23.9 million US dollars, and Suntech made a net profit of 6.4 million US dollars in this investment.
People close to Suntech Power said that the buyer of the 20% stake was "Jiangnan Capital founded by Zhong Xiaolin". This news was never disclosed by Suntech Power, and the reporter failed to get confirmation from Suntech Power. Jiangnan Capital, as a PE, the real investor behind it is not easy to predict.
However, the story of equity transfer continues, and the transferred investors have gradually surfaced.
20 1 1 In May, Shi announced that D&; M technology (d&; M Technologies) acquired 9 1.3% equity of Asia Silicon Industry, and Asia Silicon Industry officially became a related party of Suntech. Strangely, from February, 20 10, when Suntech withdrew from the silicon industry to May, 2010, Shi's family trust took over the silicon industry, and Shi remained the chairman and legal representative of the silicon industry without any change.
20 1 1 At the end of the year, Suntech was caught in a photovoltaic crisis-at that time, Suntech's debt ratio was 79% and its short-term loan was $65,438+$05.73 million; However, as an upstream supplier of Suntech, the silicon industry in Asia is independent, with an asset-liability ratio of only 36.7%, and 0 yuan has taken short-term loans.
In the reality that the photovoltaic industry as a whole is in a quagmire, the performance of the Asian silicon industry cannot be separated from Suntech's support: since its establishment five years ago, Suntech has provided it with at least $654.38+0.5 billion in unconditional payment contracts, $654.38+0.5 million in interest-free loans, 500 million yuan in guarantees and nearly $ kloc-0.0 billion in advance payment, and has been its only customer for a long time. On July 20 1 1, Suntech also signed a new polysilicon procurement contract with the Asian silicon industry, that is, from 20 12, it will purchase 63,300 tons of polysilicon from the Asian silicon industry within 9 years. In addition to the silicon industry in Asia, Shi also established another private company-brilliant silicon technology investment (Hong Kong) company "BVI Company".
According to the information obtained from BVI Registry, Brilliant Silicon Technology was also registered in the British Virgin Islands in 2006, and its controller was Shihe. This information is also little known. "Shi's earliest idea was that the Asian silicon industry produced polysilicon and sold it to brilliant silicon energy. Brilliant mainly produces silicon wafers and sells them to Suntech. " The above-mentioned insiders told global enterprises? Go home.
It's just that brilliant silicon energy was not as successful as Asian silicon industry in the end. In brilliant silicon energy, Shi suffered from interpersonal relationship waterloo, and brilliant silicon energy also came to the end of separation.
Similar to the silicon industry in Asia, Brilliant Silicon Technology (BVI) established Brilliant Silicon Energy (Zhenjiang) Co., Ltd. (hereinafter referred to as Brilliant Silicon Energy) in Youfang Town, Yangzhong City, Jiangsu Province in 2007. The 2008 audit materials of Brilliant Silicon Energy obtained by the reporter show that Brilliant Silicon Energy is a wholly foreign-owned enterprise funded by Hong Kong Deyi Co., Ltd., which was established in June 2007. Hong Kong Deyi Co., Ltd. is a wholly owned subsidiary of Brilliant Silicon Technology (BVI).
However, before that, it was widely believed that Brilliant Silicon Energy was jointly established by Hong Kong Brilliant Silicon Technology Co., Ltd., Wuxi Suntech and Huantai Silicon Technology in 2007. In this regard, the reporter did not find any evidence when consulting the public information of Suntech Power.
At the beginning of the establishment of Brilliant Silicon Energy, the board of directors was composed of Wu Meirong (concurrently chairman), Wang Yicheng and Li Zhongying. And fellow villagers, both of whom are Shi, are directors of two Hong Kong subsidiaries (Hong Kong Deyi Co., Ltd. and Hong Kong Xingsheng Co., Ltd.) of Hong Kong Crystal Silicon Technology (BVI) respectively.
In May 2008, Suntech Power invested in Brilliant Silicon Technology (BVI) and took over 65,438+08% equity of Brilliant Silicon Energy at a cost of 2,654.38+0.4 million US dollars. After attracting capital injection, Brilliant Silicon Energy is exactly the same as the Asian silicon industry, and the board of directors has also changed-Wu Meirong continues to serve as the chairman, and the board members include Shi, Qian Xiaoyun, Yoko (then CFO of Suntech) and Chen Qiuming.
Suntech Power also started trading with Brilliant Silicon Technology (BVI) in the early days of its establishment. In 2007, Suntech provided BVI with a deposit of US$ 6,543,800+008,000. In 2008, Suntech Power not only purchased the equity from the shareholders of Brilliant Silicon Technology (BVI) for US$ 265,438+US$ 400,000, but also purchased raw materials from BVI and its subsidiaries for US$ 63.7 million. In addition, Suntech also signed two silicon wafer purchase contracts with it, namely, a five-month purchase agreement from September 2008 and a three-year purchase agreement from August 2009, with a contract price close to $300 million.
In May 2009, Brilliant Silicon Energy merged with Zhenjiang Huantai Silicon Industry Technology Co., Ltd. (hereinafter referred to as "Huantai"), and Brilliant Silicon Energy was renamed as "Zhenjiang Huantai Silicon Industry Technology Co., Ltd.". After the merger, Hong Kong Deyi Co., Ltd. accounts for 64.99% of the registered capital of the merged company, Shining Hong Kong Co., Ltd. accounts for 28.72%, and Jiangsu Huantai Fertilizer Co., Ltd. accounts for 6.29%. Wang Lubao, founder and chairman of Huantai Silicon Industry Technology, became the chairman of the merged company, and the directors were still composed of Shi, Qian Xiaoyun, Yoko and Chen Qiuming.
Wang Lubao and Shi, both Yangzhong people, have known each other for nearly 65,438+00 years before cooperation. According to informed sources, Shi even led Wang Lubao into the photovoltaic industry. Shi is full of expectations for the cooperation between the two people on Huantai, but the honeymoon period has not been a year, and smoke has been everywhere. "The separation between Huantai and brilliant silicon energy really answers the old saying,' People die for wealth, birds die for food'. Bosses can share joys and sorrows when they cooperate at the earliest, but when they see the benefits, they all fight to the death. " An employee of Yangzhong Huantai said.
On June 20 10, Huantai and Brilliant Silicon Energy chose to break up. After Huantai withdrew, according to insiders, the control of Brilliant Silicon Energy was divided into two parts, in which Suntech Power held 29% of the shares, while Shi's personal strength held 7 1%. The entity of crystalline silicon energy was split into two companies-Rong De New Energy Investment Co., Ltd. (Hong Kong) and Rong De Investment Co., Ltd. (Hong Kong). Among them, the former is well known-"it is Dr. Shi's company, and Ronghe De is taken from Shi and Suntech respectively", said the employee of Yangzhong Huantai. However, the latter, Rong De Investment Co., Ltd. (HK), has never appeared in the statements and public view.
It is unknown what position Rong De Investment Co., Ltd. (HK) is in the historical map of family fortune. However, when the reporter looked up the registration forms of the two companies, he found that although the founding members appeared under different fund names, the founding addresses were all in BVI, and the addresses of the sponsors were exactly the same. The first directors were all Shi's wives.
By the second half of 20 10, the domestic photovoltaic industry has been troubled by the news of the reduction of subsidies in European countries, which is not optimistic. At this time, Suntech Power is called to develop the upstream and expand the industrial chain, and will acquire Rong De New Energy Investment Co., Ltd. at a price of 65.438+23 billion US dollars, and Rong De New Energy will become a wholly-owned subsidiary of Suntech. In addition to the development of photovoltaic industry, the private wealth map of the Shi family has also extended to the field of private investment. Shanghai Shangli Investment Co., Ltd. (hereinafter referred to as "Shangli Investment"), which was established in Shanghai in February 2008, is one of them. According to public information, the legal representative of Shangli Investment is Shi's wife, and the director and general manager is the above-mentioned Chen Qiuming.
In 20 12 years, the most eye-catching performance of Shangli investment was investing in Lu Baihua Na. Before Lu Baihua Na went public, Shangli Investment held 0/0% shares of Lu Baihua Na/KLOC; 20 12 February, Luhuaina went public, and the book return of Shangli Investment was as high as 16 times.
In addition to the investment in cultural industries, Shangli Capital is in the list of pre-listed investors of Jade Diamond listed on 20 10 and Ba 'an Water Affairs listed on September 2065 438+065 438+0. Coincidentally, Shanghai Daojie Investment Co., Ltd., founded by prehistoric strategist Zhang Yuxin, is also in the list of pre-listed shareholders of Ba 'an Water Affairs.
In 2009, Shangli Investment, Youngor Investment Co., Ltd. and wuxi new district Innovation and Venture Capital Group Co., Ltd. jointly established Wuxi Ling Feng Venture Capital Co., Ltd. (Ling Feng Fund) to invest in new energy, environmental protection and energy conservation, biomedicine, Internet of Things, cultural and creative industries, new materials and modern service industries in wuxi new district and surrounding areas.
Although Suntech has never been publicly disclosed, the relationship between Suntech's investment and history is actually close to the public in the eyes of the industry. However, apart from Shangli investment in industrial fields, Asian silicon industry and brilliant silicon energy, it is difficult for us to know how much invisible wealth there is in history, and Suntech Power is not so innocent in the gathering process of family fortune.
"Many executives of Suntech Power are well aware of the accumulation of personal wealth, and they just turn a blind eye." The above-mentioned insider close to Suntech said, "In the early days of the establishment of the silicon industry in Asia, colleagues in Suntech's financial department needed to help them win financial support from banks and do roadshows. Under such circumstances, can Suntech completely stay out of it without knowing it? After the GSF (global solar Fund Management Company) counter-guarantee incident broke out, Suntech executives knew who was a scam. "
In addition to commercial difficulties, Suntech Power will continue to face legal proceedings. After the GSF counter-guarantee incident broke out, American law firms sued Suntech for publishing false information to mislead investors and filed a class action lawsuit against Suntech. The Italian court accused Suntech of illegally building a solar power plant in Italy to defraud the government subsidies, and filed a criminal lawsuit against Suntech.
Global Entrepreneur learned that at the end of 20 12, another shareholder of Suntech Power sued Suntech executives in the United States, claiming that "the company executives misappropriated the company's investment funds of up to/kloc-0.68 billion US dollars to realize their own interests, including providing interest-free loans to Suntech Power CEO personal company". When the reporter asked Lawson Law Firm of the United States, which represented the lawsuit, he was informed that the lawsuit had been filed and the investigation was under way.