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Suntech confident despite NYSE’s delisting warning (2)

By Ji Beibei (Global Times)

08:32, September 25, 2012

Suntech has been in a downward spiral recently. It was reportedly involved in a financial fraud case of 554.2 million euros ($680 million) in earlier months, and was forced to cut its solar cell output mainly at Wuxi plants by 25 percent last week to survive a slump in the market.

"So far the future for Suntech (to boost its share) looks dark," Han Xiaoping, chief information officer at Chinese energy portal, told the Global Times.

Suntech has management problems including blind expansion in pursuit of bigger scale rather than efficiency, said Han. "However, the US crackdown on the Chinese solar sector is a more important factor weighing down investor's enthusiasm and pulling down its stocks."

The anti-dumping duties imposed by the US and possible EU duties add more pressure on the company.

With total assets of $4.38 billion, Suntech had a debt of $3.58 billion by the end of the first quarter of 2012, according to its financial report.

To meet its capital needs, Suntech has no other choice but to go bankrupt and restructure, predicted investment management firm Maxim Group, according to a report by Shanghai Securities News.

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