I see that the messenger was wrong, but I don't understand why. The bond is selling for a few pennies per dollar of face value, so how can the stock be worth anything?
can you elaborate please? The company has any value or not?
Total Cash (mrq): 473.70M
Total Cash Per Share (mrq): 2.62
Total Debt (mrq): 2.26B
Total Debt/Equity (mrq): 281.82
Current Ratio (mrq): 0.64
Book Value Per Share (mrq): 4.40
Suntech Expands Presence in Benelux with New Partnerships and Projects
Posted on 2014-12-08
Wuxi Suntech, one of the largest manufacturers of PV modules, is aiming to expand its 3% market share in Benelux to 13% by 2015 through its newly announced partnerships and projects with Oskomera Solar Power Solutions, Solar Green Point and VDH Solar.
"Thanks to our acquisition by Shunfeng International Clean Energy Ltd., Suntech has emerged with the strongest financial footing in the solar industry, enabling us to expand our presence across Europe while supporting small and large-scale projects," said Simon De Sitter, Suntech's Director of Benelux, France, Scandinavia and the Netherlands Antilles. "Our products are best in class and in 2014 they have been ranked above industry standards by OST Energy and the VDE Institute, reinforcing that we provide our customers with the highest quality solar panels in the market."
"Now that Suntech has reemerged as the world's most financially stable solar producer, we are thrilled to be working with our former partner again, who has always provided us with excellent, high performance products. At OSPS, we are committed to the highest quality and product reliability for our customers. We appreciate that Suntech shares that commitment," said Dennis Gieselaar, Managing Director of OSPS.
"Suntech panels go through a very strict quality control process, audited by the world's leading independent engineering firms. For years, we have witnessed their panels in operation, which work considerably above the average performance levels, producing more than one hundred and five percent of the installed capacity," added Lucien van der Heide, owner of VDH Solar.
Under ownership of Shunfeng International Clean Energy, Suntech is pursuing a business strategy to reclaim its position as a global solar leader by becoming part of the largest integrated clean energy supplier in the world – integrated not only in terms of manufacturing but also in t
Sure looks that way... I stand corrected:
GEORGE TOWN, Cayman Islands, April 10, 2014 /PRNewswire/ -- Suntech Power Holdings Co., Ltd. (OTC: STPFQ) (the "Company" or "Suntech Power") today announced that it is aware of the Hong Kong Stock Exchange announcement made by Shunfeng Photovoltaic International Ltd. ("Shunfeng") that the conditions precedent to the purported acquisition of 100% of the equity interests of Wuxi Suntech pursuant to the terms and conditions under the restructuring plan of Wuxi Suntech as approved by the Wuxi Intermediate People's Court have been fulfilled, and as a result all of the equity interests of Wuxi Suntech shall be transferred to an affiliate of Shunfeng.
As of today's date, none of the directors of Power Solar System Co., Ltd. ("PSS"), the joint provisional liquidators (the "JPLs") of Suntech Power appointed following Suntech Power's application for a provisional liquidation in the Cayman Islands, its jurisdiction of incorporation, or the liquidator of PSS, have given their approval to any transfer or disposal of the shares of Wuxi Suntech. As previously announced on February 10, 2014, the liquidator of PSS and the JPLs of Suntech Power will continue to focus on an investigation of, among other things, the purchase of PSS's equity interest in Wuxi Suntech by Shunfeng and to take all steps as necessary to remedy improper actions which have caused loss to Suntech Power, PSS, and their creditors. No assurances can be given, however, that Suntech Power retains equity interest in Wuxi Suntech, or the benefits having an equity interest entail. Neither Suntech Power nor the JPLs are currently able to exert management control or authority over Wuxi Suntech.
Notwithstanding the above, following negotiations by the JPLs with the current management at Wuxi Suntech, Suntech Power has entered into a Cooperation Agreement with Wuxi Suntech which provides a framework for the following (among other things):
Suntech Power licenses to Wuxi Suntech
And Wuxi Suntech is absolutely not STPFQ. Wuxi Suntech is now wholly owned by Shunfeng. STPFQ, based in the CAymans, is a shell holding company that the last I checked only holds a few worthless assets like a US sales division and some plants in Italy that were questionable. All manufacturing and production assets and all the technology portfolio was sold to Shunfeng when they bought Wuxi Suntech. You are not buying that part of the business when you buy STPFQ, and can't buy it since Shunfeng owns it. If you buy STPFQ, you are buying a Caymans shell holding company currently holding a few almost worthless assets with nothing behind them anymore.
Do your research. STPFQ is nothing but a shell holding company based out of the Cayman Islands. That should tell you everything you need to know right there. IN 2013, Suntech defaulted on about 1/2 billion in bonds and so Wuxi Suntech (basically the whole company) was forced into bankruptcy by Chinese banks. Wuxi Suntech, the whole production and manufacturing arm and the only viable part of the Suntech, was sold to Shunfeng along with basically it's whole tech portfolio. So everything worth anything that was STP is now totally owned by Shunfeng. This Bloomberg article everyone is excited about is talking about Wuxi Suntech which you are NOT buying if you buy STPFQ shares. You cannot buy shares in Wuxi Suntech that this Bloomberg is talking about because it is completely owned now by Shunfeng. If you buy STPFQ, you are buying an almost empty shell holding company based in the Caymans that has nothing left but a few worthless assets like a US sales business and some plants in Italy that were under investigation. The Bloomberg article has absolutely nothing to do with STPFQ, except that STPFQ used to be a minute part of Suntech Power.
the way I understand it is that Shunfeng bought "Suntech Wuxi", Suntech' s main asset, and not
Suntech (the company). Shunfeng kept the name "Suntech Wuxi" and some times may be confusing to differentiate between the two.
Cheng Kin Ming, also known as Zheng Jianming, is a real-state billionaire from Hong Kong. In 2012 he purchased a 30% stake in a company called Shunfeng Photovoltaic. Zheng also owns 21.6% of LDK Solar.
The cherry on top of that was the 2013 Suntech acquisition.
Zheng’s Shopping Spree:
2012 – Buys a 21.6% stake in bankrupt LDK and a 30% stake in Shunfeng (an investment that has increased 17-fold in value by now).
2013 – Shunfeng acquires Suntech Wuxi in exchange for Shunfeng paying 30% of Suntech’s debt, which was about $1.75B, to Chinese creditors.
2014 – The Suntech deal closes. In May–June, Shunfeng announces it is looking to develop projects in Europe and that it is closing on four new acquisitions, including a U.S.-based energy storage business.
Suntech Wuxi was purchased by Shunfeng Photovoltaic. How were they able to finance that ~$400M acquisition? The deep pockets of Zheng. Zheng knew how to leverage his financing ability even further, and agreed on paying for the acquisition in exchange
for convertible bonds.
Those convertible bonds can get him more than 67% of the combined company if they are converted. Shunfeng has also pledged to invest almost $500M in Suntech Wuxi facilities over the next 24 months, which could provide Suntech across-over-the board equipment upgrades and re-position the company as cost competitive.
compare with the common stock? Last I checked it was selling for about $10 for 1 thousand-dollar bond, which is due accrued interest!
This company was closed and out of operations with Huge debts and losses. Pumping in Order to Dump their 180 Million worthless shares by some scammers.
Google the subject title, yahoo keeps deleting post with link.
Also from the article: "Under Shunfeng, Suntech has the strongest financial footing in the solar industry with nearly zero debt"