On January 10, 2006, another new Chinese rich man was born. His name is Shi Zhengrong.
On this day, Wuxi Suntech (NY:STP), the chairman of the board of directors, broke through the US$30 on the New York Stock Exchange (NYSE), with a personal holding of 68 million shares and a paper wealth of about 16.1 billion yuan. Wuxi Suntech IPO (initial public offering) less than a month, the stock price has risen 38%.
A few months ago, Shi Zhengrong was still unknown. On the evening of September 18, 2005, he took part in a staff chorus competition. After he sang "The Field in Hope", he made up his mind to go public on the NYSE. Three months later, he became the richest man in China.
On the same day, the solar energy company IPO of Wuxi Suntech, the New York Stock Exchange was also very popular, and the general manager Joseph Fung made an exception to approve the party can be held in the trading floor. The staff of the New York Stock Exchange also had to admit: "I haven't seen such a lively scene for a long time."
The New York Stock Exchange is the heart of the global capital market. The daily stock trade is as high as 2.5 billion shares. It can be said that it constantly interprets the myth of the rich. This time, the opportunity was Shi Zhengrong, who became the first mainland private entrepreneur to enter the New York Stock Exchange.
Decoding one: financing change
It was registered in January 2001 and started operations in 2002. It earned $900,000 at the end of 2003, a profit of $18 million in 2004, an estimated profit of $50 million in 2005, and an estimated profit of $100 million in 2006...
This three-year triple jump success story is a bit dazzling. It doesn't look like a technical hero, it's more like a digital hero holding a wand. This may be the cuteness of the virtual economy era.
In fact, before the listing, Wuxi Suntech has successfully completed the private placement. In the first half of 2005, Wuxi Suntech's overseas companies have raised 80 million US dollars from internationally renowned investment funds such as Goldman Sachs, British Union, Longke, France Natexis, and Spain Pukai. The huge funds have entered Wuxi Suntech. Equity acquisition of all domestic shareholders. As a result, Wuxi Suntech has become a foreign-invested company with 100% holdings in overseas companies.
Wuxi Suntech collects other shareholders' equity, which is a contest between the business philosophy of “Turkish School†and “Sea Turtle Partyâ€. When Wuxi Suntech's operation was on the right track, as a corporate investor, Wuxi's “Turkish School†began to slap the “Turtles†represented by Shi Zhengrong and tried to participate in corporate management, which brought great management to Shi Zhengrong. trouble.
For Wuxi Suntech, Shi Zhengrong has a huge goal, which is to achieve 1000 MW of capacity in 2010 and become the world's largest PV company. But seeing this chaotic situation in front of you, it is obviously impossible to achieve this goal.
How to change this situation? The only solution is to introduce more capital. Of course, it is more important to bring Suntech into a larger international background. It can be said that this move can be described as “one arrow and two sculptures†or “one arrow and many sculpturesâ€.
At first, Shi Zhengrong's courage was not big enough. He only wanted to get the company listed in Singapore, and then hesitated in Hong Kong, Nasdaq and other listed destinations. Later, the visit of Wall Street financiers changed his mind. After several communications, he finally decided to divert to the New York Stock Exchange.
Decoding 2: Energy Background
Compared with Ding Lei, who seems to be fickle, Chen Tianqiao, who looks like a good man, and Li Yanhong, who is handsome and handsome, Shi Zhengrong seems to be somewhat ugly, not so stalwart, but he is filled with a pragmatic, savvy and unassuming confidence.
In his view, China is a world energy power and a poor country. Therefore, solar energy as a renewable resource is one of the ways to solve China's energy problems, which can solve China's energy depletion and environmental pollution problems.
This is also the New York Stock Exchange's fancy. In the eyes of Western countries, after the rapid development of the economy, China's most urgent national problem is energy and the environment.
"The people at the NYSE want to talk to you. In fact, going there is also a good choice." Crawford of Morgan Stanley, a listed underwriter of Wuxi Suntech, proposed to Shi Zhengrong.
"You are China's largest solar energy company, and of course you have to go to the world's largest capital market financing." New York Stock Exchange director and general manager Ma Duo did not hide his confidence in Shi Zhengrong. Quite simply, Ma Duo’s fancy Wuxi Suntech is not just China’s largest solar energy company, nor is it just the Western knowledge background that Shi Zhengrong has. What is more important is that the Chinese city with unlimited temptation is more important in the energy shortage. In the background, the international capital market does not hide the favor of the renewable energy industry.
In fact, the energy issue is not only a difficult problem in China, but also a worldwide problem. In the short five-year history of Wuxi Suntech, each step is closely linked to the international energy situation. For Wuxi Suntech's overseas market, every energy policy can affect the company.
Germany's "New Energy Law" stipulates that the electricity generated by the public's solar energy is purchased at 0.5 euros per kWh, but the electricity price of 0.12 euros per kWh is used, which means the cost of recovering solar power equipment within ten years. So the Germans have installed solar power and Internet devices on the roof and walls.
This law has brought many overseas orders to Wuxi Suntech, because Suntech's products are 5% cheaper than foreign products, and the quality is not bad.
Decoding three: personal value
In 1988, Shi Zhengrong was sent to study at the University of New South Wales, Australia, and studied under Professor Marlene Green, the father of the world's solar energy. He received his Ph.D. in solar science in 1992 and stayed as a researcher at the Solar Energy Research Center. In 1995, he established the Pacific Solar Research Center and served as executive technical director.
In 2000, like all the ideal “sea turtlesâ€, Shi Zhengrong decided to set up a solar cell manufacturer with hundreds of thousands of dollars to return to China. Later, Shi Zhengrong thought it was very scary. At that time, there was nothing, and the risk was really great.
Subsequently, eight companies including Little Swan, Shanhe Pharmaceutical, and Wuxi High-tech Venture Capital Co., Ltd. jointly invested US$6 million. Shi Zhengrong established Wuxi Suntech Power Co., Ltd. with US$400,000 in cash and technology worth US$1.6 million.
Entrepreneurship is not an easy task. At the beginning, the factory building was very small. It was no different from the private enterprise that generally used solar water heaters. Moreover, the flow of personnel was very large, and even a doctor who he brought back had another vote.
From March 2002 to the end of 2004, Shi Zhengrong only received a quarter of his salary. If you don't have the money to buy a machine, you will find a way to change the process and find a way to buy domestic and used equipment.
Once, because of the 20,000 yuan contract, the cleaning company employees rushed into his office and threatened to move the equipment to pay off the debts. Even such a thing happened several times a week, and Shi Zhengrong wanted to fight. He secretly vowed: "Even if you die in Wuxi, you can't lose face to these people."
When the business improved, he continued to expand production. Every expansion meant risk. This experience made Shi Zhengrong not agree with the phrase "getting rich overnight." He even felt that he had arbitrarily denied him. Personal factors.
He said: "Without my 14 years of accumulation in Australia, it is impossible to have Suntech's achievements today."
Edit: LC-HY
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