China’s Solar Billionaire Undone as Banks Push Suntech to Brink
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Shi Zhengrong, once China’s richest man, saw his fortune further unravel yesterday as the solar company he founded allowed its main unit to tip into insolvency.
Shi’s stake in Suntech Power Holdings Co. was valued at $1.7 billion when he emerged at the top of the Wall Street Journal’s rich list for China in 2006. His roughly 30 percent stake today is down to about $32 million, if shareholders get anything out of the Chinese bankruptcy process.