The cumulative debt of China's top ten photovoltaic (PV) companies has reached approximately 110 billion yuan. When including a large volume of accounts receivable—data from the first three quarters of 2012 showed that 41 listed PV firms had over 31.6 billion yuan in outstanding receivables—the financial challenges facing the industry were even more severe. This indicates a deep-rooted crisis, with many companies struggling to maintain liquidity and manage their financial obligations.
On December 27 of last year, media outlets reported that Ni Kailu, the founder and chairman of Super Solar, had gone missing. It was speculated that he might have left the country. Later reports revealed that Ni Kailu, along with his wife and daughter, had fled with around 2 billion yuan. Recently, Ni Kailu appeared in public, responding to questions while on the road, stating that he was raising funds abroad to address the company’s financial difficulties. He also confirmed that Chaori Solar had indeed fallen into a serious financial crisis.
Industry experts have pointed out that the tightening of capital chains, driven by high levels of accounts receivable and bank debt, is a widespread issue within the PV sector. A significant portion of these receivables could eventually become bad debts, potentially leading to the bankruptcy of several companies. To survive the current downturn, the industry needs not only a timely activation of the domestic market but also supportive policies at the government level—such as measures that allow banks to delay debt repayments for PV firms.
Ma Haitian, an analyst with the Silicon Division of the China Nonferrous Metals Industry Association, highlighted that with the ongoing decline in the PV industry, there is a high likelihood that the large amount of receivables held by PV companies will turn into bad debts. If these receivables are not collected, it could lead to a broken capital chain and trigger company bankruptcies. Ma noted that some PV firms with weaker or more stable operations have started using cash-on-delivery methods to ensure smoother capital flow. However, he also observed that well-funded companies continue to operate by maintaining high payable accounts.
“They mistakenly believe that they have strong customer relationships and sufficient capital, which leads them to underestimate the risks associated with bad debts,†Ma said. “For today’s PV companies, just surviving is considered a victory. Everyone is waiting for the industry to recover. Before the spring comes, no one wants to go out of business. In order to keep their market share and build up their customer base, some companies are still willing to take on more debt, even if it means producing more liabilities.â€
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