While the governments are vigorously promoting the private sector, substantial progresses of the debt restructuring of Yingli Green Energy was made after three years’ effort. According to anonymous sources, the reporter learned that the framework plan regarding Yingli’s debt restructuring has been formed, and officially submitted to related governmental, regulatory authorities and the State Council, and will move into implementing stage.
It is said that the plan will make full use of the relevant policies on deleveraging of substantial economy and restructure Yingli’s existing liabilities to significantly decreases its asset-liability ratio and solve the debt problems based on the principle of marketization and legalization.
The debt restructuring is to reduce the company’s debt ratio and help the company out of the trouble by reactivating enterprise vitality and technology upgrading. The success of debt restructuring will benefit all Yingli’s customers, suppliers and other partners. Mr. Yiyu Wang, Yingli’s CFO also mentioned to the reporter that, the company’s operation has been improved in recent years through several measures, such as revitalization of remnant assets, divesture of non-core businesses and more professional and effective management, etc. From 2016 to 2018, the total sales volume of solar panels is about 7GW with total revenue of 21.2 billion RMB, tax paid of about 570 million RMB, and export income of 758 million USD.
Mr. Yiyu Wang stated that innovation and teamwork are the key factors for the enterprises to overcome the difficulties. As the company with the most intellectual properties and patents for invention in the PV industry, Yingli invested on R&D by more than 706 million CNY and increased 310 new patents with the accumulated 2,389 patents during the hard time. In 2018, Yingli was approved as the only National PV Technology Standard and Innovation Base. In addition, many grassroots employees born after 1990, such as Mr. Yafei Geng, obtained the National May Day Labor Medals. Yingli also undertook the National Ministry of Science and Technology’s “the International Training Course of Advanced PV Technology and Application for Developing Countries” in three constant years, training and delivering more than 400 professional PV experts for 16 countries along “One Belt, One Road”.
Upon completion of the restructuring, Yingli will focus on professional and intelligent. With an appropriate scale, it will promote the high-quality development by further improving R&D, upgrading technical level and enhancing product competitiveness. At the same time, the company will also continue to innovate on its business models to improve profit ability and expand the markets. “We are confident that in the near future, after solving the historical debt by restructuring, the new Yingli’s debt ratio will be reduced to about 75% and its working capital will be able to support production line upgrading and R&D investment while the market shares will be restored gradually. In addition, the company will also pay more attention in emerging markets and expand cooperation with partners from upstream and downstream,” Mr. Wang Yiyu said.