While the survivors have mostly returned to profit, Yingli remained hamstrung by debt. It usurped Suntech as the biggest shipper of solar panels early this decade, only to be overtaken by Trina Solar Ltd. in 2014.
Debt Burden
Unprofitable since 2011, Yingli had 11.8 billion yuan ($1.8 billion) of debts at the end of 2015. China Development Bank and Bank of Communications Co. are among the state-backed lenders that kept it afloat.
Still, Miao and other founders of China’s biggest solar companies maintain the industry’s support.
They’ve “made a large contribution for the nation, for jobs and for exports," said Zhang of the China Chamber of Commerce.
At an internal conference held by the company about a year ago, employees were told that Miao had used his personal assets to support Yingli, according to the company website.
Miao’s sacrifice has burnished his reputation among investors, according to Dario Plozza, owner of Triple Digit Global Advisors DMCC and holder of a stake in Yingli of between 1 percent and 5 percent.
As Yingli’s biggest shareholder, Miao “will probably do everything to keep his wealth," aligned with those of overseas investors, Plozza said.