Shi Zhengrong (Chinese: 施正荣; pinyin: Shī Zhèngróng, born on February 10, 1963[1]) is a Chinese-Australian businessman and philanthropist. He is the founder and, up to March 2013, chairman and chief executive officer of Suntech Power.
Shi Zhengrong 施正荣 | |
|---|---|
| 施正荣 (Shī Zhèngróng) | |
 Shi at the World Economic Forum annual meeting in 2012 | |
| Born | Shi Zhengrong 10 February 1963 |
| Alma mater | Changchun University of Science and Technology Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences University of New South Wales |
| Occupation(s) | Founder, former chairman & CEO Suntech Power |
| Spouse | Zhang Wei |
| Relatives | Chen Henglong (twin brother) |
Biography
editShi was born in Yangzhong, Jiangsu, China. His identical twin brother is Chen Henglong, who is also a tycoon. He finished his undergraduate study at Changchun University of Science and Technology, and obtained his Master's degree from the Shanghai Institute of Optics and Fine Mechanics, Chinese Academy of Sciences. Afterward, Shi went to the University of New South Wales's School of Photovoltaic and Renewable Energy Engineering where he obtained his doctorate degree on solar power technology.[2] Shi studied with Professor Martin Green.[3]: 143
He acquired Australian citizenship[4] and returned to China in 2001 to set up the solar power company Suntech Power. Shi founded Suntech with support from the Wuxi city government, which held a 25% stake in the company.[3]: 143–144
After Suntech's listing on the New York Stock Exchange in 2005, Shi became the richest person in China.[3]: 144 Academic Lan Xiaohuan writes that Shi's wealth following the listing "acted as a strong demonstration effect and local governments across China soon began to invest in the solar industry."[3]: 144
Shi was elected Fellow of the Australian Academy of Technological Sciences and Engineering in 2009. In 2009, Shi also received the Oslo Business for Peace Award, an award chosen by Nobel winners to leaders in the private sector who have demonstrated transformative and positive change through ethical business practices.[5]
According to Hurun Report's China Rich List 2013, he had a personal net worth of US$330 million.[6]
Amid fierce price competition on its products, on 20 March 2013, the Suntech board declared bankruptcy in the wake of defaulting on US$541 million-worth of bonds, Shi had been demoted from chairman to director earlier that month. The Financial Times, quoting the Shanghai Securities News, reported at the time that Shi's movements were being restricted and that he was not allowed to leave China pending an investigation into his role at Suntech.[7] By 2016, he was living in Shanghai and frequently visiting Australia.[8] As of 2017 and 2018, Dr. Shi Zhengrong had been seen actively giving key note speeches at solar conferences and promoting the use of solar technologies in both China and overseas.[9][10][11]
Philanthropy
editHe has donated funds to a renewable energy research unit at the University of NSW, Australia "because he felt it was not getting an appropriate level of government support", according to Australian Greens Senator Christine Milne.[12]
References
edit- ^ "The alternative rich list". 22 September 2006. Archived from the original on 31 May 2008. Retrieved 7 May 2007.
- ^ School of Photovoltaic and Renewable Energy Engineering
- ^ a b c d Lan, Xiaohuan (2024). How China Works: An Introduction to China's State-led Economic Development. Translated by Topp, Gary. Palgrave Macmillan. doi:10.1007/978-981-97-0080-6. ISBN 978-981-97-0079-0.
- ^ "#396 Shi Zhengrong". The World's Billionaires. Forbes. 5 March 2008.
- ^ "Past Honourees".
- ^ "China Rich List 2013". Hurun Report. Archived from the original on 31 August 2014. Retrieved 4 September 2014.
- ^ Financial Times, Dark times for Suntech's solar star.
- ^ The Australian, Shi Zhengrong: the Sun King's new dawn.
- ^ Thousands of photovoltaic elites gather in Shanghai to discuss jointly the ways of innovation and development of the industry Archived 2018-11-29 at the Wayback Machine, PGO China, September 12, 2018.
- ^ Shi Zhengrong: vast room exists for development, innovation and application of PV products Archived 2018-11-29 at the Wayback Machine, Xinhua, September 16, 2017.
- ^ Investment in solar a sure bet says Chinese pioneer Archived 2018-11-29 at the Wayback Machine, University of New England, Published 17 October 2017.
- ^ 'Climate of fear' in solar research, The Canberra Times, 30 May 2006. Accessed 5 June 2006.