Recently, relevant people of Saiwei Company admitted to the "New Industry" that banks and financial institutions have provided funds to alleviate the current difficulties of Saiwei. Some banks have also confirmed to the "New Industry" that the Jiangxi provincial government has "greeted" with banks and coordinated financial institutions and banks not to "press the loan."

In fact, the problem of financial shortage in Saiwei is not only due to the plummeting price of the entire PV industry, but also related to the serious arrears of the industry and the rapid expansion of Saiwei itself.

Government coordination

According to relevant sources of Saiwei Company, there are indeed many banks and financial institutions that provide billions of funds for Saiwei. “All funds will be used for the operation of companies including loans and raw materials, and will not be used for investment projects. On this year, there is no plan for investment in this year."

Some large state-owned banks have also confirmed the status of the need for funds for the new industry, although this confirmation appears to be somewhat cautious. Located in Jiangxi, Saiwei mainly produces polysilicon to silicon wafers, batteries and components, and is a large enterprise in Xinyu.

In the fourth quarter of last year, Saiwei’s net sales fell 54% to $420.2 million, with a profit margin of -65.5%, while the fourth quarter of fiscal 2010 had a profit margin of 27.3%.

The influence of Saiwei in the local area is not only because of its high operating income, but also that Saiwei has solved the employment of 28,000 people.

But since July last year, Saiwei has cut about 9,000 people in order to save costs and ease cash flow.

"New Industry" has learned that the biggest problem with Saiwei is that there are a lot of bank loans that need to be repaid as soon as possible. If you can't get more loans, the huge interest on the upfront loans will make its financial expenses high.

A bank person told the "new industry" that the main meaning of the government's coordination is that the bank should not "press the loan" (ie, compress the loan). After all, the company is already in a difficult period. At this time, it is necessary to "help" it is good. However, as for the rumors that the government has secured a loan channel for Saiwei through government guarantees, some people in the banking sector directly denied it.

"New Industry" learned that the local authorities in Anhui Province are also trying to help the company to raise funds. In August 2010, Saiwei opened a battery production line in Hefei High-tech Zone, Anhui. At that time, the Anhui Hefei High-tech Zone Management Committee had come forward to coordinate and let Shanghai Pudong Development Bank make loans for Saiwei.
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