Hong Kong property tycoon betting big on solar rebound

A Hong Kong property tycoon has spent the past year accumulating stakes in failing solar companies, piecing together what may become the biggest collection of photovoltaic factories in the world.

Zheng Jianming has spent or pledged about US$533 million to buy assets that at their peak were worth almost US$20 billion, according to regulatory filings in the United States and Hong Kong, where he has a home and office.

The transactions, if completed, would transform Zheng, a newcomer to the solar industry, into one of its most powerful leaders.

Another Zheng solar investment in 2012, a 30 per cent stake in Shunfeng Photovoltaic International, has surged more than 2,900 per cent and is now worth more than US$745 million.

"He's a bit mysterious and not really well documented in the industry," said Andrew Klump, the managing director at the Shanghai-based consulting company Clean Energy Associates. "If he wanted to be more high-profile, he would be. He's probably going to continue to stay under the radar."

Zheng declined to comment when contacted at home and through companies he owns, Faithsmart and Fulai Investments. He did not respond to questions left in writing at his office and home in Hong Kong.

Although he was identified on press releases announcing his solar acquisitions, almost a dozen solar-industry analysts on three continents said they knew nothing beyond the name.