| Case Study: Yingli Green Energy Holding Company Limited |
Case Study: Yingli Green Energy Holding Company Limited
Customer Profile
Yingli Green Energy Holding Company Limited (“Yingli Green Energy” or the “Company”) is one of the world's leading vertically integrated photovoltaic (“PV”) product manufacturers. Yingli Green Energy designs, manufactures and sells PV modules and designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or operate on a stand-alone basis. Yingli Green Energy sells PV modules under its own brand name, Yingli Solar, to PV system integrators and distributors located in various markets around the world, including Germany, Spain, China and the United States.
Business Situation
As a market leader in the fast-growing PV industry, Yingli Green Energy sought investors in anticipation of its rapid business expansion as well as a prelude to its eventual listing on the New York Stock Exchange (“NYSE”). While engaged in discussion with potential investors regarding their various investment bid terms, the Company required funding to meet some upcoming payments. Most of the institutional investors which were bidding to invest were not able to advance the Company any resources.
Solution
Despite having started late in the due diligence process, DBS Private Equity submitted the investment bid on time as we moved quickly and committed within 2 weeks. To help Yingli Green Energy meet its payments without delay, we acted swiftly to secure internal approval to advance it USD 15 million - channelling the funds within 48 hours.
Results
As its liquidity improved, Yingli Green Energy was able to focus on its preparations for its initial public offering. DBS Private Equity cooperated in the listing process by working within short time frames to execute imperative documents and shareholder resolutions. In collaboration with other prestigious financial institutions, we also provided Yingli Green Energy with strong institutional endorsement. The Company was subsequently listed on NYSE in June 2007. Post-listing, we maintained a close relationship, which led to an orderly exit.