Suntech Power Holdings Co. Ltd. was founded in January 2001 by Australian Chinese Zhengrong Shi and grew to become a leading player in the industry. In 2005 the company was listed on the New York Stock Exchange. Suntech became the world's largest solar panel manufacturer in 2011, with a production capacity of 2.4 gigawatts. It runs branches in a dozen countries across the world and employs 11,000 workers.

The Intermediate People's Court in Wuxi, east China's Jiangsu Province declared on March 20, 2013 that the largest subsidiary of Suntech Power Holdings Co. Ltd., one of the world's biggest solar panel manufacturers, must undergo restructuring under bankruptcy proceedings.

Nine commercials banks filed a petition asking the court to declare the subsidiary, Wuxi Suntech Power Co. Ltd., insolvent for failing to issue a plan to repay its debt worth 7.1 billion yuan ($1.13 billion).