The Sun King is dead. Long live the Sun King.

Australian-trained Shi Zhengrong rode to fleeting financial glory when his solar photovoltaic (PV) firm Suntech Power soared after listing on the New York Stock Exchange, valuing his stake at more than $3 billion in late 2007.

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The Chinese company’s excessive expansion and poor investments, though, triggered a default on $US541 million ($576 million) in US debt in February 2013, a move that all but wiped out Suntech and Dr Shi’s holdings.

Despite the financial turmoil at home, Suntech maintained a research and development unit in Australia that is now working with the world-leading solar unit of the University of New South Wales on a range of ventures.