1 Table of Contents
1 Table of Contents 2
1.1 List of Tables 7
2 Company Snapshot 9
2.1 Key Information 9
2.2 Company Overview 9
2.3 Financial Performance 9
2.4 Industry Outlook – Solar PV 9
3 Business Description 11
3.1 Business Overview 11
3.2 Major Products and Services 12
3.2.1 Overview 12
3.3 Production Capacity 13
4 History 14
5 Competitors 16
6 Key Employees 17
7 Key Employee Biographies 18
8 Locations And Subsidiaries 20
8.1 Head Office 20
8.2 Other Locations & Subsidiaries 20
9 Financial Deals Landscape 21
9.1 LDK Solar Co., Ltd., Deals Summary, 2004 to 2008 21
9.2 LDK Solar Co., Ltd. Detailed Deal Summary 22
9.2.1 Equity Offerings 22
9.2.2 Debt Offerings 26
10 LDK Solar Co., Ltd. ,Solar Contract Details 28
10.1 LDK Solar Co., Ltd., Solar Contract Summary 28
10.2 Contract Information 30
10.2.1 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co. Ltd., Signs A Supply Contract With BP Solar International, Inc 30
10.2.2 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co. Ltd., Signs A Supply Contract With Helios Technology 31
10.2.3 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Supply Contract With A US based Company 32
10.2.4 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co. Ltd., To Supply Q-Cells AG With Silicon Wafers 33
10.2.5 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Contract With Sumitomo Corporation 34
10.2.6 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Contract With Solartech Energy Corp. 35
10.2.7 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Signs A Seven Years' Contract With Hyundai Heavy Industries 36
10.2.8 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Five Year Contract With XL Telecom & Energy Ltd. 37
10.2.9 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Signs A Ten Year Contract To Supply Multicrystalline Wafers To Photovoltech 38
10.2.10 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Supply Contract With Photovoltech N.V. 39
10.2.11 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Contract With Canadian Solar Inc. 40
10.2.12 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Contract With Jiangxi Solar PV Corporation 41
10.2.13 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Five Year Contract With Qimonda 42
10.2.14 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Contract With Silcio S.A. Greek To Supply Silicon Wafers 43
10.2.15 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co. Ltd., Signs A Supply Contract With Arise Corporation 44
10.2.16 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Contract With Moser Baer Photo Voltaic Limited 46
10.2.17 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Contract With Hyundai Heavy Industries 47
10.2.18 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Contract With Neo Solar Power Corporation 48
10.2.19 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Contract To Supply Multicrystalline Wafers To Q-Cells AG 49
10.2.20 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Contract With Canadian Solar Inc. For The Supply Of Wafers 50
10.2.21 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Contract With Solarfun Power Holdings Co., Ltd For The Supply Of Wafers 51
10.2.22 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Contact With Solartech Energy Corp. For The Supply Of Wafers 52
10.2.23 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Contract With Mosel Vitelic Inc. For The Supply Of Wafers 53
10.2.24 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Contract With Sunways AG For The Supply Of Multicrystalline Wafers 54
10.2.25 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd., Signs A Contract With Neo Solar Power Corporation To Supply Multicrystalline Wafers 55
10.2.26 LDK Solar Co., Ltd., Turbine Contract Details, LDK Solar Co., Ltd. Signs A Contract With Chuan-Yi Investment Corporation For The Supply Of Multicrystalline Solar Wafers 56
11 Recent Developments 57
11.1 New Contracts 57
11.1.1 Nov 14, 2008: LDK Signs Contract With BP Solar To Supply Multicrystalline Solar Wafers 57
11.1.2 Oct 20, 2008: LDK Signs Wafer Supply Contract With Helios Technology 57
11.1.3 Oct 17, 2008: LDK Signs Three-Year Contract To Supply Multicrystalline Solar Wafers 58
11.1.4 Sep 25, 2008: ABB Receives $36 Million Solar Power Contract From LDK In China 58
11.1.5 Sep 05, 2008: LDK Signs Solar Wafers Supply Contract With Sumitomo 58
11.1.6 Sep 03, 2008: LDK Signs Supply Agreement With Solartech 59
11.1.7 Aug 29, 2008: LDK Signs Seven Year Solar Wafers Supply Contract With HHI 59
11.1.8 Aug 13, 2008: LDK Signs Five-Year Wafer Supply Agreement With XL Telecom 60
11.1.9 Jul 16, 2008: LDK Signs Solar Wafer Supply Agreement With Photovoltech 60
11.1.10 Jun 13, 2008: LDK Signs Five-Year Wafer Supply Agreement With JSPV 60
11.1.11 May 05, 2008: LDK Signs Five-Year Solar Wafer Supply Contract With Qimonda 61
11.1.12 Apr 15, 2008: Fluor Wins EPCM Services Contract From LDK Solar 61
11.1.13 Apr 04, 2008: LDK Signs Two Additional Wafer Supply Agreements And One Polysilicon Sourcing Agreement 62
11.1.14 Apr 02, 2008: LDK Signs Wafer Supply Agreement With Moser Baer 62
11.1.15 Feb 22, 2008: LDK Signs Agreement With HHI To Supply Multicrystalline Solar Wafers 63
11.1.16 Jan 17, 2008: LDK Enters Agreement With NSP To Supply Solar Wafers 63
11.1.17 Jan 17, 2008: LDK Signs 10-Year Contract With NSP To Supply Solar Wafers 64
11.1.18 Dec 10, 2007: LDK Signs Wafer Supply Agreement With Q-Cells 64
11.1.19 Oct 22, 2007: LDK Signs Agreement With CSI For Supply Of Wafers 65
11.1.20 Oct 16, 2007: LDK Executes Agreement With Solarfun For Supply Of Wafers 65
11.1.21 Oct 10, 2007: LDK Enters Agreement With Chinalight For Supply Of Wafers 65
11.1.22 Oct 03, 2007: LDK Signs Wafers Supply Agreement With Solartech 66
11.1.23 Sep 27, 2007: LDK Signs Wafers Supply Agreement With Mosel Vitelic 66
11.1.24 Aug 29, 2007: LDK Signs Agreement To Supply Solar Wafers To NSP 67
11.1.25 Aug 16, 2007: LDK Sings Agreement For Supply Of Solar Wafers With Chuan-Yi 67
11.2 Operations Updates 68
11.2.1 Oct 14, 2008: LDK Updates On Construction Of Polysilicon Plant 68
11.2.2 Sep 23, 2008: LDK Completes Six Million Safe Work Hours For PV Polysilicon Project 68
11.2.3 Sep 11, 2008: Photovoltech To Expand PV Cell Production Capacity 69
11.2.4 Aug 25, 2008: LDK Reaches 1.0 GW Wafer Production Capacity 69
11.2.5 Jul 01, 2008: LDK Updates On Its Polysilicon Plant Construction In Xinyu 69
11.3 Financial Announcements 70
11.3.1 Nov 19, 2008: LDK Solar Reports 3Q 2008 Results 70
11.3.2 Aug 11, 2008: LDK Reports 2Q 2008 Results 72
11.3.3 May 12, 2008: LDK Declares Q1 2008 Results 73
11.3.4 Apr 23, 2008: LDK To Declare Q1 2008 Results 74
11.3.5 Feb 25, 2008: LDK Declares Q4 2007 Results 74
11.3.6 Feb 11, 2008: LDK To Declare Q4 2007 Results 76
11.3.7 Feb 05, 2008: LDK Provides Q1 2008 Financial Outlook 76
11.3.8 Dec 19, 2007: LDK Declares Q3 2007 Results 76
11.3.9 Aug 01, 2007: LDK Declares Q2 2007 Results 77
11.4 Strategy and Business Planning 78
11.4.1 Jun 09, 2008: LDK Constructs Polysilicon Fab In China 78
11.4.2 Sep 24, 2007: LDK Signs Wafer Sales And Equipment Purchase Agreements With Sunways 78
11.5 Other Significant Developments 79
11.5.1 Dec 25, 2008: Lawsuit Filed Against GT Solar 79
11.5.2 Sep 12, 2008: Q-Cells Signs MoU With LDK Solar For Additional Silicon Wafer Supplies 79
11.5.3 Sep 04, 2008: LDK Signs Agreement With GT Solar For Polysilicon CVD Reactors 79
11.5.4 Aug 19, 2008: LDK Awards $220 Million Contract To Applied For Precision Wafering Systems 80
11.5.5 Jul 25, 2008: LDK Signs Purchase Equipment Contract With JYT 80
11.5.6 Jun 30, 2008: CSI Signs Ten-Year Wafer Supply Agreement With LDK 81
11.5.7 Mar 05, 2008: LDK Appoints New Independent Director 82
11.5.8 Feb 08, 2008: LDK Receives BEP Package From CDI For Its TCS Facilities In Xinyu 82
11.5.9 Jan 16, 2008: LDK Signs Contract With Ganzhong For Supply Of TCS 83
11.5.10 Dec 10, 2007: Q-Cells Concludes Supply Agreement With LDK 83
11.5.11 Sep 24, 2007: Sunways Signs Agreement For Raw Material Supply With LDK Solar 84
11.5.12 Sep 07, 2007: LDK Signs Agreement With Fluor To Secure EPCM Services For Construction Of Polysilicon Manufacturing Plant 85
11.5.13 Jul 26, 2007: LDK Expands 2009 Production Capacity To 1,600MW 85
11.5.14 Jul 20, 2007: LDK Signs Contract To Purchase Polysilicon Production Equipment From GT Solar 85
11.5.15 Jul 05, 2007: LDK Appoints New Board Member 86
12 Appendix 87
12.1 Methodology 87
12.2 About Global Markets Direct 87
12.3 Contact Us 87
12.4 Disclaimer 88
1.1 List of Tables
Table 1: LDK Solar Co., Ltd., Key Facts 9
Table 2: LDK Solar Co., Ltd., Production Capacity, 2003-08 13
Table 3: LDK Solar Co., Ltd., Key Employees 17
Table 4: LDK Solar Co., Ltd., Other Locations 20
Table 5: LDK Solar Co., Ltd., Deals Summary, 2004 to 2008 21
Table 6: LDK Solar Completes Offering Of American Depositary Shares For $200.4 Million 22
Table 7: LDK Solar Completes Initial Public Offering Of American Depository Shares For $469.3 Million 24
Table 8: LDK Solar Completes $400 Million 4.75% Convertible Senior Notes Offering 26
Table 9: LDK Solar Co., Ltd., Solar Contracts Analysis 28
Table 10: LDK Solar Co., Ltd., Solar Contracts Analysis (Contd) 29
Table 11: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co. Ltd., Signs A Supply Contract With BP Solar International, Inc 30
Table 12: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co. Ltd., Signs A Supply Contract With Helios Technology 31
Table 13: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Supply Contract With A US based Company 32
Table 14: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co. Ltd., To Supply Q-Cells AG With Silicon Wafers 33
Table 15: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Contract With Sumitomo Corporation 34
Table 16: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Contract With Solartech Energy Corp. 35
Table 17: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Signs A Seven Years' Contract With Hyundai Heavy Industries 36
Table 18: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Five Year Contract With XL Telecom & Energy Ltd. 37
Table 19: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Signs A Ten Year Contract To Supply Multicrystalline Wafers To Photovoltech 38
Table 20: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Supply Contract With Photovoltech N.V. 39
Table 21: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Contract With Canadian Solar Inc. 40
Table 22: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Contract With Jiangxi Solar PV Corporation 41
Table 23: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Five Year Contract With Qimonda 42
Table 24: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Contract With Silcio S.A. Greek To Supply Silicon Wafers 43
Table 25: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co. Ltd., Signs A Supply Contract With Arise Corporation 44
Table 26: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Contract With Moser Baer Photo Voltaic Limited 46
Table 27: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Contract With Hyundai Heavy Industries 47
Table 28: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Contract With Neo Solar Power Corporation 48
Table 29: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Contract To Supply Multicrystalline Wafers To Q-Cells AG 49
Table 30: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Contract With Canadian Solar Inc. For The Supply Of Wafers 50
Table 31: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Contract With Solarfun Power Holdings Co., Ltd For The Supply Of Wafers 51
Table 32: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Contact With Solartech Energy Corp. For The Supply Of Wafers 52
Table 33: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Contract With Mosel Vitelic Inc. For The Supply Of Wafers 53
Table 34: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Contract With Sunways AG For The Supply Of Multicrystalline Wafers 54
Table 35: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd., Signs A Contract With Neo Solar Power Corporation To Supply Multicrystalline Wafers 55
Table 36: LDK Solar Co., Ltd., Solar Contract Details, LDK Solar Co., Ltd. Signs A Contract With Chuan-Yi Investment Corporation For The Supply Of Multicrystalline Solar Wafers 56