Shi Zhengrong became known as the “sun king” around the time he was named China’s fifth-richest man in 2006. Barely three years later, Suntech, his New York-listed company, was the world’s largest solar panel-maker, producing enough solar cells each year to power 1m energy-guzzling US homes.

To struggling manufacturers in the US and Germany, Suntech was part of an unstoppable juggernaut that undercut markets, flooded the world with ultra-cheap products and put competitors out of business. Indeed, the European Commission is threatening to raise import tariffs on Chinese producers for allegedly selling solar panels in Europe for less than they cost to make.

But China’s business model is far from unassailable. In March, Suntech filed for bankruptcy protection. From a market value of $16bn at its peak, the company is now worth about $180m. The sun king has been dethroned as chairman.