Chinese solar manufacturers have been built on an unsustainable foundation of short-term debt from state-run banks. Companies like Suntech Power (NASDAQOTH:STPFQ), Yingli Green Energy (NYSE:YGE), Trina Solar (NYSE:TSL), and LDK Solar (NASDAQOTH:LDKYQ) all have more than $1 billion in debt, an unsustainable amount for companies reporting massive losses. 

But we may be seeing a peak into whom China will choose to emerge as a long-term winner, and what qualities it's looking for. Jinko Solar (NYSE:JKS) just received a $1 billion loan from the China Development Bank to build solar projects in Europe. The company had a 9.9% gross margin last quarter and less than $400 million in debt, both far better than most of the Chinese competition. So could Jinko be one of the few that survive?

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