HK regulator investigates Hanergy
Print Edition
HONG Kong’s market watchdog yesterday said it is investigating Beijing-based solar energy firm Hanergy Thin Film Power Group, which suspended trading last week after its share price plunged.
Hanergy had surged more than sixfold in the past year, making it the world’s largest solar power company by market value, but prompting questions over its valuation and revenue sources.
It suspended trading on the Hong Kong exchange on May 20 after its shares crashed by 47 percent, wiping US$20 billion off the company’s market value.
Hong Kong’s Securities and Futures Commission had previously refused to comment on whether an investigation into Hanergy was under way.
“The SFC wishes to clarify that a formal investigation into the affairs of Hanergy Thin Film Power Group ... has been active and is continuing,” it said in a statement yesterday.
The SFC said it was making the statement “given the public interest following reports denying such measures have been taken.”
Hanergy founder and Chairman Li Hejun told Xinhua news agency earlier yesterday that the company was not under investigation from regulators.
The SFC gave no details on the investigation and said it would not comment further.
Hanergy said it would make an announcement in the wake of its stock suspension, but has not done so.
A report by London-based Financial Times in January said the Hanergy Group made its fortune through unconventional sales between Hanergy Thin Film, its listed subsidiary, and itself.
Li was named as China’s richest man in February in a wealth survey, replacing Alibaba’s founder Jack Ma.
Li saw his wealth nearly triple from a year before, said the Hurun Report’s Global Rich List 2015 which valued his fortune at US$26 billion.
Prior to its plunge, Hanergy’s market value had at one point topped HK$300 billion (US$39 billion), Bloomberg News said.
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