Hanergy boss sells stake at big discount
Print Edition
The boss of Beijing-based solar energy firm Hanergy Thin Film Power Group is selling a stake in the company at a massive discount in Hong Kong, as the once high-flying firm faces a continuing regulatory probe.
Hanergy grew more than sixfold to become the world’s largest solar power company by market value before dramatically suspending trading in May after its shares plunged 47 percent.
But even before that crash, questions were raised over its valuation and revenue sources.
Li Hejun, chairman of the firm and once China’s richest man, has agreed to sell a 6 percent stake at 0.18 yuan (3 US cents) per share, according to a shareholder disclosure filing to the Hong Kong stock exchange.
Shares in the firm were trading at HK$3.91 (51 US cents) before the suspension on May 20, meaning Li is shedding his stock at a 95 percent discount.
Financial analyst Francis Lun of Hong Kong brokerage GEO Securities said investors in Hanergy should be pessimistic.
“The fact that he (Li) is willing to sell a big chunk of his shares at 0.18 yuan shows he is in dire straits. Investors should prepare for the worst ... to get nothing at all in return,” he said.
The date of the sale agreement for the 2.5 billion shares, worth HK$538 million, was given as December 21.
Hong Kong’s Securities and Futures Commission said yesterday that the investigation was “ongoing” but had no further comment.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
