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鈥檚 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鈥檚 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.
鈥淭he 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,鈥 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鈥檚 Securities and Futures Commission said yesterday that the investigation was 鈥渙ngoing鈥 but had no further comment.
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