Hanergy squashes speculation on operation
Print Edition
HANERGY Holding Group, a solar panel equipment maker, yesterday denied speculation about its business operation after trading of its Hong Kong-listed affiliate Hanergy Thin Film Power Group was suspended following a 47 percent plunge in its share price on Wednesday.
The affiliate lost nearly half its market value of almost US$40 billion in 24 minutes of trading on Wednesday. Beijing-based Hanergy said in a statement later that the shares were halted “pending release of an announcement containing insider information.”
Hanergy’s statement yesterday, however, didn’t mention the tumble in the share price of Hanergy Thin Film Power Group.
The statement also didn’t mention a Reuters report that Hong Kong regulators have for several weeks been investigating the affiliate for alleged market manipulation.
The shares remained suspended yesterday.
Hanergy’s value has risen sharply since September. At its share price peak in March, Hanergy was worth US$48 billion, making founder Li Hejun one of China’s richest men.
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