SFC orders Hanergy’s suspension to remain
Print Edition
Hong Kong’s securities watchdog took the unusual step yesterday of ordering a stock trading suspension to continue for a solar panel maker it’s investigating after a plunge wiped out half its market value.
Hanergy Thin Film Power Group, controlled by Chinese billionaire Li Hejun, said in a filing that the Securities and Futures Commission directed Hong Kong’s stock exchange to “suspend all dealings” in the shares.
Shares of Hanergy, a unit of Beijing-based Hanergy Holding Group, had been suspended since May 20 at the request of the company after the price plunged by nearly half in the first hour of trading, erasing about US$19 billion from the company’s market capitalization.
The suspension order means the shares cannot resume trading even if the company requests it.
Hanergy’s spectacular rise and fall has bewildered Hong Kong’s investment community. The crash came after the shares had surged sixfold over the previous year, making Li one of the richest people in China, but also raising concern that the stock had risen too fast.
The SFC move could signal its investigation is moving into a more serious phase.
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