Hanergy Thin Film Power Group has finally got an investigation from
Hong Kong’s Securities & Futures Commission, as the sudden crash of
the company’s stocks preceded by several months of inexplicable rise
raises questions about the firm.
Hong Kong regulators said in a short statement on its website that a
formal investigation into Hanergy Thin Film is “in progress and is
continuing.” The statement also comes after Li Hejun, chairman of the
solar company, told the official Xinhua News Agency that a probe into
the company was “purely rumor” and it was “absolutely impossible” that
he didn’t know about the investigation.
Shares of Hanergy were halted Wednesday last week after plunging 47%.
Their stunning rise over the past few months has made Li China’s
second- richest man, after real estate tycoon Wang Jianlin.
Caixin, an influential economic journal, reported that Haitong
Securities led the selloff, after learning Hanergy failed to repay its
debt. Li himself was absent from the company’s annual meeting that day.
The firm has said that he was at the opening ceremony of a clean energy
exhibition.
In a move further raising doubt about what happened to Hanergy, Li
increased his short position in the firm by 796 million shares- just
five days before the massive tumble.
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