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Hanergy Plunge Erases $14 Billion Of Chairman's Fortune; Li Hejun In Beijing
Li Hejun began the day as China’s second-richest man with a fortune worth more than $30 billion, according to a Forbes estimate. By 11 a.m., he was almost $14 billion poorer.
Shares in Li’s flagship Hanergy Thin Film plunged by 47% in Hong Kong before trading was suspended at the request of the Hong Kong Stock Exchange. Li’s absence at the company’s annual meeting in the former British colony this morning was behind the decline in prices, according to some reports, but there was no reason given by the company for the drop. Hanergy said in a statement it would make an announcement containing inside information later today. Hanergy’s shares dropped after a 37% decline in shares of New York-traded China solar panel supplier Yingli last night on worries about its debt.
Li Hejun
Li himself was in Beijing this morning at the opening of a clean energy exhibition, according to a company executive and a local media report.
Like today’s abrupt dive, Hanergy’s stock rise of 500% in the past year has been surprising to many analysts who said it was long overvalued. The Financial Times newspaper in reports earlier this year questioned the company’s financial health and transparency.
Hanergy, whose business roots trace to the hydropower industry, in recent years has bought at least four Western businesses in a bid to expand achieve business and technology breakthroughs in thin-film solar products. Its market cap stood rose to several times First Solar, the big U.S. thin-film solar maker.
http://www.forbes.com/sites/russell...bln-of-chairmans-fortune-li-hejun-in-beijing/
@Mad Indian @Rashna @maomao @Khagesh @Tshering22 @Sakal Gharelu Ustad @roma @abingdonboy @Screambowl @VivekShah @Blackwater
Li Hejun began the day as China’s second-richest man with a fortune worth more than $30 billion, according to a Forbes estimate. By 11 a.m., he was almost $14 billion poorer.
Shares in Li’s flagship Hanergy Thin Film plunged by 47% in Hong Kong before trading was suspended at the request of the Hong Kong Stock Exchange. Li’s absence at the company’s annual meeting in the former British colony this morning was behind the decline in prices, according to some reports, but there was no reason given by the company for the drop. Hanergy said in a statement it would make an announcement containing inside information later today. Hanergy’s shares dropped after a 37% decline in shares of New York-traded China solar panel supplier Yingli last night on worries about its debt.
Li Hejun
Li himself was in Beijing this morning at the opening of a clean energy exhibition, according to a company executive and a local media report.
Like today’s abrupt dive, Hanergy’s stock rise of 500% in the past year has been surprising to many analysts who said it was long overvalued. The Financial Times newspaper in reports earlier this year questioned the company’s financial health and transparency.
Hanergy, whose business roots trace to the hydropower industry, in recent years has bought at least four Western businesses in a bid to expand achieve business and technology breakthroughs in thin-film solar products. Its market cap stood rose to several times First Solar, the big U.S. thin-film solar maker.
http://www.forbes.com/sites/russell...bln-of-chairmans-fortune-li-hejun-in-beijing/
@Mad Indian @Rashna @maomao @Khagesh @Tshering22 @Sakal Gharelu Ustad @roma @abingdonboy @Screambowl @VivekShah @Blackwater
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