Almost $19bn was wiped off the value of Hanergy Thin Film Power yesterday when the Hong Kong-listed solar equipment supplier’s shares plunged 47 per cent, on the same day as its chairman failed to turn up to its annual meeting.
Li Hejun, chairman of HTF and its Chinese parent Hanergy group, has become one of China’s richest men as the Hong Kong-listed subsidiary’s shares surged about 600 per cent over the past two years.
In recent months, an investigation by the Financial Times has raised questions over HTF’s business model and patterns in the trading of its shares.
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