The convoluted interactions among companies owned by Chinese solar group Hanergy took another twist yesterday when its Hong Kong-listed unit cancelled a $585m deal signed the previous month between a subsidiary and its mainland parent.
Hanergy’s Hong Kong-listed stock is suspended and is under investigation by the Hong Kong regulator, after plummeting 47 per cent in less than an hour of trading on May 20. The listed company, Hanergy Thin Film Power, does almost all of its business with parent Hanergy Group, headquartered in Beijing, and gets nearly all of its revenues from the parent.
The Financial Times has detailed a number of noticeable practices at Hanergy this year, including unusual trading patterns of its stock.
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