The founder and chairman of Hanergy Thin Film, who became one of China’s richest men on paper before shares in his solar power group plunged in May, has sold a 6 per cent stake in the company at a 95 per cent discount to the last traded price.
Li Hejun agreed to sell the Hong Kong-listed shares for Rmb0.18 (US$0.03) each, according to regulatory filings, reducing his ownership to 74.75 per cent of the troubled company.
That transaction would give the company an equity valuation of US$1.16bn, far below the $21bn market capitalisation when trading in its shares was suspended in May after they sank 47 per cent in one day.
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