New Hanergy drama
HONG KONG: The boss of Beijing-based solar energy firm Hanergy Thin Film Power Group is selling a stake in the company at a massive discount in Hong Kong, as the once high-flying firm faces a continuing regulatory probe. Hanergy grew more than six-fold to become the world’s largest solar power company by market value before dramatically suspending trading in May after its stocks plunged 47 per cent. But even before that crash, questions were raised over its valuation and revenue sources. Chairman of the firm Li Hejun — once China’s richest man — has agreed to sell a six per cent stake at 0.18 yuan ($0.03), or 18 fen, per share, according to a shareholder disclosure filing to the Hong Kong stock exchange. Shares in the firm were trading at 3.91 Hong Kong dollars before the suspension on May 20, meaning Li is shedding his stock at a 95 per cent discount.