Hanergy Thin Film Power has seen 47 per cent wiped off its share price, after the company chairman and major shareholder Li Hejun did not attend the company’s AGM. The Financial Times reports that trading on Hanergy TF shares was halted after having fallen from HK$7.32/share (US$0.94) to HK$3.91 ($0.50).
FT obtained a comment from Hanergy on the matter:
“Chairman Li did not attend the AGM,” said a representative for Hanergy. “He had something to do.” The company chairman did not provide comment himself.
The FT has found itself as a key voice skeptical of Hanergy’s strong sharemarket performance after picking up on market analysis that raised serious questions about the company’s reliance on selling between subsidiaries and its largely unproven suite of thin film technology. BNEF has also recently published a note expressing skepticism about Hanergy’s prospects in the PV market.
At the SNEC trade show last month in Shanghai, Hanergy TF took out an enormous booth space, erecting a double story structure capable of accommodating hundreds. Hanergy refused pv magazine’s request for interview at the SNEC.
