Li Hejun: China's wealthiest man, director of sunlight based board firm Hanergy, lost $15 billion in 60 minutes, China's wealthiest man, Li Hejun, is having a truly terrible week.
The director of sunlight based board firm Hanergy lost $15 billion on Wednesday when partakes in the organization plunged 47% in Hong Kong exchanging - in around 60 minutes. The organization saw $18.6 billion wiped off its reasonable worth.
Exchanging Hanergy shares was ended Wednesday pending discharge - the organization said - of a declaration "containing inside data." The organization has not remarked further following, and the shares are still suspended.
Li possesses a little more than 80% of Hanergy. He neglected to appear for the organization's yearly shareholder meeting on Wednesday, which started as the shares were diving. An organization representative said he was going to the opening of Hanergy's clean vitality show in Beijing.
The absence of an organization articulation is adding to the disarray encompassing the stock accident. Bespoke Investment, a New York examination and riches administration firm, called "the Hanergy story a complete wreckage."
Furthermore, there was another puzzle crash in Hong Kong on Thursday. Goldin Financial and Goldin Properties, possessed via uber-rich person Pan Sutong, plunged more than 40%. Both organizations said they had no clue why their shares were diving, and that they had no data to reveal to speculators. Like Hanergy, the two organizations had taken off to surprising highs over the previous year.
Speculators, controllers and experts have scrutinized Hanergy's quick share rise, and how the organization was turning a benefit, for quite a long time. They've utilized the organization as a case of the danger of putting resources into developing markets.
Prior to Wednesday's dive, Hanergy's shares had surged 625% over the previous year, making it seven times greater than First Solar, the top U.S. sunlight based firm. At its crest in April, the organization was worth more than $45 billion, permitting Li to surpass Alibaba prime supporter Jack Ma as China's wealthiest man, as per a positioning by Hurun discharged in March.
In any case, the tremendous trip prodded inquiries over business control. What's more, more concerns were raised not long ago, when the organization said 60% of its deals originated from its Beijing-based guardian organization, Hanergy Holding Group. Li is likewise executive of the guardian.
On Wednesday, Reuters reported that the Hong Kong Securities and Futures Commission had been researching business control for a considerable length of time, refering to a unidentified source. Lately, the Financial Times has investigated Hanergy's bookkeeping practices and surprising value developments.
Hanergy utilizes a particular innovation to make more slender, more adaptable sun based boards. The organization has 15,000 representatives, and branches around the world.
The director of sunlight based board firm Hanergy lost $15 billion on Wednesday when partakes in the organization plunged 47% in Hong Kong exchanging - in around 60 minutes. The organization saw $18.6 billion wiped off its reasonable worth.
Exchanging Hanergy shares was ended Wednesday pending discharge - the organization said - of a declaration "containing inside data." The organization has not remarked further following, and the shares are still suspended.
Li possesses a little more than 80% of Hanergy. He neglected to appear for the organization's yearly shareholder meeting on Wednesday, which started as the shares were diving. An organization representative said he was going to the opening of Hanergy's clean vitality show in Beijing.
The absence of an organization articulation is adding to the disarray encompassing the stock accident. Bespoke Investment, a New York examination and riches administration firm, called "the Hanergy story a complete wreckage."
Furthermore, there was another puzzle crash in Hong Kong on Thursday. Goldin Financial and Goldin Properties, possessed via uber-rich person Pan Sutong, plunged more than 40%. Both organizations said they had no clue why their shares were diving, and that they had no data to reveal to speculators. Like Hanergy, the two organizations had taken off to surprising highs over the previous year.
Speculators, controllers and experts have scrutinized Hanergy's quick share rise, and how the organization was turning a benefit, for quite a long time. They've utilized the organization as a case of the danger of putting resources into developing markets.
Prior to Wednesday's dive, Hanergy's shares had surged 625% over the previous year, making it seven times greater than First Solar, the top U.S. sunlight based firm. At its crest in April, the organization was worth more than $45 billion, permitting Li to surpass Alibaba prime supporter Jack Ma as China's wealthiest man, as per a positioning by Hurun discharged in March.
In any case, the tremendous trip prodded inquiries over business control. What's more, more concerns were raised not long ago, when the organization said 60% of its deals originated from its Beijing-based guardian organization, Hanergy Holding Group. Li is likewise executive of the guardian.
On Wednesday, Reuters reported that the Hong Kong Securities and Futures Commission had been researching business control for a considerable length of time, refering to a unidentified source. Lately, the Financial Times has investigated Hanergy's bookkeeping practices and surprising value developments.
Hanergy utilizes a particular innovation to make more slender, more adaptable sun based boards. The organization has 15,000 representatives, and branches around the world.
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