Hanergy stocks likely to return to trading, Reuters
Post date: 21/10/2018 - 18:03
According to a report by news agency Reuters citing insiders, a meeting between representatives of Chinese solar group Hanergy Thin Film Power Group Ltd. and the Securities and Futures Commission (SFC) - the Hong Kong stock exchange supervisory authority - took place in September. Accordingly, the Hanergy share could be admitted to trading on the Hong Kong Stock Exchange again within the next few weeks; this would be the usual procedure after such hearings, according to the unnamed sources. However, neither Hanergy nor SFC have commented on this.
The Hanergy share has been suspended from trading since May 2015, but not excluded from the stock exchange. As a result, small investors in particular were unable to sell their shares despite an extreme loss in value. The suspension followed Hanergy’s initial request after the stock had lost around 47 percent in just over an hour, destroying around $19 billion in market capitalisation. As a result of an investigation of these events by SFC, consequences in the form of sanctions against Hanergy managers followed only after two years. In particular, chairman and majority owner Li Hejun, founder and owner of the China-based parent company Hanergy Holding Group Ltd , was excluded from senior positions in Hong Kong-based companies for eight years.