The chairman of Hanergy Thin Film Power Group (HKG:0566), whose stock fell by 46.95% last Wednesday, rebuffed media reports of a regulatory probe and defined these as “purely rumor” in an interview with Xinhua News Agency.
Li Hejun’s statement came as a response to a Reuters report from May 20, according to which the Hong Kong Securities and Futures Commission is allegedly investigating the company for market manipulation. The chairman stressed that the occurrence of such an event is impossible without him being aware of it.
Last Wednesday, the chairman was criticised for not attending Hanergy’s annual general meeting in Hong Kong. At the time he was delivering a speech at the opening of a solar exhibition center in Beijing. Also on May 20, the price of Hanergy Thin Film’s stock plunged by 46.95% in about 30 minutes and was suspended from trading pending the release of "inside information".
Since the start of the year and before the plunge, the company’s stock has gained 174%, while for 12 months it jumped by over 550%.
Hanergy Thin Film makes equipment and turnkey production lines for amorphous silicon thin-film PV modules and also develops solar projects in China, the US and Africa. It has plans for a solar car, too.