Hanergy claims “good financial position” upon unit share price drop
The parent of Hanergy Thin Film Power Group (HKG:0566), whose stock fell by 46.95% on Wednesday, said that the group’s financial position is stable and it has no overdue loans.
Hanergy Holding Group Ltd on Thursday rebuffed media reports about a “forced liquidation” of stock by pointing out that it currently holds 30.6 billion shares in the subsidiary. Moreover, it stressed it had never conducted any financial derivative transactions or bet to any institution or individual the shares of Hanergy Thin Film.
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.
The price for its stock fell by 46.95% on May 20 to HKD 3.91 (USD 0.50/EUR 0.45), after which it was suspended from trading. The price has been rising steadily for several months. Since the start of the year and before the plunge, Hanergy Thin Film’s stock had gained 174%, while for 12 months it jumped by over 550%.