New | Hanergy shares suspended in Hong Kong after plunging 46 per cent

Shares in Hanergy Thin Film Power plunged more than 46 per cent in early trading on Wednesday before trading was suspended in the Hong Kong equities market.

The stock fell from HK$7.35 to HK$3.91, a fall of 46.95 per cent, within an hour of the exchange opening even as senior executives gathered in Hong Kong for the firm’s annual general meeting.

Shares in the solar panel manufacturer had soared 249.1 per cent over the past 12 month, prior to Wednesday’s fall, hitting HK$9.07 as recently as March 5.

The company has been a popular play for mainland investors trading via the Shanghai-Hong Kong connect scheme, and Hanergy founder Li Hejun was briefly touted as China’s richest man.

However, Li’s business model has attracted scrutiny as Hanergy appears to have only one major buyer for its solar panels: its parent company.