One of the year's hottest stocks on the Hong Kong market,
Hanergy Thin Film Power Group Ltd., plunged nearly 50% in morning
trading—wiping US$18.6 billion from its market value.
The Chinese solar-power company's share price had nearly tripled
this year—after nearly quadrupling in 2014—at
one point making its chairman, Li Hejun, China's richest man on
paper.
But on Wednesday the stock opened lower and then took a sharp
downturn on heavy volume. Trading in the stock was halted about an
hour after the market opened, with the price down 47% at 3.91 Hong
Kong dollars.
There no apparent immediate cause for the heavy selloff but it
followed the overnight implosion of another Chinese solar company,
Yingli Green Energy, whose share price fell 37% in Tuesday trading
in New York. Yingling had said in a filing to the U.S. Securities
and Exchange Commission Friday that "there is substantial doubt as
to our ability to continue as a going concern."
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