China tycoon's wealth all but vanishes on US$20b fall in solar firm's value

Beijing

THIS year's wild ride for Hanergy Thin Film Power Group Ltd ends with the solar equipment maker a shadow of its former self, about US$14.6 billion in paper losses for its chairman, the departure of key executives, a lawsuit over unpaid rent, cancelled contracts and a regulatory investigation.

Chairman Li Hejun, the leader of the solar group and a self-professed solar visionary, stands, as usual, at the centre. According to regulatory filings made public this week, Mr Li has agreed to sell a 6 per cent stake in Hong Kong-listed Hanergy Thin Film at a 95 per cent discount to where they last traded.