China tycoon's wealth all but vanishes on US$20b fall in solar firm's value
Li Hejun sells 6% stake in Hong Kong-listed Hanergy Thin Film at 95% discount to its pre-suspension price
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.
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