Doubts surrounding Hanergys business model and soaring share price have lingered for some months. In a sign of the fragility of its solar-market-leading share price, Hanergy shares went tumbling today after news that company chairman and majority shareholder Li Hejun, did not attend the companys AGM.
Hanergy CEO Frank Dai Mingfang and finance director Eddie Lam did attend.
FT obtained a comment from Hanergy on the matter: "Chairman Li did not attend the AGM," said a representative for Hanergy. "He had something to do." The company chairman did not provide comment himself.
The FT has found itself as a key voice skeptical of Hanergys strong sharemarket performance after picking up on market analysis that raised serious questions about the companys reliance on selling between subsidiaries and its largely unproven suite of thin film technology. BNEF has also recently published a note expressing skepticism about Hanergys prospects in the PV market.
At the SNEC trade show last month in Shanghai, Hanergy TF took out an enormous booth space, erecting a double story structure capable of accommodating hundreds. Hanergy refused pv magazines request for interview at the SNEC.