FT: Hanergy chairman misses AGM, shares tumble

Share

Doubts surrounding Hanergy’s 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 company’s 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 Hanergy’s strong sharemarket performance after picking up on market analysis that raised serious questions about the company’s reliance on selling between subsidiaries and its largely unproven suite of thin film technology. BNEF has also recently published a note expressing skepticism about Hanergy’s 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 magazine’s request for interview at the SNEC.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.