Hanergy financial controller departs

Hanergy’s rapid descent from hero to zero, with shares in the company remaining suspended after losing US$19 billion in a few hours of frantic selling, was a major blemish on the global solar landscape in 2015. As the year draws to a close, the company’s financial controller has stepped down as two new executive directors are appointed to the board.

Li Guangmin has stepped down, with the company announcing in a statement that, “he has no disagreement with the Board and there are no matters relating to his resignation that needs to be brought to the attention of The Stock Exchange of Hong Kong.”

Huang Songchun has taken Li’s place as financial controller and has been made an executive director, along with Si Haijian. Zhang Bo has been appointed as an independent non-executive director.

The appointments come as reports that the Hanergy Group may look to sell some or part of its hydropower generating assets as it attempts to raise funds. China’s The Paper news portal published the report earlier this month.

The Paper indicated that Hanergy would sell some of its hydropower assets, described by the publication as “the goose that laid the golden eggs,” in exchange in investment in Hanergy Thin Film. It is understood that such a deal may entice Chinese state owned enterprises to invest in Hanergy Thin Film, providing it with much needed investment after a number of equipment supply deals and its one major downstream partnership, with Ikea, were recently cancelled.

Chinese Business News, through its Yicai.com portal, reports that a Hanergy Thin Film subsidiary is being sued for the non-payment of rent, air conditioning and building management feeds since November 1. The landlord is claiming HK$1.73 million (US$220,000) in damages.

Additional reporting from Vincent Shaw.