The troubles for PV aspirant Hanergy Thin Film show no sign of abating. Late last week Hanergy TF issued a statement in which is advises that its 2015 revenues will fall well short of the previous year’s performance, with the company failing to deliver new thin film production lines to parent company Hanergy Holding.
While it did not deliver any production equipment to Hanergy Holding in 2015, it did incur R&D and preparation expenses, "which definitely affected the profit for 2015.
Adding to its woes, Hanergy Thin Film has also reported that Hanergy Holding has not paid the HK$2.6 billion (US$330 million) in overdue payments to the equipment supplier, further negatively affecting the 2015 results. Hanergy Thin Film advises that Hanergy Holding owes an additional HK$2.3 billion (US$300 million) beyond the overdue amount.
Hanergy Holding advised Hanergy Thin Film, in a letter dated February 26, that its non-payment is a result of the suspension of trading of Hanergy Thin Film’s shares and the parent company’s ongoing restructuring.
The Hong Kong Securities and Futures Commission (SFC) has ruled that Hanergy Holdings’ restructuring proposal, "was not able to/failed to adequately address its concerns."
Trading in Hanergy Thin Film has been suspended since its share price collapsed on May 20, 2015. The Hong Kong SFC has been known to suspend trading in suspect companies for very lengthy periods.
Hanergy Thin Film advises that it is seeking legal advice as to the suspension of trading in its shares, "and will seek to resume trading as soon as possible."
Good news has been hard to come by for Hanergy Thin Film of late, with one of its more promising business activities, its deal with Ikea to sell CIGS modules in the UK, was discontinued in February. pv magazine was advised in October 2015 that production at its Solibro plant in Germany had been "massively" scaled back.