Hong Kong

Loan defaults have brought business at the solar goods maker and EPC to a halt and a lack of progress reports on its formerly lucrative project contracts means there is no immediate prospect of seeing the company’s 2018 figures.

Founding chairman Li Hejun is too busy travelling to promote the company to also manage day-to-day operations. His sisters will hold the stock on his behalf, however.

Parent group Hanergy Mobile Energy appears to have gone quiet on its proposal for shareholders in its Hong Kong unit to vote on whether to shift their stock in an attempt to have the business moved to the Chinese exchange. The clock is running down until the Thin Film unit loses its Hong Kong listing.

The Chinese thin film giant has transformed itself into a solar manufacturing equipment supplier and is set to expand a strategy which sees affiliates help fund industrial parks which then generate orders for its thin film production lines.

The heavily-indebted solar developer has sold off six solar projects to a U.K.-Irish renewables investment fund for £34 million, ensuring it will be able to settle the most immediate of its reported $3.1 billion commitments.

Real estate and logistics company owner Cheung Shun Lee is making a third attempt to relist a company whose shares have been suspended for five-and-a-half years, and whose corporate history during that time reads like a soap opera.

Almost 5% of the Chinese solar glass manufacturer’s stock will be issued in a bid to generate $167 million towards the cost of two fabs planned in Guangxi next year. Xinyi also wants to expand its successful project development business.

It turns out the cash element of the HK$54.9 billion ‘cash and stock replacement’ plan to privatize Hanergy’s Hong Kong listed thin film division amounts to around HK$0. Thin Film shareholders face a Hobson’s Choice between a convoluted scheme laced with uncertainties or writing off their stock.

BloombergNEF figures show financial vehicles linked to environmental and/or social benefits amounted to $247bn worldwide in 2018. The US led the way, almost entirely because state-backed mortgage provider Fannie Mae issued $19.8bn worth of green home loans.

The Hong Kong-based thin film manufacturer’s parent company may not be able to deliver mammoth panel orders on time, but looks set to arrange a HK$5/share deal to take the troublesome unit back in house and list it on the A-share index, in a move which will come as a relief to shareholders stuck with its stock since May 2015.