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2nd China solar -47% in Hong Kong
Hanergy Thin Film Plunges 47% in Hong Kong
One of the year's hottest stocks on the Hong Kong market, Hanergy Thin Film Power Group Ltd. , plunged nearly 50% in morning trading--wiping US$18.6 billion from its market value.
The Chinese solar-power company's share price had nearly tripled this year--after nearly quadrupling in 2014--at one point making its chairman, Li Hejun, China's richest man on paper.
But on Wednesday the stock opened lower and then took a sharp downturn on heavy volume. Trading in the stock was halted about an hour after the market opened, with the price down 47% at 3.91 Hong Kong dollars .
There no apparent immediate cause for the heavy selloff but it followed the overnight implosion of another Chinese solar company, Yingli Green Energy , whose share price fell 37% in Tuesday trading in New York . Yingling had said in a filing to the U.S. Securities and Exchange Commission Friday that "there is substantial doubt as to our ability to continue as a going concern."
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(END) Dow Jones Newswires
05-19-15 2352ET