Subscribe to our free daily newsletters
  Solar Energy News  

Subscribe to our free daily newsletters

Boss of China solar firm Hanergy steps down after losing billions
by Staff Writers
Shanghai (AFP) May 23, 2016

The controversial boss of Chinese solar energy firm Hanergy Thin Film Power Group -- once listed as China's richest man -- has stepped down as chairman and executive director, the company said, almost a year after its shares imploded.

Li Hejun stepped down from Friday "for the reason of strengthening corporate governance", Hanergy said in a statement to the Hong Kong stock exchange, where its shares have been suspended since May last year after plunging 47 percent in less than half an hour, wiping $19 billion off its market capitalisation.

The territory's securities regulators also announced a probe into the company.

Hanergy had captured the attention of investors after growing more than sixfold to became the world's largest solar power company by market value before the collapse, amid questions over the firm's share price and revenue sources.

The meteoric rise in share price once gave Li the title of China's richest man, according to one wealth survey, but he has since fallen well down the rankings and regulatory filings showed he later sold some of his shares at a 95 percent discount.

He remains the chairman and chief executive officer of parent company Hanergy Holding Group, according to the parent.

The statement said there were no matters relating to Li's resignation that needed to be brought to the attention of the stock exchange or shareholders.

Hong Kong's Securities and Futures Commission has yet to make a public announcement about its investigation, almost a year after it started.

Two other executive directors of Hanergy Thin Film also stepped down, according to the latest statement, with Yuan Yabin, a deputy general director of the parent taking over as chairman and an executive director of the listed unit.

The collapse of Hanergy and some other top-performing stocks on the Hong Kong stock market prompted critics to question the oversight of regulators.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
All About Solar Energy at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Previous Report
New technique could make large, flexible solar panels more feasible
University Park PA (SPX) May 19, 2016
A new, high-pressure technique may allow the production of huge sheets of thin-film silicon semiconductors at low temperatures in simple reactors at a fraction of the size and cost of current technology. A paper describing the research by scientists at Penn State University publishes on May 13, 2016, in the journal Advanced Materials. "We have developed a new, high-pressure, plasma-free ap ... read more

Alkol Biotech sells large batch of sugarcane bagasse for 2G ethanol testing

Industry Weighs in on Green Aviation Tech

Berkeley Lab scientists brew jet fuel in 1-pot recipe

UNT researchers discover potential new paths for plant-based bioproducts

Robots get creative to cut through clutter

Hybrid hydrostatic transmission enables robots with human-like grace and precision

Artificial intelligence replaces physicists

China's Midea makes takeover offer for German robotics firm

Argonne coating shows surprising potential to improve reliability in wind power

SeaPlanner is Awarded Contract for Rampion Offshore Wind Farm

British share of renewables setting records

DNV GL-led project gives green light for wind-powered oil recovery

Ex-Googlers rev up plan for self-driving trucks

Waze squeezes into Uber's lane with carpool feature

Tesla raising cash to fund accelerated production

Innovative traffic interchanges help drivers avoid crashes, save lives

Technique improves the efficacy of fuel cells

Enhancing lab-on-a-chip peristalsis with electro-osmosis

Researchers integrate diamond/boron layers for high-power devices

Speedy ion conduction clears road for advanced energy devices

Delay to NuGen nuclear power plant in England

Hollande renews support for EDF nuclear project in Britain

Rosatom Ready to Start on Iran's New Nuclear Reactors

AREVA awarded decontamination contract for Grafenrheinfeld Power Plant

Changing the world, 1 fridge at a time

Could off-grid electricity systems accelerate energy access

EU court overturns carbon market free quotas

Global leaders agree to set price on carbon pollution

US must step-up forest pest prevention

Californian sudden oak death epidemic 'unstoppable'

Amazon rainforest responds quickly to extreme climate events

Old-growth forests may provide buffer against rising temperatures

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement