The Hong Kong’s Securities and Futures Commission (SFC) sent out a short statement on May 28th, confirming that Hanergy Thin Film Power Group Limited is under formal investigation after its shares plummeted last week and trading was halted. The SFC had to make this clarification because of public interest in recent events and that “reports denying such measures have been taken.”
According to SFC rules, investigations into listed companies on the Hong Kong exchange are not normally made public. The reason to SFC’s public response on the affairs of Hanergy was because Li Hejun, chairman of Hanergy TF was cited in reports as denying rumours that the company was under investigation, noting he had not been informed of such actions.
Speculation has mounted over the reasons behind the almost 50% decline in Hanergy TF shares last week and role Hejun may have played, having been accused of short selling.
The company had issued only one brief statement regarding the halt in trading but has yet to provide investors with any insight into the events. The SFC said it would not make any further comments about the investigation into Hanergy TF.
Source: PVtech