Wikipedia
Hanergy is a privately held Chinese multinational renewable energy company founded in 1994 by Li Hejun, headquartered in Beijing. It is active in solar, wind and hydropower generation. According to its own company literature, it is the world's largest thin-film solar power company. The chairman and CEO is Li Hejun, previously ranked by Forbes magazine as the richest man in China until a plummeting stock price and subsequent regulatory investigation wiped billions of dollars off his net worth. Hanergy was ranked No. 23 in the 2014 list of 50 Smartest Companies by MIT Technology Review, noting "the Chinese energy company is snapping up advanced solar technologies at fire-sale prices." The company has since become infamous globally for its shocking stock implosion and subsequent unraveling, drawing comparison from some observers to the scandalous U.S. energy firm Enron.
On May 20, 2015, the firm's Thin Film shares were suspended after crashing by 47%. On May 28, Hong Kong's market regulatory body, the Securities and Futures Commission (SFC) took the unusual step of publicly announcing an investigation into the company, after Hanergy Chairman Li Hejun vehemently denied the possibility in an interview aired by state-broadcaster Xinhua. Following this, on July 15, 2015, the SFC ordered suspension of all Hanergy shares, a move that prevented the firm from relisting on its own will. This announcement was promptly followed by Hanergy's own statement, saying that the SFC's requests for information about the financial viability of its unlisted parent company and the private loans of its largest shareholder, Li Hejun, were unreasonable and outside its powers to obtain. It stated it would appeal the decision and take legal action if necessary.