In a short statement Hong Kong’s Securities and Futures Commission (SFC) has confirmed that Hanergy Thin Film Power Group is under formal investigation after its shares plummeted last week and trading was halted.
The SFC said that due to public interest in recent events and due to “reports denying such measures have been taken,” the SFC was making it public that an investigation was underway and ongoing.
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According to SFC rules, investigations into listed companies on the Hong Kong exchange are not normally made public.
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, triggering the public response from the SFC.
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.