Embattled PV thin film equipment and module producer Hanergy Thin Film Power Group (Hanergy TF) continues to have its stocks suspended from trading on the Hong Kong exchange since they collapsed in May 2015.
Li Hejun, chairman and majority shareholder in Hanergy TF called for the suspension to be lifted and blamed short sellers for the collapse in its share price that forced the company to ask for the trading in the stock to be halted and soon after resulted in the stock being suspended, according to the transcript of a speech posted on Hanergy Holdings website that was made to employees on the occasion of Hanergy Holdings anniversary.
Hanergy TF’s stock crashed on the back of rumours that one of its new customers for an a-Si thin-film turnkey factory had pulled out of the deal, which subsequently was confirmed by the company.
However, aside from the lengthy rant blaming short sellers and the media for everything that has gone bad for the company, Hejun’s comments on the stock suspension suggest that the request to comply with Hong Kong exchange authorities regarding financial statements on the privately held Hanergy Holding company remains a major stumbling block that seems not to be moving forward to any form of resolution.
Hanergy TF has been forced into restructuring its operations with the loss of around 2,000 jobs, 37% of its workforce as it cancelled major orders with its parent company in the wake of the investigation.