Hanergy founder gets eight-year ban from Hong Kong finance authorities

Facebook
Twitter
LinkedIn
Reddit
Email
Credit: Hanergy.

Li Hejun, the founder of thin-film solar company Hanergy, has been banned from holding a directorship in Hong Kong for eight years.

The Securities and Futures Commission (SFC) has been investigating the company since May 2015. A series of deals between Hanergy subsidiaries saw the firm’s market value sky rocket, briefly making its founder the world’s richest man. The vast majority of tool orders for the manufacture of Hanergy thin film modules never came to pass.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Shares in Hanergy were suspended in July 2015 and the SFC has said that trading may never resume.

Li was disqualified from being a director or being involved in the management of any listed or unlisted corporation in Hong Kong after the SFC gained a court order.

The ban was largely expected after proceedings were extended into the civil court system in January.

Two other independent non-executive directors of Hanergy Thin Film, Xu Zheng and Wang Wenjing received bans of three years while Zhao Lan and Wang Tongbo were banned for four.

“Listed company directors should always put the company’s interests first. In this case, these directors flouted their responsibilities by putting the interests of connected parties before that of the listed company. The SFC will continue to take action to hold listed company directors accountable for corporate misconduct,” said Thomas Atkinson, executive director of Enforcement at the SFC.

A statement released by the SFC said: “The Court held that Li’s breaches were not the result of incompetence or negligence only, as there was a clear conflict of interests situation and Li plainly preferred the interests of Hanergy Holding and affiliates to that of Hanergy. He also failed to exercise reasonable care and diligence in connection with an undisclosed loan of RMB900 million provided by a Mainland subsidiary of Hanergy to Hanergy Holding in March 2014. Hanergy failed to disclose the loan to its shareholders and to seek their approval in accordance with the Listing Rules.”

10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).
October 3, 2025
Chinese government policies and supply-side production cuts will drive a significant increase in solar and storage component costs.
September 30, 2025
Chinese solar firm SoleFiori (Hongjun New Energy) has signed an agreement with the Saudi Arabian government to build a 6GW heterojunction technology (HJT) module production facility in the country.
September 26, 2025
Chinese president Xi Jinping has unveiled a new climate target for China at the United Nations Climate Change Summit, which aims to cut by 7-10% China's peak greenhouse gas emissions by 2035.
Sponsored
September 26, 2025
Over the past three years, Tongwei has made a remarkable leap in the solar sector, shipping over 100GW of modules at record-breaking speed.
September 23, 2025
JinkoSolar and LONGi Green Energy have agreed to terminate ongoing patent lawsuits, and enter into a 'cross-licensing agreement'/

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland