Further adding to its woes, struggling Hong Kong PV manufacturer Hanergy Thin Film Power is to be dropped from investment indexes compiled by MSCI.
Announced yesterday by US-based MSCI, which provides ressearch-driven tools for institutional investors, removal of Hanergy TF from its indexes will be effective from 1 September and is a result of the company having ceased trading on the Hong Kong exchange since May.
Trading of Hanergy shares was suspended after its stock plunged almost 50% in one day.
The event triggered an investigation by watchdog Hong Kong Securities and Futures Commission, which later took the unusual step of issuing a note that it had formally ordered the suspension of Hanergy from trading while it probes the company’s affairs.
Hanergy has been removed from a number of other indexes now as result of its trading inactivity, including FTSE China 50 index.
Earlier this month the company issued a profit warning for the second quarter of the year as a result of lost orders stemming from its financial troubles.