The Hong Kong stock exchange has asked Chinese thin-film manufacturer Hanergy to explain the reason behind the recent surge in the price of its shares and a record volume of trading.
In a filing, requested by the HK exchange, Hanergy said it was not aware of any reasons beyond a positive profit alert issued on 3 March. It said that the directors “are not aware of any reasons for these prices and volume movements or of any information which must be announced to avoid a false market in the Company’s securities or of any inside information that needs to be disclosed”.
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New of the request caused shares to fall almost 7% at the time of press.
Since early December 2014 the company’s shares have more than tripled in value. The scale of the increase is such that Hanergy Holdings chairman, Li Hejun, became China’s richest person as a result.
Hanergy thin-film’s equipment manufacturing subsidiary Fujian Apollo won a US$660 million order from Shangdong Macrolink New Resources Technology last month. The module making division also revealed orders totalling 1.5GW for the group’s downstream solar business between 2015 and 2017.
In addition to the scrutiny the company is now under from the Hong Kong stock exchange, Hanergy is also attracting growing media attention, with leading outlets the Financial Times and Wall Street Journal both recently seeking to unravel its complex operations.
