CNN reported today that as Hanergy Thin Film’s stock collapsed last week, Li Hejun, the company’s CEO, was joking with listeners at a renewable energy conference. In the time it took him to give his presentation, his personal fortune had dropped by $15 billion, and his corporation lay in ruins.
|Empty Hanergy plant. photo:Bronte Capital|
The Hanergy crash was just one of several high profile Chinese solar companies that have made headlines recently…and not in a good way. Recently, in its annual filing with the U.S. Securities and Exchange Commission (SEC), Chinese solar PV manufacturer Yingli Green Energy Holding Co. Ltd. said, “There is substantial doubt as to our ability to continue as a going concern.” Shortly after the report, Yingli stock fell to an all-time low of $0.72 after closing at $1.49 the previous day.