Hanergy Thin Film Power Group Limited 漢能薄膜發電集團有限公司

The spectacular implosion of Dr. Cho's 'nefarious network'The Enigma Network
Bloomberg, 15-May-2019
Today is the 2nd anniversary of Webb-site's publication of the Enigma Network. So far, nobody has been charged with any offence, and no SFC action has been taken to bring in the liquidators to wind up any of the listed companies involved.
Orient Securities (HK) Ltd v Allan Sing Hock Seng
HK Court of First Instance, 31-Aug-2018
Mr Sing is declared bankrupt. He owes the broker HK$49m in margin loans, secured only on 400,000 Hanergy (0566) shares and 51m Tech Pro (3823) shares. Tech Pro was a bubble which we warned readers about on 24-Sep-2015; it reached a closing high of $2.75 on 3-May-2016 and burst on 28-Jul-2016. It was suspended at $0.068 on 9-Nov-2017.
Court disqualifies ex-Chairman and 4 current INEDs of Hanergy (0566)
SFC, 4-Sep-2017
SFC v Hanergy (0566) and certain directors
HK Court of First Instance, 4-Sep-2017
SFC seeks court orders against Hanergy (0566) directors
SFC, 23-Jan-2017
The SFC is going after the controlling shareholder Li Hejun and all 4 INEDs for turning a blind eye. The court can remove and disqualify INEDs, but of course, independent shareholders cannot, because in HK, "independent" directors are elected by controlling shareholders, making a mockery of the term.
Hanergy (0566) stake sale implies US$20bn in value wiped out
Bloomberg, 29-Dec-2015
Well that's a good end to the year. See our bubble warning of 31-Dec-2014. As the stock has been frozen for so long, perhaps they should rename it "Hanergy Thin Ice".
Hanergy (0566): termination of US$585m connected transactions
Company announcement, 15-Jun-2015
No reason is given for the termination just 6 weeks after contracts were signed. In between, the stock was suspended on 20-May-2015 and the SFC disclosed on 28-May that it is investigating the company's affairs. In the absence of any other reason, it is fair to assume that these events are related.
SFC statement on Hanergy (0566)
SFC, 28-May-2015
We note that this refers to an investigation "into the affairs of" Hanergy, not just into dealings in its shares. In our view the suspension of the stock is now likely to continue for quite a while.
Hanergy (0566): a complaint
Webb-site publishes a complaint we filed with SEHK and the SFC on 9-May-2015. (28-May-2015)
Concentration warning in Goldin Financial (0530)
SFC, 13-Mar-2015
This follows a complaint by Webb-site to the SFC on 26-Feb-2015. In our view, at HK$121bn, it is currently the second-biggest bubble in HK after the HK$275bn Hanergy (0566).
Some bubbles for New Year
With the exchange shut for 2014, we take a close look at two bubbles and the other listed companies surrounding them. (31-Dec-2014)
China Gogreen (0397) cuts security, slashes interest rate on loan to Hanergy Investment Ltd
Company announcement, 1-Apr-2013
Yes it is 1st April and they are not joking. At the time of drawdown the cover will be 110%, or conversely, a margin loan of 90.9% of the value of the shares, which are presumably shares in Hanergy Solar (0566).
China Gogreen (0397) grants HK$120m loan facility to Hanergy Investment Ltd
Company announcement, 26-Mar-2013
The 13-month loan facility at 18% p.a. is secured against shares held by Hanergy Investment Ltd, which is the controlling shareholder of Hanergy Solar (0566) and is controlled by Li Hejun.
China Gogreen (0397) sells all its shares in Apollo (0566), buys start-up money-lenderCircular
Company announcement, 25-Sep-2012
In an unrelated circular dated 31-Oct-2012, the vendor of the money-lender was disclosed as one Wu Mei Chu.
Comment: RBI Holdings open offer
Independent shareholders should vote against the open offer at the SGM on Thursday 4-Jun-09, and protect themsleves from 400% dilution. (29-May-2009)

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