Li Hejun began the day as either China’s second-richest man according
to Forbes, or richest, according to the Hurun Report (China's version
of the Forbes rich list) and Le Figaro, with a fortune worth more than
$30 billion. By 11am, his net worth was amazingly cut by half, and he
was almost $14 billion "poorer" as shares in Li’s flagship
Hanergy Thin Film plunged by 47% in Hong Kong before trading was suspended - due to Li's absence at the company's annual meeting.
While
four months of supercharged stock gains were eviscerated in minutes, it
was not a surprise to everyone, as one analysts called
Hanergy "a disaster waiting to happen," noting that the company is working with “unproven” technology and has disclosed few details about the work that underpins its valuation.
It was all going so well, and then...
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