A tough 60 minutes!
China's richest man, Li Hejun, is having a really bad week.
CNN Money reports that Li, chairman of Hong Kong-listed Hanergy, lost $15bn on Wednesday when shares of his solar panel firm plummeted 47% in Hong Kong trading - in about an hour. The company itself lost $18.6bn in market value.
Trading of the stock was halted as of 10:40 a.m., 'pending release of an announcement containing inside information'. Li, who owns just over 80% of Hanergy, also failed to show up for the company's annual shareholder meeting on Wednesday in Hong Kong, which started as shares were plunging. Li was instead at the opening of Hanergy's clean energy exhibition in Beijing, said a company spokesperson.
Investors, regulators and analysts have for months scrutinized Hanergy's rapid share rise, and how the company was turning a profit, highlighting the risks of investing in emerging markets.
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