Hanergy is suspected of having inflated sales and profits via related party transactions with its Chinese parent between FY09 and FY14. Concurrently, the company's share price is alleged to have been manipulated upwards, rising by more than 4,000% between 2012 and its peak in 2015. After rumours that the SFC was investigating Hanergy for share price manipulation, the company's chairman and largest shareholder failed to attend an annual meeting in Hong Kong in May 2015, prompting a 45% share price collapse in just 24 minutes. At the request of the company, its shares were suspended but the SFC refused to allow trading to resume after Hanergy failed to supply it with requested documents relating to its parent's finances. Hanergy was acquired by its parent in June 2019 and its shares delisted. The SFC is seeking disqualification orders against the former Chairman, Li Hejun, and four independent non-executive directors.

Last updated September 2021

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