The Beijing-based parent of Hanergy Thin Film Power (HTF) sold stock in the firm to employees just days before the firm’s Hong Kong-listed shares fell in value by 47%, Reuters reported, citing an internal email to staff at Hanergy Holding Group. The May 19 email said there had been an “overwhelming response” since a purchase plan offering employees a 15% discount on the stock had begun on May 8, by which point HTF had been under investigation by the Securities and Futures Commission of Hong Kong for at least two months for alleged market manipulation, according to an unnamed source.
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