Hong Kong securities regulator confirms Hanergy investigation

The Hong Kong Securities and Futures Commission has confirmed it is investigating Hanergy Thin Film Power Group, shares of which were suspended from trading on May 20 after prices plummeted 47% in the first 70 minutes of trading that day, South China Morning Post reported. The announcement came just hours after Hanergy Chairman Li Hejun dismissed the possibility of a probe as “purely rumor… impossible.” Li said he would be the first to know if the firm was under investigation, but that he had “no knowledge about that.” While media reports had long questioned the firm’s business model, they had little effect on its shares’ surge of 664% in the 12 months prior to suspension.