Chinese solar equipment firm Hanergy (0566.HKG) doesn’t know why its shares have climbed 62% this week, ending Thursday trading at HK$7.30 (US$0.94), up from just HK$1.18 a year ago, The Wall Street Journal reported, citing an exchange filing from the company. Stock in the company rallied as much as 42% Thursday, briefly making founder Li Hejun richer — at least on paper — than Li Ka-shing or Mark Zuckerberg. “Everybody–from investors to journalists to industry participants–seems to agree that the stock is wildly overvalued,” said CLSA analysts Charles Yonts and Jonny Lau in a report published last Friday.
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