Sunday, 30 August 2015

Hanergy report (3)

Comments of people should not be taken too serious if they are heavily vested.

From my previous posting on Hanergy, the suspended solar energy company:

[Chairman and majority shareholder] Li also told Xinhua that the company was putting on extra shifts at its plants. “We’re in big production. It’s very, very, very good. Hanergy is in the best shape since it started,” he said.

From Forbes: "Suspended Hanergy Thin Film's First-Half Profit Reverses To Loss"

Hanergy Thin Film Power, the Hong Kong-listed solar energy business whose shares have been suspended since May 20 when a plunge in their price wiped out $19 billion of market capitalization in minutes, yesterday posted a loss of HK$59.3 million, or $7.7 million, for the six months ended June 30.  That compares with net income of HK$1.7 billion a year earlier.

Hanergy said the loss resulted in part from the suspension and termination of a majority of connected transactions between Hanergy and its parent company and affiliates, following what the Beijing-headquartered company said on July 16 was an expression of concern by Hong Kong’s securities regulator about their “large number” and the “ongoing viability of the group and its financial dependence” on the parent.

That does not sound like "very, very, very good" .....

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