Li Hejun began the day as China’s second-richest man with a fortune worth more than $30 billion, according to a Forbes estimate. By 11 a.m., he was almost $14 billion poorer.
Shares in Li’s flagship Hanergy Thin Film plunged by 47% in Hong Kong before trading was suspended at the request of the Hong Kong Stock Exchange. Li’s absence at the company’s annual meeting in the former British colony this morning was behind the decline in prices, according to some reports, but there was no reason given by the company for the drop. Hanergy said in a statement it would make an announcement containing inside information later today. Hanergy’s shares dropped after a 37% decline in shares of New York-traded China solar panel supplier Yingli last night on worries about its debt.
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