With 30% of the 'money' in Chinese stocks officially 'dumb money' and leverage of epic proportions, it is hardly surprising that the wealthiest of wealthy are - allegedly - taking advantage. As the broad Chinese stock market has surged, Hanergy Holding Group - the world's largest solar power company - has seen its stock price triple in a few months with late-day surges driving a lot of the gains. Amid accusations from the industry, Hanergy's chairman, Li Hejun - among China's wealthiest - has denied manipulation of its stock price, suggesting the public's recognition of the thin-film power generation's prospect is the reason... sure...
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As Xinhua reports,
Li Hejun, chairman of the Hanergy Holding Group Ltd., the world's largest solar power company in market value, denied manipulation of its stock price that tripled within four months on the Hong Kong Stock Exchange when speaking to Xinhua on Thursday.
Since the end of November, the stock price of the Hanergy Thin Film Power Group, the listed arm of Hanergy Holding Group Ltd, nearly tripled within four months and its market value reached about 300 billion Hong Kong dollars (38.7 billion U.S. dollars), making Li the richest man in China.
The drastic surge in its share price has been questioned by some institutions.
"The last-10-minute surges were only reported in ten out of the more than 200 trading days in the past year," said Li.
"Controlling shareholders' intentional manipulation of the stock prices did not exist," said Li.
Li said transactions between the Hanergy Thin Film Power Group and its parent company were all approved by the Hong Kong Stock Exchange.
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Li said the public's recognition of the thin-film power generation's prospect contributed to the high market value of the Hanergy Thin Film Power Group.
It's only manipulation if it's not the oligarchs doing it...
By Zerohedge
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