Shares in Chinese solar maker plunge
BEIJING (AP) — The share price of a leading Chinese solar panel maker has plunged by almost half and a second company warned it might face trouble repaying its debts.
Hong Kong-traded shares of Hanergy Thin Film Power Group Ltd., a unit of Beijing-based Hanergy Holding Group, fell 47 percent on Wednesday. Trading was halted but the company made no immediate public comment.
Hanergy had been a success story in a Chinese solar industry battered by price-cutting wars and financial problems. Its share price had more than doubled since February.
Also this week, a second solar panel maker, Yingli Green Energy Holding Co., said in a filing with U.S. securities regulators that it cannot assure investors the business will generate enough cash flow to pay its debts and support operations.