Hong Kong regulator orders Hanergy's stock to remain frozen
HONG KONG (AP) — Hong Kong's securities watchdog has taken the unusual step of ordering all stock trading in a Chinese solar panel maker that it's investigating to remain suspended.
Hanergy Thin Film Power Group said Wednesday that the Securities and Futures Commission directed Hong Kong's stock exchange to "suspend all dealings" in the shares.
Shares of Hanergy, owned by Chinese billionaire Li Hejun, had already been suspended since May 20 at the request of the company after the price plunged by half in less than an hour.
The crash came after the shares had more than doubled since the start of the year.
The regulator has issued such an order only a handful of times in recent years and the move could indicate its investigation is moving into a more serious phase.