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02

Troubled Hanergy’s Debt Web Snags State Banks to Shadow Lenders

By Tony Seruga

Hanergy Chairman Li Hejun. Source: ChinaFotoPress via Getty Images

One of the many mysteries behind the share price collapse of the solar panel maker controlled by Li Hejun is this: Which of the Chinese billionaire’s many creditors risk losing every yuan they put into his company?

A plethora of Chinese lenders are exposed to Hanergy Thin Film Power Group Ltd. and its parent company, including Industrial and Commercial Bank of China, which is owed tens of millions of dollars. On May 20, 47 percent of Hanergy Thin Film’s market value vanished in minutes and it’s now under probe by the Hong Kong Securities & Futures Commission…

Troubled Hanergy’s Debt Web Snags State Banks to Shadow Lenders

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