Chinese businessman loses billions in an hour

Chinese businessman loses billions in an hour

Chinese businessman loses billions in an hour

Written by Tharushan Fernando

22 May, 2015 | 7:55 pm

Chairman of solar panel firm Hanergy, Li Hejun lost $15 Billion on Wednesday, when company shares plummeted in value by 47% in Hong-Kong Trading, within the time-span of an hour. The company saw a total of $18.6 billion wiped off its market value.

Chairman Li Hejun, was at a clean energy exhibition in Beijing, when the company’s shares started plummeting.

The sudden fall has given rise to a trend, as a similar decline was seen in Goldin Financial Holdings Ltd., a broker that provides short-term corporate financing to firms fell by 43% and Goldin Properties Holdings Ltd., fell by 41%,. Like Hanergy, both companies were listed in Hong Kong and saw a sudden rise in value earlier this year.

According to Forbes, Li has a net worth of $32.7 billion, as of April 2015 and according to the Hurun Report, Li is he is the richest man in China, and 28th richest in the world.

 

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