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China's richest man, Li Hejun, is having a really bad week.
China's Hanergy Thin Film Power Group is under investigation by Hong Kong's market watchdog, a source told Reuters just hours after the company lost half its market value of nearly $40 billion in 24 minutes on Wednesday.
Before the stock plunge, Hanergy had seen its value climb five-fold since September. At its share price peak in March it was worth $48 billion, more than its nearest two dozen rivals combined and making Li one of China's richest men - even as analysts and market watchers questioned the validity of some of its bullish proclamations.
Trade in the stock was suspended after the plunge, which left analysts just as puzzled about the sudden drop as they had been about a long run-up in the share price of the company, which manufactures solar panel-making equipment.
A source familiar with the situation later said Hanergy had been under investigation for several weeks by Hong Kong's Securities and Futures Commission (SFC) for alleged market manipulation.
A spokesman for the SFC declined to comment, and Hanergy officials were not available to comment when called at their Beijing offices.
The company, controlled by founder Li Hejun, said in a statement that trade had been suspended "pending release of an announcement containing inside information".
The stock's precipitous tumble came shortly after the beginning of the company's annual general meeting in Hong Kong. Li did not attend the meeting, and the company's chief executive declined to comment on the share price plunge, according to local online media reports.
