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Shanghai / AFP
The controversial boss of Chinese solar energy firm Hanergy Thin Film Power Group has stepped down as chairman and executive director, the company said, almost a year after its shares imploded.
Li Hejun stepped down “for the reason of strengthening corporate governance”, Hanergy said in a statement to the Hong Kong stock exchange, where its shares have been suspended since May last year after plunging 47% in less than half an hour, wiping $19bn off its market capitalisation.
The territory’s securities regulators also announced a probe into the company.
Hanergy had captured the attention of investors after growing more than sixfold to became the world’s largest solar power company by market value before the collapse, amid questions over the firm’s share price and revenue sources.