Hanergy Thin Film, the Chinese solar company whose surging value turned its owner into China’s richest man, has warned it could post a loss for the first half of the year.

中国太阳能企业汉能薄膜(HTF)警告说，今年上半年公司或录得亏损。此前，汉能薄膜股价的暴涨曾令该公司所有者成为中国首富。

Having grown at breakneck speed to become the world’s most valuable solar group. HTF shares have been suspended since spectacularly collapsing in May, when more than half of the company’s near $40bn market value was lost in less than an hour of trading.

汉能薄膜曾在很短的时间内成长为全球市值最高的太阳能集团。今年5月，汉能薄膜的股价遭遇一场引人注目的崩盘，在不到一小时的交易时间内，该公司近400亿美元的市值蒸发了一半以上。自那以来，该公司股票一直处于停牌状态。

HTF, listed in Hong Kong, said on Sunday that due to it suspending contracts with its mainland Chinese parent company it would suffer a drop in income from these deals of 90 per cent to HK$200m (US$26m), potentially leading to a loss.

上周日，在香港上市的汉能薄膜表示，由于它中止了与内地母公司的合同，它在这些交易上的收入将减少90%，降至2亿港元（合2600万美元），最终可能导致亏损。

The admission by HTF marks a brutal reversal for its majority owner Li Hejun, who in less than two years has leapfrogged entrepreneurs such as Alibaba’s Jack Ma to the top of China’s rich lists.

汉能薄膜这一表态，标志着其大股东李河君命运的残酷逆转。此前，李河君曾在不到两年时间内，超越包括阿里巴巴(Alibaba)的马云在内的企业家，在中国富豪榜上登顶。

HTF is currently under investigation by Hong Kong’s stock market regulator, which has ordered its shares to remain suspended.

目前，汉能薄膜正在接受香港股市监管机构的调查。按照香港股市监管机构的要求，该公司股票一直处于停牌状态。

In January the Financial Times published an investigation into Hanergy’s business model, which showed how almost all of HTF’s HK$14.8bn in reported revenue since 2010 was from sales of equipment to its parent.

今年1月，英国《金融时报》发布了一份对汉能商业模式的调查报告。报告显示，汉能薄膜自2010年以来报告的148亿港元收入，几乎全部来自对其母公司的设备销售。

Having reported surging profits at a time when its rivals were struggling to make money, large amounts of HTF’s sales to its parent group were booked as receivables rather than being fully paid. Hanergy has unwound several of those contracts since trading in its shares was suspended.

在汉能薄膜的竞争对手几乎很难盈利之际，该公司却录得盈利激增。当时，汉能薄膜对其母公司的大量销售收入被计为应收账款，而不是已全额支付的款项。自股票被停牌以来，汉能薄膜已解除了多项此类合同。

The stock has come to symbolise the debt-funded excesses of the mainland Chinese stock exchange, with the company’s complex structure and its related party transactions highlighting the risks such tightly controlled companies pose to investors.

汉能薄膜已尝试使股票复牌，却遭到香港监管机构的拒绝，后者要求汉能薄膜提供更多有关其母公司财务健康状况的文件。7月16日，在李河君签署的一份声明中，汉能薄膜表示，自己无法从李河君处获得此类文件。