The founder and chairman of Hanergy Thin Film, who became one of China’s richest men on paper before shares in his solar power group plunged in May, has sold a 6 per cent stake in the company at a 95 per cent discount to the last traded price.

汉能薄膜发电(Hanergy Thin Film)创始人兼董事长李河君已出售该公司6%的股份，成交价相对于停牌前价格折让95%。李河君一度是账面上的中国首富，但今年5月他持股的这家太阳能公司的股价出现了暴跌。

Li Hejun agreed to sell the Hong Kong-listed shares for Rmb0.18 (US$0.03) each, according to regulatory filings, reducing his ownership to 74.75 per cent of the troubled company.

该公司提交给监管机构的文件显示，李河君同意以每股0.18元人民币（合0.03美元）的价格出售所持汉能薄膜发电股份，他在这家陷入困境的公司的持股比例因此降至74.75%。

That transaction would give the company an equity valuation of US$1.16bn, far below the $21bn market capitalisation when trading in its shares was suspended in May after they sank 47 per cent in one day.

这笔交易对汉能薄膜发电的股本估值将为11.6亿美元，远低于该公司5月份停牌时210亿美元的市值。停牌之前，汉能薄膜发电的股价曾在一日内暴跌47%。

Hong Kong’s Securities and Futures Commission is investigating the nature of HTF’s financial ties to Hanergy Group, its privately held parent company, which accounted for the majority of the subsidiary’s sales.

香港证监会(SFC)正就汉能薄膜发电与其私人控股的母公司汉能集团(Hanergy Group)之间财务关系的性质进行调查。汉能薄膜发电的大部分销售额都来自对汉能集团的销售。

This year the Financial Times ran a series of articles about Hanergy Group and HTF, raising questions over their business model and the manner in which the latter’s share price had surged in value — which briefly propelled Mr Li to the top of the China rich list compiled by Hurun.

英国《金融时报》今年发表了一系列关于汉能集团和汉能薄膜发电的报道，对它们的商业模式和后者股价飙升的模式提出了质疑。在汉能薄膜发电股价飙升的推动下，李河君曾短暂登顶胡润(Hurun)中国百富榜。

The company’s rapid rise and fall came to symbolise the turbulent nature of the country’s stock market this year and has underlined the challenges of investing in Chinese companies, where ownership structures are often complex and disclosure standards lacking.

汉能薄膜发电股价的迅速攀升与跌落，象征着今年中国股市的动荡本质，凸显出投资中国企业面临的挑战。这些企业的所有权结构往往很复杂，而且信息披露不达标。

In a speech to staff in September, Mr Li blamed short sellers for the “disaster” that has befallen HTF, which at its peak was worth almost $40bn.

李河君在今年9月对员工发表的一次讲话中，指责做空者要对汉能薄膜发电遭受的这场“灾难”负责。该公司在巅峰期时市值将近400亿美元。

“The suspension has been a disaster, for the listed companies, the parent group, for small and medium investors as well as for myself,” he said. “The only winners are the short-selling institutions and short traders who made great profit.”

李河君说：“汉能停牌，无论是对上市公司、控股集团，对广大中小投资者还是我本人来说，都是一场灾难，唯一的赢家就是获得巨大利益的做空机构和做空交易者。”

HTF swung to a net loss for the first half of the year. It has lost a residential solar power contract with Ikea and scrapped a $585m deal between a subsidiary and its mainland parent.

今年上半年汉能薄膜发电转向净亏损，不但丢掉了与宜家(Ikea)达成的住宅用太阳能合同，还取消了其子公司与其内地母公司之间的一笔5.85亿美元的交易。

The company last week said its financial controller, Li Guangmin, had resigned.

汉能薄膜发电上周表示，其财务总监李广民已经辞职。

A unit of the listed company is also facing legal action in a dispute over HK$1.7m ($223,000) in office rent and management fees in Hong Kong.

汉能薄膜发电亚太有限公司还因一宗在香港的170万港元（合22.3万美元）办公室租金与管理费纠纷而面临官司。