China’s former richest man was banned from doing business in Hong Kong

Almaty. September 5. Silkroadnews – China’s former richest citizen was banned from doing business in Hong Kong, CNBC news portal reported.
“Chinese entrepreneur Li Hejun, who briefly held the title of China’s richest man, was just banned from Hong Kong’s business world. A Hong Kong court ruled to disqualify Li from being a director or being involved with the management of any Hong Kong listed or unlisted company for eight years”, report reads.
The court found Li Hejun guilty of incompetence and negligence during performance of the duties being a head of Hanergy Thin Film listed in Hong Kong. In addition, four independent non-executive directors were also suspended from the company for a period from three to four years for incompetence and “a marked indifference to their responsibilities”.
With this it was said there is no guarantee that Hanergy Thin Film would resume trading of its shares on the stock exchange.
Li is also the founder of Hanergy’s parent company, with both companies at the center of the scandal in May 2015, when a subsidiary in Hong Kong lost nearly half of its market value – around $40 billion – in less than 30 minutes. About a week later, the Securities and Futures Commission in Hong Kong launched an investigation and suspended the Hanergy Thin Film’s shares for an indefinite period of time.
Shares of Hanergy Thin Film soared more than 600% in 2015 before crashed. At its peak in April 2015, the company was valued at over $45 billion making Li the richest man in China. However, such rapid growth also aroused fears about market manipulation among investors and regulators.