China's richest man denies manipulation of stock price

Chinese investors look at prices of shares (red for price rising and green for price falling) at a stock brokerage house in Hangzhou city, East China's Zhejiang province, March 30, 2015. [Photo/IC]

BEIJING - Li Hejun, chairman of the Hanergy Holding Group Ltd., the world's largest solar power company in market value, denied manipulation of its stock price that tripled within four months on the Hong Kong Stock Exchange when speaking to Xinhua on Thursday.

Since the end of November, the stock price of the Hanergy Thin Film Power Group, the listed arm of Hanergy Holding Group Ltd, nearly tripled within four months and its market value reached about 300 billion Hong Kong dollars ($38.7 billion), making Li the richest man in China.

The drastic surge in its share price has been questioned by institutions including the Hong Kong Stock Exchange who asked the company to explain the record turnover in early March.

"The last-10-minute surges were only reported in ten out of the more than 200 trading days in the past year," said Li.

"Controlling shareholders' intentional manipulation of the stock prices did not exist," said Li.

Li said transactions between the Hanergy Thin Film Power Group and its parent company were all approved by the Hong Kong Stock Exchange.

Li said the public's recognition of the thin-film power generation's prospect contributed to the high market value of the Hanergy Thin Film Power Group.