Two of Hong Kong’s best-performing stocks plunged more than 40 percent today, a day after the mysterious crash of almost 50 percent in Chinese solar firm Hanergy that saw almost USD20 billion (HKD155 billion) wiped off its market value.
Goldin Financial sank 43.34 percent to HKD17.48 and Goldin Properties crashed 40.91 percent to HKD14.36, after soaring more than 300 percent since the start of January, according to Bloomberg News.
The companies, which have interests ranging from property development in Hong Kong and China to vineyards in California and France are owned by Chinese tycoon Pan Sutong.
The dramatic sell-off came after a 47 percent dive in Beijing-based solar energy firm Hanergy Thin Film Power (HTF).
Trading in the firm was suspended after 24 minutes, but not before USD19 billion was struck off the firm’s value. The company said it would make an announcement containing “insider information” in the wake of the suspension although it has not yet done so.
HTF had surged more than sixfold in the past year, making it the world’s largest solar power company by market value, but prompting questions over its valuation and revenue sources.
When contacted by AFP, a spokeswoman for Hong Kong’s Securities and Futures Commission (SFC), the city’s market watchdog, refused to say whether it was under investigation.
“We cannot comment on individual cases,” the SFC spokeswoman said.
A public relations officer for Hanergy could not be reached for a comment on Thursday.
Words: AFP
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