Hanergy: Difference between revisions
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{{Infobox |
{{Infobox |
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|name = Hanergy Holding Group Ltd. |
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|native_name = 汉能控股集团有限公司 |
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|logo = [[File:Hanergy-Logo 2.png|250px]] |
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|type = [[Privately held company|Private]] |
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|image = |
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|image_caption = |
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|traded_as = |
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|foundation = 1994 (Beijing) |
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|founder = |
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|location = [[Chaoyang District (Beijing)|Chaoyang District]], [[Beijing]], [[China]] |
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|area_served = |
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|industry = [[Clean energy]] |
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|products = [[Hydropower]], [[wind power]], [[thin-film solar cell|thin-film solar power]]<ref name=prof>{{cite web|title=About Us|url=http://www.hanergy.com/en/about/about_intro.html|website=Official website of Hanergy Holding Group Ltd.|accessdate=21 February 2015}}</ref> |
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|key_people = [[Li Hejun]]<br />{{small| (Chairman and [[CEO]])}} |
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|revenue = |
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|operating_income = |
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|net_income = |
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|assets = |
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|equity = |
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|num_employees = 10,000+ |
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|homepage = {{URL|http://www.hanergy.com/en}} |
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|subsid = [[Hanergy Thin Film Power Group Limited]]<br>[[Miasolé]]<br>[[Solibro]]<br>[[Global Solar Energy]]<br>[[Alta Devices]] |
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|divisions=China, Americas, Europe, Middle East, Asia-Pacific, Africa<ref name=prof /> |
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}} |
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'''Hanergy''' is a privately held Chinese multinational [[renewable energy]] company founded in 1994 by [[Li Hejun]], headquartered in [[Beijing]]. It is active in solar, wind and hydropower generation. According to its own company literature, it is the world's largest [[thin-film solar cell|thin-film solar power]] company.<ref name=prof /> The chairman and CEO is [[Li Hejun]], previously ranked by Forbes magazine as the richest man in China until a plummeting stock price and subsequent regulatory investigation wiped billions of dollars off his net worth.<ref name=Businessweek>{{cite web|title=Hanergy Holdings Group Company Ltd.|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=40090599|website=Businessweek|accessdate=2 January 2015}}</ref><ref>{{cite web|url=http://www.cnbc.com/2015/05/21/chinas-richest-man-loses-15-billion.html|title=China's Richest Man Loses 15 Billion|author=Robert Frank|work=CNBC}}</ref> Hanergy was ranked No. 23 in the 2014 list of 50 Smartest Companies by ''[[MIT Technology Review]]'', noting "the Chinese energy company is snapping up advanced solar technologies at fire-sale prices."<ref>{{cite web|title=50 Smartest Companies 2014|url=http://www2.technologyreview.com/tr50/2014/|website=MIT Technology Review|accessdate=18 February 2015}}</ref> The company has since become infamous globally for its shocking stock implosion and subsequent unraveling, drawing comparison from some observers to the scandalous U.S. energy firm [[Enron]].<ref>{{cite web|title=China's Richest man Might Have Been Running a Massive Fraud|url=https://www.washingtonpost.com/news/wonk/wp/2015/05/27/chinas-richest-man-might-have-been-running-a-massive-fraud/|website=Washington Post|accessdate=20 November 2015}}</ref> |
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On May 20, 2015, the firm's Thin Film shares were suspended after crashing by 47%.<ref>{{cite web|url=http://www.forbes.com/sites/nathanvardi/2015/05/19/hanergy-shares-suspended-after-crashing-by-47/|title=Hanergy Thin Film Shares Suspended After Crashing By 47%|author=Nathan Vardi|work=Forbes}}</ref><ref>{{cite web|url=http://www.smh.com.au/business/the-24minute-24b-wipeout-that-halved-chinese-billionaires-fortune-20150520-gh69x1.html|title=The 24-minute, $24b wipeout that halved Chinese billionaire's fortune|work=The Sydney Morning Herald}}</ref> On May 28, Hong Kong's market regulatory body, the [[Securities and Futures Commission]] (SFC) took the unusual step of publicly announcing an investigation into the company, after Hanergy Chairman Li Hejun vehemently denied the possibility in an interview aired by state-broadcaster [[Xinhua]].<ref>{{cite web|url= http://www.wsj.com/articles/hong-kong-regulator-investigating-hanergy-1432789280|title=Hong Kong Regulators Investigating Hanergy Thin Film Power|author=Jacky Wong, James T. Areddy|work=WSJ}}</ref> Following this, on July 15, 2015, the SFC ordered suspension of all Hanergy shares, a move that prevented the firm from relisting on its own will.<ref>{{cite web|url= http://www.bloomberg.com/news/articles/2015-07-15/hong-kong-regulator-orders-suspension-of-all-hanergy-trading|title=Hong Kong regulator orders suspension of all hanergy shares|work=Bloomberg}}</ref> This announcement was promptly followed by Hanergy's own statement, saying that the SFC's requests for information about the financial viability of its unlisted parent company and the private loans of its largest shareholder, Li Hejun, were unreasonable and outside its powers to obtain. It stated it would appeal the decision and take legal action if necessary.<ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/83bf6404-2bc9-11e5-8613-e7aedbb7bdb7.html#axzz3hMAyvAPl|title=Hanergy thin film threatens HK regulator with legal action|author=Lucy Hornby, Cynthia O'Murcho |work=FT}}</ref><ref>{{cite web|url=http://www.wsj.com/articles/hanergy-thin-film-says-it-cant-produce-documents-for-regulatory-probe-1437057479|title=Hanergy thin film says it can't produce documents for regulatory probe|author=Wayne Ma |work=WSJ}}</ref> |
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==History== |
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After its founding and successful foray into hydropower, Hanergy entered the thin-film solar industry in 2009. In 2012, Hanergy acquired US-based [[Miasolé]] for a reported $30 million.<ref name=Greentech>{{cite news|last1=Wesoff|first1=Eric|title=Update: MiaSole Sold to China’s Hanergy for $30 Million|url=https://www.greentechmedia.com/articles/read/MiaSol-Sold-to-Chinas-Hanergy-For-30-Million|accessdate=2 January 2015|work=Greentech|date=29 September 2012}}</ref> In 2012, Hanergy acquired Germany-based [[Q-Cells]] subsidiary '''Solibro'''. The [[Copper indium gallium selenide solar cells]] manufacturer supplies small-scale rooftop [[PV system]]s, or "residential kits" that were sold by IKEA in the Netherlands, Switzerland and in the United Kingdom.<ref>{{cite web|title=About Us|url=http://solibro-solar.com/en/company/about-us/|website=Official website of Solibro|accessdate=7 July 2015}}</ref> However, on November 1, 2015, IKEA announced that it would no longer be partnering with Hanergy on the project, dealing a blow to the firm's global ambitions.<ref>{{cite web|title=Hanergy Loses Contract to Distribute Solar Systems through IKEA|url=http://www.bloomberg.com/news/articles/2015-11-02/hanergy-loses-contract-to-distribute-solar-systems-through-ikea|website=Bloomberg|accessdate=20 November 2015}}</ref> |
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In 2013, Hanergy acquired US-based [[Global Solar Energy]].<ref name=GS>{{cite news|title=Hanergy Acquires Global Solar Energy|url=http://www.globalsolar.com/company/media/global-solar-hanergy/|accessdate=2 January 2015|work=Global Solar|date=25 July 2013}}</ref> In 2014, Hanergy acquired US-based "Alta Devices".<ref name=AD>{{cite news|title=Hanergy Completes Acquisition of Alta Devices|url=http://www.altadevices.com/pr-2014-08-13.php|accessdate=21 January 2015|work=Alta Devices|date=13 August 2014}}</ref> |
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In late August 2015, the company announced that it would restructure and cut one-third of its work force,<ref name=WSJ>{{cite news|title=Hanergy Thin Film to Cut Workforce by More than a Third in Restructing|url=http://www.wsj.com/articles/hanergy-thin-film-to-cut-workforce-by-more-than-a-third-in-restructuring-1440782801|accessdate=20 November 2015|work=Wall Street Journal|date=30 August 2015}}</ref> and in a Sep. 2015 speech commemorating the 21st anniversary of Hanergy, Li Hejun reportedly said the stock implosion and trading halt had caused him "huge" personal loss, and accused "short sellers" as being the only ones with anything to gain from the dilemma. Despite this, he encouraged employees and partners to have continued faith in Hanergy.<ref name=Bloomberg>{{cite news|title=Hanergy Chairman Laments Huge Financial Loss from Trading Halt|url=http://www.bloomberg.com/news/articles/2015-09-30/hanergy-chairman-laments-huge-financial-loss-from-trading-halt|accessdate=20 November 2015|work=Bloomberg|date=30 Sep 2015}}</ref> |
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In its 2015 annual report made public on March 31, 2016,<ref name="HTF 2015 Annual Report">{{cite news|title=Hanergy Thin Film 2015 Announcement of Results|url=http://hanergythinfilmpower.com/images/ltn201603311655.pdf|accessdate=12 April 2016|work=Hanergy Thin Film|date=1 April 2015}}</ref> Hanergy Thin Film posted its first loss since 2009, recording a net loss of US $1.58 billion and prompting the firm's external auditor, [[Ernst & Young]], to question its ability to continue as a going business.<ref name="Hanergy posts huge loss">{{cite news|title=Hanergy Thin Film posts loss four times bigger than revenue|url=http://www.bloomberg.com/news/articles/2016-03-31/hanergy-thin-film-posts-loss-four-times-bigger-than-revenue|accessdate=12 April 2016|work=Bloomberg|date=1 April 2015}}</ref><ref name="Hanergy unveils huge loss in 2015">{{cite news|title=China's Hanergy Thin Film unveils huge loss as auditor flags concern|url=http://www.scmp.com/business/companies/article/1932780/chinas-hanergy-thin-film-unveils-huge-loss-auditor-flags-concerns|accessdate=12 April 2016|work=SCMP|date=1 April 2015}}</ref> |
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Hanergy plans to build and sell [[solar car]]s with equipped lithium-ion [[electric vehicle battery]]. The company signed a framework agreement with Beiqi [[Foton Motor]] Co. to develop [[electric bus]]es with Hanergy’s thin-film cells.<ref name="techcrunch">{{cite web|url=https://techcrunch.com/2016/07/28/hanergy-to-build-solar-powered-electric-cars/?ncid=mobilerecirc_recent|publisher=techcrunch.com|title=Hanergy to build solar-powered electric cars | TechCrunch|accessdate=10 September 2016}}</ref><ref name="bloomberg">{{cite web|url=https://www.bloomberg.com/news/articles/2016-07-02/hanergy-unveils-solar-powered-cars-to-expand-use-of-technology|publisher=bloomberg.com|title=Hanergy Unveils Solar-Powered Cars to Expand Use of Technology - Bloomberg|accessdate=10 September 2016}}</ref><ref name="forbes">{{cite web|url=http://www.forbes.com/sites/tychodefeijter/2016/07/04/hanergy-launches-solar-powered-cars-in-china/#41c03a41126f|publisher=forbes.com|title=Forbes Welcome|accessdate=10 September 2016}}</ref> |
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== See also == |
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{{Portal|Renewable energy|Energy}} |
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* [[List of CIGS companies]] |
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==References== |
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{{Reflist}} |
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{{DEFAULTSORT:Hanergy}} |
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[[Category:Solar energy companies of China]] |
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[[Category:Renewable energy companies]] |
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[[Category:Thin-film cell manufacturers]] |
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[[Category:Companies based in Beijing]] |
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[[Category:Engineering companies of China]] |
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[[Category:Renewable resource companies established in 1994]] |
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[[Category:1994 establishments in China]] |
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[[Category:Scandals in China]] |
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[[Category:21st-century scandals]] |
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[[Category:Chinese brands]] |
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Revision as of 02:05, 9 October 2016
{{Infobox