FRONT PAGE BUSINESS
China's richest man lost $15 billion in one hour
By Sophia Yan, CNN Money
Updated 07:26 AM PHT Fri, May 22, 2015
(File photo) Investors observe the stock market at a stock exchange corporation in Huaibei, Anhui, China.
Hong Kong (CNNMoney) — China's richest man, Li Hejun, is having a really bad week.
The chairman of solar panel firm Hanergy lost $15 billion on Wednesday when shares in the company plummeted 47% in Hong Kong trading -- in about an hour. The company saw $18.6 billion wiped off its market value.
Li owns just over 80% of Hanergy.
And there was another mystery crash in Hong Kong on Thursday. Goldin Financial and Goldin Properties, owned by billionaire Pan Sutong, nosedived more than 40%. Both companies said they had no idea why their shares were plunging,
Before Wednesday's plunge, Hanergy's shares had surged 625% over the past year, making it seven times bigger than First Solar, the top U.S. solar firm.
But the huge climb spurred questions over market manipulation.
On Wednesday, Reuters reported that the Hong Kong Securities and Futures Commission had been investigating market manipulation for weeks, citing an unidentified source. In recent months, the Financial Times has reported on Hanergy's accounting practices and unusual price movements.
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