Hanergy, a Beijing-based solar panel company, is blaming Hong Kong's stock regulator for the ongoing shares halt.
The company stated Thursday that it would make an appeal to the board of directors of Securities and Futures Commission (SFC) after it issued a trading halt order that prevented the company's shares from recommencing trading — even if the request comes from the company itself.
The Thin-Film Energy Company further stated that they would take it to the court if necessary to dispute the trading halt, according to Yahoo News.
Hanergy's shares were suspended in Hong Kong since May 20. The company, led by the Chinese billionaire Li Hejun, experienced a huge drop that wiped $19 billion of the shares' value, which analysts believed were overpriced, in less than an hour.
The status of the orders for the equipment was the reason of the drop, the Chinese solar-equipment manufacturer pointed out in the statement released on the same day the announcement for the appeal was made.
The Hong Kong SFC asked for financial documents, after expressing some concerns about the company's ability to operate independently from its parent company, Forbes reported.
SFC said that Hanergy was asked to provide the unlisted Chinese parent company's accounts before the resumption could take place. However, Hanergy refused to release the requested financial statements, stating that they are private and Li's personal affairs.
A succeeding offer to restructure the business, reducing or ending its ties with the parent company, was made by Hanergy Thin Film. Still, the Hong Kong's securities regulator ordered the shares suspension.
Meanwhile, Financial Times Stock Exchange (FTSE) said that Hanegry would be removed from the FTSE China 50 index on July 20, after that move from SFC, Reuters learned. Fosun International Ltd., a Chinese investment firm, will reportedly take its place.
"The group has and will continue to use its best endeavors to address the concerns of the SFC and will seek to resume trading of its shares as soon as possible," Chairman Li stated.
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