Hanergy Bids Show Record Discount in U.S. After Hong Kong Halt
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Hanergy Thin Film Power Group Ltd., the Chinese solar maker under probe by Hong Kong regulators, fell to a record discount in bidding on U.S. over-the-counter markets, a sign the company’s halted Hong Kong shares are poised to drop.
The U.S.-traded securities sank 38 percent last week to 28 cents on Friday, equivalent to about HK$2.17, according to bids and offers tracked by Bloomberg. As the attached chart shows, that’s 45 percent less than the last trade in Hong Kong at HK$3.91. The gap widened to a record 50 percent on Thursday.