Hanergy Thin Film Power Group Ltd., the solar equipment maker whose shares have been suspended in Hong Kong since May, said Li Guangmin has stepped down as executive director and financial controller.
Li resigned effective Dec. 21 and will be replaced in both roles by Huang Songchun, Hanergy said in a statement to the Hong Kong stock exchange. The company also named Si Haijian and Zhang Bo as executive directors.
The departure of Li comes almost seven months to the day since Hanergy’s shares plunged by almost half, shaving $19 billion off the company’s market value and prompting a trading halt. Hanergy’s shares remain untraded amid a regulatory probe.
The May 20 plunge brought to an end a sixfold surge in the space of a year for the manufacturer, which for a time was the most valuable renewable energy company in the world.
The resignation is the third by a senior official announced by Hanergy Thin Film since the share suspension.
Li’s decision to leave the company is routine and has nothing to do with any disagreement with the board, said an official in the public relations department of Hanergy Thin Film’s parent company, who declined to be named in line with the company’s policies.
The maker of solar products has faced a barrage of challenges since the share collapse and subsequent action by regulators.
In November, Ikea Group said it wouldn’t renew a contract with Hanergy Thin Film to fit homes with solar panels. Around the same time, Hanergy said that a deal it made to raise $660 million will close as much as six months later than it previously planned.
A unit of Hanergy Thin Film faces a lawsuit over HK$1.73 million ($223,000) in unpaid office rent and management fees. Hanergy Thin Film Power Asia Pacific Ltd., which is responsible for the company’s business in the region, is the target of a writ filed Dec. 3 at the High Court of Hong Kong. The Center (77) Ltd., the landlord of its office, said the unit hasn’t paid rent or air-conditioning and management fees since Nov. 1.
Meanwhile, Chinese news portal the Paper reported earlier this month that Hanergy Holding Group Ltd., the Beijing-based parent of Hanergy Thin Film, plans to sell some hydropower assets and stakes in its solar unit to a single buyer. Hanergy Group has declined to comment on the report.
The Hanergy Group used cash generated from its hydropower business to finance its entry into solar, snapping up makers of thin-film solar products in the U.S. and elsewhere.
— With assistance by Iain Wilson, and Feifei Shen