Hanergy Thin Film Cancels Solar Panel Agreement With Parent
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Hanergy Thin Film Power Group Ltd.’s decision Monday to scrap a deal to buy solar panels from its parent company is an attempt to weaken the relationship at the center of concerns about its business model.
The announcement minimizes “connected transactions” with Hanergy Holding Group, according to a statement from Hanergy Thin Film late Monday to the Hong Kong stock exchange. About 61 percent of its sales derive from its Beijing-based parent, the listed company said in March.