If you thought you were having a shit day, then spare a thought for Chinese businessman Li Hejun – the man who just lost $14 billion in half an hour.
On second thought, don’t spare anything for him, because that’s only about half of his fortune, apparently. Still, that’s one bad day at the office – or stock exchange, to be more precise.
So how did Li, who is ‘on paper’, the second richest man in China, lose so much money in such a short period of time? Well, in the last 30 minutes of trading in Hong Kong on Wednesday, his company (Hanergy Thin Film Power) lost 40 percent of its shares, and as a result, the Hong Kong stock exchange was forced to suspend trading.
Word is that the reason for the dramatic (to say the least) collapse was triggered by Hejun’s decision not to attend an annual shareholder meeting. The reason? He “had something to do” instead. Significant.
It is also being said that the company have been overstating their value. To put it into context, the largest solar company in the U.S., First Solar Inc, is worth $5.6 billion. And at one point, Hanergy Thin Film Power boasted a market capitalisation of $40 billion. Quite the difference.
But if one thing is for certain in this whole shitstorm, it’s that Li Hejun is one pissed off businessman right now.