People get upset after misplacing a $20 bill, so its understandable if Li Hejun, China's richest man, is slightly agitated after losing $15 billion in the span of 60 minutes on Wednesday.
Hanergy, the Chinese solar panel firm Hejun is chairman off, had its stock fall by 47 percent on the Hong Kong trading market in just over an hour, according to CNN. The plummet lost the company $18.6 billion.
Prior to the drastic decrease in stock value, Hanergy suspended its shares because the release of a report "containing inside information" is imminent, the company announced. Even though its stocks fell and public speculation about the health of the company is swirling, Hanergy has not released any more statements regarding the matter.
Hejun, who owns 80 percent of Hanergy, was not present at the company's shareholder meeting on Wednesday. CNN reports the meeting "began as the shares were plunging." The company's refusal to make a statement assuring stockholders that everything will be fine is making the situation a "complete mess," New York research and wealth management firm Bespoke Investment told CNN.
This is not the first time mystery has surrounded the company, however.
After Hanergy's stock peaked in April, Hejun became the richest man in China, taking the title from Alibaba co-founder Jack Ma. The company's quick rise raised eyebrows among stock experts in the country. Market manipulation was rumored by many, especially after the company announced a few months back that 60 percent of its sales came from its parent company, which Hejun is also chairman of, Hanergy Holding Group.
Prior to Thursday's near-collapse, Hanergy's stock had increased by 625 percent dating back to last year. For context, CNN points out that the company at one point was seven times as big as the United State's top solar firm, First Solar.
