http://www.ft.com/intl/cms/s/0/94ad5524-94d8-11e4-8341-00144feabdc0.html#axzz3OCFl62cx

Earlier articles on Hanergy:

A little-known Hong Kong-listed firm has come out of nowhere to become the world’s largest solar-power company by market value. A tight relationship with its parent company should give investors reason to worry whether its time in the sun will last: Link

The Convoy Financial-Finsoft-Hanergy connection and aggressive accounting: Link

January 8, 2015 12:13 am

Short sellers feel the heat from Chinese solar group Hanergy

Jennifer Hughes in Hong Kong

Short sellers are sitting on potential losses of more than $300m in a little-known Chinese solar company whose stock has soared in spite of their heavy bets to the contrary.

Shares in Hong Kong-listed Hanergy Thin Film Power Group have more than doubled in the past six months, giving the distributor of solar equipment a market capitalisation of almost $15bn — almost as much as the three biggest US solar companies combined.

But several Hong Kong brokers report that hedge funds are still clamouring to borrow the stock, to short sell it: selling borrowed shares in the market in the hope their price will fall, so they can be bought back more cheaply and returned to their original owner. By doing this, short sellers can profit from falling prices — in effect, betting against the company’s shareholders — but lose when prices rise. Continue reading →

http://www.scmp.com/print/business/china-business/article/1674119/beijing-zenith-proposes-three-candidates-join-board-founder

Founder executives held in graft probe following Zenith allegations

Monday, 05 January, 2015, 11:26am

Toh Han Shihhanshih.toh@scmp.com

Senior executives of securities firm’s parent held for questioning after two months of corruption accusations by shareholder Zenith

Top executives of Peking University’s Founder Group, the parent of Founder Securities which has been hit by allegations of corruption, have been taken away for questioning, Founder confirmed.

Founder Group chairman Wei Xin, chief executive Li You and  president Yu Li were taken away by mainland authorities on Sunday “to assist with investigations”, the company said. Continue reading →

http://www.wsj.com/articles/solar-giant-hanergy-requires-extra-sunscreen-1420444057

Solar Giant Hanergy Requires Extra Sunscreen

Hanergy Thin Film Power Group shares almost quadrupled in 2014, becoming the world’s largest solar power company by market value.REUTERS

ABHEEK BHATTACHARYA

Updated Jan. 5, 2015 9:30 a.m. ET

A little-known Hong Kong-listed firm has come out of nowhere to become the world’s largest solar-power company by market value. A tight relationship with its parent company should give investors reason to worry whether its time in the sun will last. Continue reading →

http://www.scmp.com/print/business/china-business/article/1672899/court-orders-3b-yuan-founder-securities-assets-be-frozen

Court orders 3b yuan in Founder Securities assets to be frozen

Friday, 02 January, 2015, 12:12pm

Sijia JiangSijia.jiang@scmp.com

A court has frozen three billion yuan (HK$3.7 billion) of assets of Founder Securities following complaints by stakeholder Beijing Zenith Holdings.

The freeze is the latest episode of legal battles surrounding the Founder Group, whose directors have been alleged to be linked to corruption scandals.

Founder Securities, the brokerage unit of the conglomerate with businesses in technology, health care and properties, said in a Shanghai stock exchange filing that it received the order from a court in Changsha , Hunan province, following an arbitration application from Beijing Zenith, its second-largest stakeholder. It said 1.77 billion yuan in its bank accounts had been frozen immediately, “affecting the operation of the company”. Continue reading →

http://www.koreatimes.co.kr/www/news/nation/2015/01/116_170996.html

Updated : 2015-01-02 19:14

Daebo chairman charged with embezzlement, bribery

By Lee Kyung-min

Daebo Group Chairman Choi Dung-kyu has been indicted on charges of embezzling some 30 billion won ($27 million) in company funds in order to bribe defense officials, the prosecution said Friday. Continue reading →

http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2998945

When business goes bad

Dec 26,2014

“It just doesn’t make sense,” a venture businessman said about Moneual, a couple of months before the innovative home appliance maker’s success turned out to be fraudulent. “It is simply impossible for a manufacturer to grow so big in only four, five years.”
He emphasized how hard it was to secure an account. “I’ve never seen a product by Moneual at appliance stores in the United States and Europe. They seem to be exaggerating unit costs and export volumes.”
Soon, his concerns turned out to be true.
The collapse of Moneual, which claimed to have achieved a trillion won venture in the shortest time ever, has revealed the vulnerability of Korea’s financial system. More than 3 trillion won in exports were fabricated, and the company owes nearly 700 billion won to banks. But financial institutions failed to detect the fraud. Continue reading →

http://www.telegraph.co.uk/finance/newsbysector/industry/mining/11319084/Miner-formerly-known-as-Bumi-wins-ruling-against-former-director.html

Miner formerly known as Bumi wins ruling against former director

Asia Resources Minerals said it will chase Rosan Roeslani for missing £110m more than a year after he agreed to pay

Bumi, now known as Asia Resource Minerals, has lost more than 90pc of its value since joining the London market in 2010 Photo: Alamy

By Marion Dakers

2:39PM GMT 31 Dec 2014

Shares in the mining company formerly known as Bumi more than quadrupled in value on Wednesday after it won a ruling that could lead to the return of $173m (£110.8m) owed by a former executive. Continue reading →

http://www.koreatimes.co.kr/www/news/nation/2014/12/116_170832.html

Updated : 2014-12-30 19:04

Former K-sure president arrested

By Kim Se-jeong

The prosecution arrested the former president of Korea Trade Insurance Corporation (K-sure) Cho Kye-ryoong on Tuesday for allegedly taking money to collude with venture company Moneual.

The arrest came amid a widening investigation into a bribery and fraud scandal involving the company. Continue reading →

http://webb-site.com/articles/newyear2015.asp

Some bubbles for New Year
31st December 2014

The HK stock exchange shut at noon today, so let’s take a New Year’s Eve virtual stroll around the market. We’ll start with Finsoft Corporation (Finsoft, 8018), which ends 2014 as the 9th largest company by market value on the GEM board, at HK$4940m. We’ll then explain how that is connected to financial advisory firm Convoy Financial Holdings Ltd (Convoy, 1019) and to a closed-end investment company, China New Economy Fund Ltd (CNEF, 0080). Finally, we’ll make a special mention of Hanergy Thin Film Power Group Ltd(Hanergy, 0566), a HK$117bn (US$15.1bn) bubble at today’s record daily high of $2.81, which makes it the 38th largest HK-listed stock. Continue reading →