Hanergy Thin Film suspends trading after stock plunges 47%

Hanergy Thin Film Power Group Ltd, the Chinese solar equipment maker controlled by Li Hejun, suspended trading in Hong Kong after the stock plummeted 47 percent in morning trading.

The stock fell to HK$3.91 before the suspension at 10:40 am, shaving HK$144.3 billion ($18.6 billion) off its market value, on the day of its annual general meeting in Hong Kong.

Before Wednesday's decline, the stock had surged more than six-fold in the past year despite questions from analysts and investors about the company's revenue sources. About 61 percent of Hanergy Thin Film's sales derive from Beijing-based parent Hanergy Holding Group, the listed company said in March.