Last week, the Financial Times reported that most of HTF’s revenue since early 2010 has come from sales of PV equipment to its Beijing-based parent, Hanergy Group.
Shortly after the publication of the story, HTF’s Hong Kong-listed shares fell the most since early July, although the declines were in line with broader losses on the Hang Seng Index.
Shares of the company — formerly known as Hanergy Solar — have jumped more than 300% since early 2014, driving its market capitalisation to almost $15bn — a valuation that is roughly three times above that of US-based First Solar.
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