漢能薄膜警告上半年或發生虧損

Hanergy Thin Film, the Chinese solar company whose surging value turned its owner into China’s richest man, has warned it could post a loss for the first half of the year.

中國太陽能企業漢能薄膜(HTF)警告說，今年上半年公司或錄得虧損。此前，漢能薄膜股價的暴漲曾令該公司所有者成爲中國首富。

Having grown at breakneck speed to become the world’s most valuable solar group. HTF shares have been suspended since spectacularly collapsing in May, when more than half of the company’s near $40bn market value was lost in less than an hour of trading.

漢能薄膜曾在很短的時間內成長爲全球市值最高的太陽能集團。今年5月，漢能薄膜的股價遭遇一場引人注目的崩盤，在不到一小時的交易時間內，該公司近400億美元的市值蒸發了一半以上。自那以來，該公司股票一直處於停牌狀態。

HTF, listed in Hong Kong, said on Sunday that due to it suspending contracts with its mainland Chinese parent company it would suffer a drop in income from these deals of 90 per cent to HK$200m (US$26m), potentially leading to a loss.

上週日，在香港上市的漢能薄膜表示，由於它中止了與內地母公司的合同，它在這些交易上的收入將減少90%，降至2億港元（合2600萬美元），最終可能導致虧損。

The admission by HTF marks a brutal reversal for its majority owner Li Hejun, who in less than two years has leapfrogged entrepreneurs such as Alibaba’s Jack Ma to the top of China’s rich lists.

漢能薄膜這一表態，標誌着其大股東李河君命運的殘酷逆轉。此前，李河君曾在不到兩年時間內，超越包括阿里巴巴(Alibaba)的馬雲在內的企業家，在中國富豪榜上登頂。

HTF is currently under investigation by Hong Kong’s stock market regulator, which has ordered its shares to remain suspended.

目前，漢能薄膜正在接受香港股市監管機構的調查。按照香港股市監管機構的要求，該公司股票一直處於停牌狀態。

In January the Financial Times published an investigation into Hanergy’s business model, which showed how almost all of HTF’s HK$14.8bn in reported revenue since 2010 was from sales of equipment to its parent.

今年1月，英國《金融時報》發佈了一份對漢能商業模式的調查報告。報告顯示，漢能薄膜自2010年以來報告的148億港元收入，幾乎全部來自對其母公司的設備銷售。

Having reported surging profits at a time when its rivals were struggling to make money, large amounts of HTF’s sales to its parent group were booked as receivables rather than being fully paid. Hanergy has unwound several of those contracts since trading in its shares was suspended.

在漢能薄膜的競爭對手幾乎很難盈利之際，該公司卻錄得盈利激增。當時，漢能薄膜對其母公司的大量銷售收入被計爲應收賬款，而不是已全額支付的款項。自股票被停牌以來，漢能薄膜已解除了多項此類合同。

The stock has come to symbolise the debt-funded excesses of the mainland Chinese stock exchange, with the company’s complex structure and its related party transactions highlighting the risks such tightly controlled companies pose to investors.

漢能薄膜已嘗試使股票復牌，卻遭到香港監管機構的拒絕，後者要求漢能薄膜提供更多有關其母公司財務健康狀況的文件。7月16日，在李河君簽署的一份聲明中，漢能薄膜表示，自己無法從李河君處獲得此類文件。