Hanergy sells shares to employees days before crash

HONG KONG: Days before shares in solar power group Hanergy Thin Film (HTF) halved in Hong Kong, its Beijing-based parent offered and sold stock in HTF to employees, even as the unit was being investigated by the local securities regulator.

Internal emails and a contract reviewed by Reuters show the employee purchase plan, launched on May 8, was offered at a 15% discount to the stock, then trading at HK$7.28, when the company had a market value of nearly US$40bil after a five-fold increase since September.