China’s Richest Man Loses $15 Billion in Less than an Hour

[su_heading size=”19″]There are bad days, then there are really bad days –like losing $15 billion kind of bad days. But hey, Li Hejun reportedly has $15 billion left that should help stem whatever grave feelings of concern you may hold  for his well being.[/su_heading]

Not sure whether to laugh or cry. Laugh over the fact that one person actually has that much money to lose, or cry because, well, you know…

According to CNN:

 
 

The chairman of solar panel firm Hanergy (Li Hejun,) lost $15 billion on Wednesday when shares in the company plummeted 47% in Hong Kong trading — in about an hour. The company saw $18.6 billion wiped off its market value. Li owns just over 80% of Hanergy.

He failed to show up for the company’s annual shareholder meeting on Wednesday, which began as the shares were plunging. A company spokesperson said he was attending the opening of Hanergy’s clean energy exhibition in Beijing instead. The lack of a company statement is adding to the confusion surrounding the stock crash.

Bespoke Investment, a New York research and wealth management firm, called “the Hanergy story a complete mess.”

 
 

And there was another mystery crash in Hong Kong on Thursday. Goldin Financial and Goldin Properties, owned by billionaire Pan Sutong, nosedived more than 40%. Both companies said they had no idea why their shares were plunging, and that they had no information to disclose to investors. Like Hanergy, the two companies had soared to astonishing highs over the past year

How astonishing? Prior to the drop, the company’s shares had risen by more than fivefold since September –baffling most analysts.

Sounds like a lot more transparency is needed in these companies, no?

Li’s total fortune was valued at around $30 billion before the stock plunged –he will likely survive this and have enough for a good meal.

Now sure, many will say it wasn’t “real” money. If that makes you feel better, then all the best to you.

As the inimitable Elvis Costello once said, ribbing the late great John Lennon: “Was it a millionaire, who said ‘imagine no possessions?'”

 

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