TROUBLED solar panel maker Hanergy Thin Film Power may launch a judicial challenge to a decision by Hong Kong’s Securities and Futures Commission (SFC) to suspend trading in its shares, saying the halt was not in the interest of shareholders or investors.

    The Hong Kong stock exchange said earlier last week it had been directed by the SFC to extend a nearly two-month share trading suspension on Hanergy Thin Film, which is being investigated by the SFC after its shares plummeted in May.

    Hanergy Thin Film said in a statement Friday that it will appeal to the SFC and may go to court if necessary to challenge the trading halt.

    Shares in Hanergy, a unit of Beijing-based Hanergy Holding Group, had already been suspended in Hong Kong since May 20 at the company’s request after they plunged by nearly half in a spectacular meltdown that wiped out US$19 billion in market value in less than an hour.

    The plunge also slashed chairman Li Hejun’s fortune, which surged alongside the rapid rise in Hanergy’s stock in the preceding 12 months and had made him, on paper, one of China’s richest people.

    Hanergy’s announcement came a day after the SFC took the rare step of issuing its trading halt, which prevents shares from resuming trading even if the company requests it.

    Hanergy said the regulator ordered the trading halt because it had refused to hand over financial statements for Hanergy Holding and details of outstanding loans taken out by Li. (SD-Agencies)