On paper, Chinese businessman Li Hejun is said to be worth somewhere around $33,000,000,000. That’s $33 BILLION in case you required further clarification. Then yesterday happened and now Li Hejun is only worth a paltry $19 billion. Straight to the soup kitchen he goes.
So what happened yesterday that cause shares of Li Hejun’s company, Hanergy Thin Film, to plummet a whopping 47% sending Mr Li into the poor house?
According to multiple sources, the free fall was caused by Li Hejun skipping the annual meeting because he had other plans.
Per Telegraph:
Shares in Hanergy Thin Film Power were suspended after the Hong Kong-listed firm lost 47pc of its value. Its shares fell from HK$7.35 to HK$3.46, slashing its market cap to £13.4bn.
The company issued a statement saying trading had been suspended at its request “pending release of an announcement containing inside information”.
The tumble in Hanergy’s share price came soon after the start of its annual meeting, where its founder and chief executive, Li Hejun, was noticeably absent, having chosen to attend the opening of a new clean energy centre in Beijing instead.
Basically, Li Hejun’s absence from the meeting casted doubt about the company’s future and then shareholders did what shareholders do best, which, of course, is act COMPLETELY RATIONALLY.
“Yo Bro, did you just lose $14 Billion?”
“Fuck me. I did.”