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China's 'Warren Buffett' Denies Rigging His Own Stocks
With 30% of the 'money' in Chinese stocks officially 'dumb money' and leverage of epic proportions, it is hardly surprising that the wealthiest of wealthy are - allegedly - taking advantage. As the broad Chinese stock market has surged, Hanergy Holding Group - the world's largest solar power company - has seen its stock price triple in a few months with late-day surges driving a lot of the gains. Amid accusations from the industry, Hanergy's chairman, Li Hejun - among China's wealthiest - has denied manipulation of its stock price, suggesting the public's recognition of the thin-film power generation's prospect is the reason... sure...
Normal...
Normal-er
Li Hejun, chairman of the Hanergy Holding Group Ltd., the world's largest solar power company in market value, denied manipulation of its stock price that tripled within four months on the Hong Kong Stock Exchange when speaking to Xinhua on Thursday.
Since the end of November, the stock price of the Hanergy Thin Film Power Group, the listed arm of Hanergy Holding Group Ltd, nearly tripled within four months and its market value reached about 300 billion Hong Kong dollars (38.7 billion U.S. dollars), making Li the richest man in China.
The drastic surge in its share price has been questioned by some institutions.
"The last-10-minute surges were only reported in ten out of the more than 200 trading days in the past year," said Li.
"Controlling shareholders' intentional manipulation of the stock prices did not exist," said Li.
Li said transactions between the Hanergy Thin Film Power Group and its parent company were all approved by the Hong Kong Stock Exchange.
Li said the public's recognition of the thin-film power generation's prospect contributed to the high market value of the Hanergy Thin Film Power Group.
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It's only manipulation if it's not the oligarchs doing it...
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He denied it. I'm satisfied.
ironic that the vast majority of those Chinese "dumb investors" are likely more rate savvy than most "educated" western investors, and average a far higher ROI over any given 5-year period during the last 15 years
http://en.wikipedia.org/wiki/History_of_the_Jews_in_China
During the Ming Dynasty (1368–1644), a Ming emperor conferred seven surnames upon the Jews, by which they are identifiable today: Ai, Shi, Gao, Jin, Li, Zhang, and Zhao. Interestingly, two of these, Jin and Shi, are the equivalent of common Jewish names in the west: Gold and Stone.
Reminds me of Goldman Sachs stock price circa 2008 dropped to 50 and change. Up 150% in a few short years...not bad
Sheeeesh ZH, this underlying implication that these fuckers are corrupt is both really surprising and disheartening.
dt
No doubt selling some of his personal shares at the top too.
darnit...fooled again...I saw "buffet" and I thought I would get a coupon for lunch today..I am hungry. Happy freaking Easter everyone. I think I will eat a bunny.
Bill Hicks on Easter...less than two minutes:
https://www.youtube.com/watch?v=wTbcnxP6PZk
Quick! Send the Treasury Secretary over there on a mission to keep the dollar strong!
...and he can catch up on Mandarin like his predecessor.
So are we still call it chimera or buffli?
Chinese government arrest him, put a cage with hungry rats around his stomach, and redistribute his stolen wealth.
Chinese Warren Buffet? Oh you mean Wong Buket?
Oil still flowing is that why last week oil production DECLINED last week by 36k? I have never seen this level of misleading media rpts in my life.... Wake up
Nothing is real....strawberry fields forever... Beatles :-)
I see your point but everyone is overreacting to that number. if it declines by about 1,964,000 more then we'll be getting somewhere, as thats how much were putting into storage in Cushing everyweek.
It's only manipulation if you're caught doing it.
And since everyone does business with China where do we go from here?
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Looks like another Richest man on the way to a bullet to the head. You would think these guys would learn...China cleansing these folks at every opportunity.