Hanergy Thin Film: Losing A Fortune – Not Just For The Billionaires by Covenant Capital Management
By now you may have seen the story of the remarkable loss experienced by Chinese billionaire Li Hejun earlier this week. As reported by CNBC:
Li, who was China’s richest man until this week, saw his fortune drop by as much as $15 billion in a half-hour as the stock in his company, Hanergy Thin Film Power Group, fell by nearly half. Trading in the shares was halted Wednesday and Li didn’t attend the company’s annual meeting.
While we aren’t particularly interested in the personal finances of Mr. Li, there are ripples from this story that have implications for the broad investment community.
Devastating surprises...
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