China's richest man lost $15 billion in one hour vol

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China's richest man, Li Hejun, is having a really bad week.
The chairman of solar panel firm Hanergy (HNGSF) 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.
Trading in Hanergy shares was halted Wednesday pending release -- the company said -- of an announcement "containing inside information." The company has not commented further since, and the shares are still suspended.Li owns just over 80% of Hanergy. He failed 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.
Investors, regulators and analysts have questioned Hanergy's rapid share rise, and how the company was turning a profit, for months. They've used the company as an example of the risk of investing in emerging markets.

Before Wednesday's plunge, Hanergy's shares had surged 625% over the past year, making it seven times bigger than First Solar, the top U.S. solar firm. At its peak in April, the company was worth more than $45 billion, allowing Li to overtake Alibaba co-founder Jack Ma as China's richest man, according to a ranking by Hurun released in March.
But the huge climb spurred questions over market manipulation. And more concerns were raised earlier this year, when the company said 60% of its sales came from its Beijing-based parent company, Hanergy Holding Group. Li is also chairman of the parent.
On Wednesday, Reuters reported that the Hong Kong Securities and Futures Commission had been investigating market manipulation for weeks, citing an unidentified source. In recent months, the Financial Times has reported on Hanergy's accounting practices and unusual price movements.
Hanergy uses a specialized technology to create thinner, more flexible solar panels. The company has 15,000 employees, and branches around the globe.
 
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Thats why I dont trust when people say they're worth x amount of dollars. Unless it's in your bank account, you don't actually have that money.

Its tied up in a gamble that may plummet. Exhibit A is the OP.

So when people say they're worth x amount, I don't dismiss them but I do question how much money they have readily available.
 
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these "-isms" don't work...the government probably took it so they could store it in an offshore account so they won't have to pay taxes on it
 
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In an HOUR dude?!?!?

I don't see how you can bounce back from that...
 
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Thats why I dont trust when people say they're worth x amount of dollars. Unless it's in your bank account, you don't actually have that money.
Its tied up in a gamble that may plummet. Exhibit A is the OP.

So when people say they're worth x amount, I don't dismiss them but I do question how much money they have readily available.
It's only a gamble when you're running a ******** company.
 
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thats why these companies need to start saving their money like mayweather instead of having it all on stocks and losing their money the next day
 
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In an HOUR dude?!?!?

I don't see how you can bounce back from that...
Easy. Start with double that and realize that 100% of the loss was in stock value.

he still got all his bank accs, all his cars all his homes and all his ******

He b aight
 
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thats why these companies need to start saving their money like mayweather instead of having it all on stocks and losing their money the next day
has nothing to do with saving. his net worth was predicated on the percentage of his company that he owned and the valuation that was given to it by the supply and demand curve of the Chinese stock market.
 
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Chances are the company was never really worth that much to begin with, the stock was most likely manipulated.  It's a shady business with these Chinese companies, things like this happen often. 
 
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Thats why I dont trust when people say they're worth x amount of dollars. Unless it's in your bank account, you don't actually have that money.

Its tied up in a gamble that may plummet. Exhibit A is the OP.

So when people say they're worth x amount, I don't dismiss them but I do question how much money they have readily available.
Agreed. Don't pay any attention to "this person is worth $X."

Cash on hand >
 
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thats why these companies need to start saving their money like mayweather instead of having it all on stocks and losing their money the next day
has nothing to do with saving. his net worth was predicated on the percentage of his company that he owned and the valuation that was given to it by the supply and demand curve of the Chinese stock market.
Exactly why networth is bs.
 
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Serious question: Would ya rather have a net worth of a billion or have a million in the bank account?
 
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Can't he just tell the FTC he wants to double down and if that stock goes up he gets it all back?
 
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