On 19 May 2015, shares of Hanergy Thin Film Power crashed 47% in the last 30 minutes of trading in Hong Kong, wiping about $14 billion off Li Hejun’s reported fortune and triggering a trading halt. Li, the founder of the Hanergy group, was reportedly among China’s richest people before the crash, with a fortune estimated at around $30 billion.
The Hanergy crash: key facts
| Detail | What we know |
|---|---|
| Date | 19 May 2015 |
| Company | Hanergy Thin Film Power Group Ltd, listed in Hong Kong |
| Drop | 47% in the final 30 minutes of trading |
| Fortune before the crash | Reportedly around $30 billion |
| Reported paper loss | About $14 billion |
| Market value at the time | About $38.5 billion, per reports in 2015 |
| Aftermath | Shares suspended; Li resigned as chairman in April 2019 |
What happened in 30 minutes
Li Hejun was chairman of Hanergy Thin Film Power, a company specializing in solar equipment. In May 2015 its market value was reported at about $38.5 billion, larger, as reported then, than the other solar players combined. For comparison, the largest solar company in the US, First Solar, had a market value of only $5.6 billion.
In the last half hour of trading on 19 May 2015, the stock fell 47%, and the exchange suspended trading in the shares. The stock had risen sixfold since the start of that year, which made the fall steeper. The drop cut Li’s reported fortune by about $14 billion, from an estimated $30 billion.
Why the share price looked fragile
The cause was unclear at the time, and we will not guess at motives. What the reporting did point to was structure: the company’s main client was reportedly its own parent group, and Li had skipped the annual shareholder meeting. Those details are the sort of thing that make investors ask who is buying the product. Our reading, as opinion: a stock that rises sixfold in five months with a related-party customer is priced on trust more than on sales. When the trust goes, the price goes fast.
Where things stand now
Hanergy’s shares stayed suspended in Hong Kong after the crash. In April 2019, Li Hejun resigned as a director and chairman of the company and transferred his shares to his sisters. Hanergy has continued as a group in thin-film solar technology and has signed partnership deals since, including in 2019. Li is described as a former billionaire. We have not found a verified current net worth figure for him, so we do not give one.
A paper fortune is only as solid as the price of the shares behind it. The $14 billion lost in 30 minutes was an unrealised number, which is also why billionaire rankings move so sharply on a single bad day.
Keep reading
- Why the dot-com crash was good: another case of an inflated market correcting
- Why wealth is harder to lose than you think: the counterpoint to a one-day wipeout
FAQ
What happened to Li Hejun’s fortune in 2015?
On 19 May 2015 Hanergy Thin Film Power’s shares fell 47% in 30 minutes, and his reported fortune dropped by about $14 billion.
Which company did Li Hejun lead?
Hanergy, with Hanergy Thin Film Power Group listed in Hong Kong. He founded the group and was chairman until April 2019.
How big was Hanergy Thin Film Power before the crash?
It was reported at a market value of about $38.5 billion, with the stock up about sixfold since the start of 2015.
Was the $14 billion a real loss?
It was a paper loss based on the share price and the value of Li’s holding at the time, reported rather than realised.
Is Li Hejun still a billionaire?
He is described as a former billionaire. We have not verified a current net worth figure.
Last updated: October 2026.
