汉能经济危机谜团出现新波折

The convoluted interactions among companiesowned by Chinese solar group Hanergy took anothertwist yesterday when its Hong Kong-listed unitcancelled a $585m deal signed the previous monthbetween a subsidiary and its mainland parent.

中国太阳能企业汉能集团(Hanergy)旗下公司之间错综复杂的往来昨日出现新的波折：其香港上市公司取消了一家子公司与内地母公司上月签署的一笔5.85亿美元的交易。

Hanergy’s Hong Kong-listed stock is suspendedand is under investigation by the Hong Kongregulator, after plummeting 47 per cent in less thanan hour of trading on May 20. The listed company, Hanergy Thin Film Power, does almost all ofits business with parent Hanergy Group, headquartered in Beijing, and gets nearly all of itsrevenues from the parent.

汉能在香港上市的股票自5月20日开盘不到一小时暴跌47%以来，一直处于停牌状态，并受到香港监管机构的调查。上市公司汉能薄膜发电(Hanergy Thin Film Power)的几乎所有业务都是与总部位于北京的母公司汉能集团开展的，营收也几乎全部来自母公司。

The Financial Times has detailed a number of noticeable practices at Hanergy this year,including unusual trading patterns of its stock.

英国《金融时报》今年以来详尽指出了汉能的一些令人瞩目的做法，包括其股票不同寻常的交易规律。

On May 5, the listed company said in an announcement to the stock exchange that itssubsidiary Fujian Apollo would sell $175.5m in equipment to make solar panels for buildingsand $409.5m in technical services to the parent group.

5月5日，汉能薄膜发电在向香港交易所提交的一份声明中宣布，其子公司福建铂阳(Fujian Apollo)将向母公司销售1.755亿美元的设备(用于制造建筑物上的太阳能电池板)和4.095亿美元的技术服务。

The agreement, which included a detailed payment schedule, was similar in structure to otherdeals between Hanergy units, some of which have been revised after being announced.Hanergy Thin Film yesterday said that after “arm’s length negotiations the two parties hadagreed to cancel the deal. It offered no further explanation.

这份协议包括一份详细的支付时间表，在结构上类似于汉能旗下公司之间的其它交易(其中一些在宣布之后又被修订)。汉能薄膜发电昨日表示，经过“公平磋商，双方同意取消交易。它没有提供进一步的解释。

The Hong Kong regulator could not be immediately reached for comment on whether thecancellation was linked in any way to its investigation into Hanergy Thin Film.

记者一时联系不上香港监管机构，请其评论这一取消是否与该机构对汉能薄膜发电的调查有任何关联。

The Securities and Futures Commission took the unusual step of announcing its probe after LiHejun, Hanergy founder and chairman, denied that the regulator was looking into his company.

在汉能创始人和董事长李河君否认监管机构正在调查他的公司之后，香港证券及期货事务监察委员会(SFC)采取了宣布调查的不寻常步骤。

Fujian Apollo is a business unit whose $2.9bn deal in 2010 to supply equipment to the then-unrelated Hanergy Group allowed the mainland group to buy into the listed company atdiscounted share prices. At the time, the deal stood out not only for its size but also itsembrace of amorphous silicon thin film technology, which had been largely abandonedoutside China because of the low ratio at which it converted solar energy into power.

福建铂阳是一个业务部门，其在2010年达成的向当时尚无关联的汉能集团供应设备的29亿美元交易，使这家内地集团能够以折扣股价入股上市公司。当时，这笔交易令人瞩目的除了规模以外，还有它对非晶硅薄膜技术的拥抱;此前这种技术在中国以外基本上被放弃，因为它将太阳能转化为电力的比率太低。

Calls to the Fujian Apollo business unit seeking comment have gone unanswered this month.But an official at the local industrial park said that the company was operating and producessolar batteries.

本月，记者曾致电福建铂阳业务部门请其置评，但没有得到答复。但当地工业园区的一位官员表示，该公司仍在经营，业务是生产太阳能电池。

In its full-year results up to the end of December 2014, HTF said that HK$5.9bn of itsHK$9.6bn of revenues had come from sales to its parent company, while a further HK$3.3bncame from sales of solar power stations to third parties.

根据汉能薄膜发电报告的截至2014年12月底的全年业绩，其96亿港元的营收中，59亿港元来自向母公司的销售，另外33亿港元来自向第三方销售太阳能发电站。