Banks that lent US$82 million to Hanergy Holding Group Ltd (漢能控股) sought a meeting to air their concerns after the firm’s Hong Kong-listed unit lost nearly 50 percent of its value last week, people familiar with the matter said.
Participants in the three-and-a-half-year syndicated loan for Hanergy Capital Ltd (漢能資本), including Bank Sinopac (永豐銀行) and ICBC Asia Ltd (工銀亞洲), have yet to get a response, the sources said, asking not to be identified because they are not authorized to speak publicly.
Hanergy Capital is a unit of Hanergy Holding Group.
Hanergy Thin Film Power Group Ltd (漢能薄膜發電集團) lost US$19 billion in market value when its stock plunged on Wednesday last week before it was suspended from trading. Chairman Li Hejun (李河君) bought 54.5 million shares on the same day, according to disclosure filings yesterday, stepping up his purchases since Monday last week.
Calls to Hanergy’s Beijing office went unanswered, as did an e-mailed request for comment.
Hanergy Holding obtained the loan from 11 lenders in December last year, backed by an Export-Import Bank of China (中國進出口銀行) standby letter of credit.
Li bought 26.4 million additional Hanergy shares at an average price of HK$7.28 on Monday last week, according to two separate filings with the Hong Kong Exchange on Friday last week. He also increased his short position to 7.71 percent of Hanergy’s issued share capital, from 5.81 percent on the same day.
Li bought 42 million Hanergy shares at an average price of HK$7.103 and another 12.5 million shares at HK$7.226 on Wednesday last week, filings showed.
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS