The Ledger / Li Hejun
Li Hejun
◼ Origin
Li Hejun (Forbes URI: zhang-hejun) founded Hanergy Holding Group in 1994, starting with hydropower assets in Yunnan province, then pivoting to thin-film solar manufacturing through acquisition of Western solar companies (MiaSole, Alta Devices, Solibro, Global Solar Energy) in 2012-2014. The listed subsidiary Hanergy Thin Film Power Group (HKEX: 566) reached a $40B+ market cap in early 2015 driven almost entirely by intra-group equipment sales to the private parent. The stock collapsed 47% in 90 minutes on May 20, 2015 and was delisted in 2019.
◼ Self-Made Verdict — YES
Born 1967 with no documented inherited capital; founded Hanergy Holding Group in 1994 from scratch through hydropower, later solar manufacturing.
◼ Documented marks
01
Founded Hanergy Holding Group in 1994; at 2015 peak briefly named China's richest person (~$26B) based on Hanergy Thin Film Power (HKEX: 566) $40B+ market cap
02
Hanergy Thin Film stock collapsed 47% in under 90 minutes on May 20, 2015; HKEX suspended trading, never resumed; delisted 2019 after four-year suspension
03
SFC found ~93% of Hanergy Thin Film's revenue came from related-party sales to the private parent, creating artificial financial statements
04
HK Court of First Instance (2017): Li Hejun disqualified from HK company directorships for 8 years; ordered to return HK$3.28B in receivables
05
Arrested by Chinese police in Jinzhou, Liaoning in December 2022; detention linked to Bank of Jinzhou obligations
No inheritance, or primary accounts documented for this billionaire yet.
◼ List of charges
Total sentence
0–0 years
That is
0.0–0.0 life sentences
(using 78 years as one life)
These are moral charges, not legal ones. The actual legal system has not — and will not — bring them.
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