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Hanergy's Li Urges China to Back Cars Powered by Solar Cells

Published:2017-03-03Source:Bloomberg News[Print]Author:Font Size:BigNormalSmall

Friday, March 3, 2017 01:30 PM

By Bloomberg News

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l  Li seeks special fund support, subsidies for solar vehicles

l  Parent Hanergy Holding rolled out four solar cars in July


Li Hejun, the man behind the rise and fall of Hanergy Thin Film Power Group Ltd., is urging China to encourage and support research and development into cars powered by solar cells.

Li’s idea is part of a written submission to a political advisory body ahead of annual legislative meetings starting on Sunday in Beijing. The proposal calls for a special fund to support solar car manufacturing and subsidies for the vehicles, Li wrote to the Chinese People’s Political Consultative Conference.

This isn’t the first time Li has sought government help to bolster the solar industry. In a proposal to CPPCC in 2016, Li called for China to establish an investment fund to back thin-film solar, the technology on which he’d staked his future and that of his company.

Hanergy’s Hong Kong-listed shares have been halted from trading since May 2015 after they plunged 47 percent in a single day, prompting an investigation by stock market regulators. Li, chairman of parent Hanergy Holding Group Ltd. and a self-professed solar visionary, was chairman of the Hong Kong unit until he stepped aside a year after the share suspension to allow the company to improve its governance.

Despite Hanergy’s troubles, Li is holding firm in his belief that a solar car is doable based on current technology and economics, he wrote in the proposal.

Hanergy Holding last year rolled out four cars powered by solar cells in Beijing. The lithium battery-powered cars can be charged while being driven and in stations when there’s no sunlight.

The listed company in January reached a deal with Hong Kong’s Securities and Futures Commission on the requirements and procedures for a resumption of trading, though no timeframe has been set. Hanergy Thin Film said in August that it returned to profit for the first six months of last year.


Related ticker:

566 HK (Hanergy Thin Film Power Group Ltd)

To contact Bloomberg News staff for this story:

Feifei Shen in Beijing at fshen11@bloomberg.net


To contact the editors responsible for this story:

Reed Landberg at landberg@bloomberg.net

Iain Wilson, Abhay Singh


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