Hanergy is currently the worlds largest (by market cap) solar energy company, supposedly worth $18 billion. Financial times just published an article trying to figure out exactly what this company does and if it actually makes any money at all.
My guess is that people will be scratching their heads a year from now wondering how any idiot could have fallen for this scam.
Here’s how it works:
The public Hanergy has only one customer, its own parent company Hanergy Group. However, it’s parent company doesn’t actually “pay” for anything and almost all of the assets of Hanergy are actually accounts receivables owed by its parent group.
The public company makes “equipment” that is used by nine factories owned by the parent group. These will supposedly manufacture huge amounts of solar panels, although none of them has actually shown up in the wild.
It’s not clear that Hanergy (the public company) even has any products that anyone other than the parent company would want to buy, so if the parent company ran into problems, Hanergy would have no customers and be worth nothing.
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