Hanergy Thin Film — a solar company whose share price has risen 1,800 per cent in two years, making its owner China’s richest man — has said its revenues nearly trebled in 2014, driven by sales of solar projects in China.
HTF said net profits rose from HK$2bn to HK$3.3bn ($425.5m) for the year to the end of December 2014 as sales rose from HK$3.2bn to HK$9.6bn, according to an earnings statement released to the Hong Kong stock exchange.
The fortunes of the $35bn company, which has gone from being an unknown small cap listed in Hong Kong to being worth more than Twitter and Tesla Motors, has attracted attention from analysts, who have questioned its business model and valuation.
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