A Chinese billionaire Li Hejun lost nearly half of his fortune, $14 billion in thirty minutes.
Chinese billionaire loses $14bn in 30 minutes
Hejun was valued at $30 billion. The chairman who was the second richest man in China according to Forbes is the Chairman of Hanergy Thin Film Power Group Ltd that manufactures solar power equipment.
Within the last thirty minutes of trading at the Hong Kong Stock Exchange on Wednesday, May 20, the company's shares crashed by 40 percent. This was after the company attained a market capitalization of $40 billion. The company is now valued at $14 billion because of Hejun's controlling stake in the company.
Hejun's decision to not attend the company's annual shareholder meeting has been cited as the possible reason for the crash. The mogul could not attend the meeting because he "had something to do."
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