Update | Hanergy chairman tight-lipped on share price swings - but vows to launch solar-powered cars

Li Hejun, the mainland tycoon behind mysterious renewable energy firm Hanergy Holding Group whose Hong Kong listed unit’s shares sharp swings aroused regulatory attention, refused on Friday to comment on the firm’s shares and said his company plans to launch a few prototypes of solar-powered electric cars that could rival those of the United States’ Tesla.

“I have nothing to comment,” Li told reporters at the sidelines of the ongoing Chinese People’s Political Consultative Conference in which he is a delegate when asked about the extreme volatility and trading volumes of Hanergy Holding’s Hong Kong-listed unit Hanergy Thin Film Power in recent days.

After surging 61.5 per cent in the past four trading days, Hanergy Thin Film’s share price slid as much as 9.6 per cent on Friday. It traded at HK$6.73, down 7.8 per cent, at 1:14p.m, by which time some HK$1.45 billion of shares have changed hands.

It was the most actively traded Hong Kong stock in the previous two trading days, with trading volumes of HK$2.45 billion on Wednesday and HK$4.42 billion on Thursday.

The tycoon was more accommodating on another subject.

“We will roll out three to five types of solar-powered cars by the end of this year, using thin-film solar power technology,” he said in elaborating on plans to launch solar-powered cars.

“Unlike Tesla, they don’t need charging points,” he said. “After being exposed in the sunlight for four or five hours, it can keep going for 80 to 100 kilometres.”