Li Hejun, Chairman of Hanergy Holding, Becomes the Only New Energy Leader Topping Forbes China Rich List 2013 with Net Assets of RMB 66.5 Billion

Thursday, 17 October 2013, 10:59 HKT/SGT

HONG KONG, Oct 17, 2013 - (ACN Newswire) - Yesterday, Forbes published 2013 Forbes China Rich List. LiHejun, Chairman and CEO of Hanergy Holding Group Ltd. debuts the Forbes China Rich List with net assets of RMB66.5 billion and has become the first person in new energy industry to appear on the Rich List. It is noteworthy that LiHejun's net assets rank the fourth, surpassing MaHuateng, the founder of Tecent. The wealth growth of the new energy industry leader highlights the rapid rise of new energy industry in China and its vitally important role in China's economy.

It's learned that Hanergy Holding Group Ltd., founded by LiHejun, is a globalized multi-national clean energy enterprise and also the world's largest thin-film solar power enterprise, engaged in hydropower, wind power and PV power generation. Hanergy Holding Group Ltd. has set up branches in many provinces in China and in North America, Europe, Asia Pacific region, etc.

A Hydropower Legend Accomplished by Strategic Insight

Hanergy Holding Group Ltd. is China's largest private clean energy enterprise. Jinanqiao Hydropower Station, built ten years ago, is equipped with total installed capacity of up to 3 million KW, which is 10% more than that of the well-known Gezhouba Water Control Project. The construction period of Gezhouba Water Control Project, invested and constructed by Chinese Government, is as long as 17 years, while Hanergy Holding Group Ltd. only took 8 years to complete the construction of Jinanqiao Hydropower Station in virtue of its own strength as a private enterprise.

In 1990s, many people were pessimistic about power investment, while Hanergy Holding Group Ltd. persevered in developing clean energy. Amid the rise of China's manufacturing industry in the world, China is confronted with increasingly severe environmental pollution, which gives rise to the more and more important role of clean energy. Hence, clean energy has become an energy strongly promoted by Chinese government and Hanergy Holding Group Ltd. also has wrapped up remarkable returns, vindicating LiHejun's distinct strategic insight. The successful investment in hydropower stations not only makes contributions to the society, but also changes into a "cash cow" business of Hanergy Holding Group Ltd.

Devoted to Thin-Film PV by Superior Technology

Following hydropower, LiHejun stepped into solar power industry. Quoted from LiHejun, ever since his initial entry into solar power field, he has recognized thin-film and flexibility as the inevitable trend for the future development of global solar power industry. During recent years, Hanergy Holding Group Ltd. has been committed to consolidating world's leading thin-film PV technologies and has exerted great efforts to acquire several globally leading overseas thin-film solar power technology enterprises. Subsequent to the acquisition of Solibro of Germany in September 2012 and the acquisition of MiaSole of America in January 2013, Hanergy Holding Group Ltd. acquired Global Solar Energy of US, which was the third overseas technology acquisition within one year. Consequently, Hanergy Holding Group Ltd. has become world's first enterprise capable of mass production of flexible thin-film solar power modules. Furthermore, the acquisitions indicate that Hanergy Holding Group Ltd. has occupied the most cutting-edge thin-film solar power technology by means of global technological consolidation.

Since this year, Chinese government has been supporting the development of "distributed PV power generation" in China, encouraging power consumers to build distributed PV power generation systems through "generating electricity on one's own and for one's own use", putting the surplus on the grid and adjusting through power grid . Soon afterwards, Chinese government published the feed-in tariff standard for distributed PV application demonstration areas. The thin-film solar power technologies acquired by LiHejun are exactly the most suitable technical routes for distributed power generation. Current development of PV industry once again confirms LiHejun's strategic insight.

Recently, Hanergy Holding Group Ltd. successively sold Solibro and MiaSole, two world-class thin-film solar power enterprises to Hanergy Solar Group Limited ("Hanergy Solar"), a Hong Kong-listed subsidiary of Hanergy Holding Group Ltd., at the cost prices close to the consideration paid for the acquisitions. Hanergy Solar also announced the launch of the 120W large-scale ground-mounted power station projects in Qinghai and Xinjiang in September this year. Stimulated by such favorable news, the stock price of Hanergy Solar witnessed remarkable increase by 2 times as compared to that in the beginning of this year and the market capitalization of Hanergy Solar also substantially elevated to HK$38.4 billion (as of 16 October 2013) from HK$4.6billion in the beginning of this year. As the largest shareholder of Hanergy Solar, LiHejun's wealth rises correspondingly. Currently, Hanergy Solar is in a period of rapid growth with enormous potential. As Hanergy Solar continues to enhance its solar power technical strength and its swift and violent expansion into downstream power station business, LiHejun's wealth is expected to see further marked increase within a short period.

New Energy Leader Debuts Forbes Rich List

During the past several years, regulars of China Rich List are leaders from real estate, internet and consumption industries. The formal show-up of LiHejun this time has manifested that new energy industry has become a vitally important part of China's economy. XuDingMing, consultant of the State Council, former director of China National Energy Expert Advisory Committee commented: "In renewable energy filed, private enterprises are pioneers at preliminary stage and fresh troops in medium term period. Today and in the future I firmly believe that China's private enterprises will be the leaders in the renewable energy industry." According to the analysis of market observers, as it is LiHejun's first time to appear on Forbes China Rich List, Forbes has applied a prudent method when appraising his net assets.

Appendix: Top5 Billionaires on Forbes Rich List

1.WangJianlin: $14.1 billion (RMB86 billion)
2.ZongQinghou: $11.2 billion(RMB68.3 billion)
3.Robin Li: $11.1 billion (RMB67.7 billion)
4.LiHejun: $10.9 billion(RMB66.5 billion)
5.MaHuateng: $10.2 billion(RMB62.2 billion)

Topic: Press release summary Sectors: Daily Finance, Energy, Alternatives, Daily News
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