Besides, Hanergy announced that 1.5 billion new shares will be dispersed to an independent third-party, Hualian Holdings, to raise 5.5 billion yuan. It is reported that the latter is offering multiple batches of subscription rights to institutional investors through investment banks. The nearest exercise period will be three months after the subscription rights are granted, leading to extreme fluctuations of share price.

Recently, the FTSE group announced that Hanergy Thin Film Power Group would be included in the FTSE China 50 index, which might cause automatic follow-up of some index funds to buy into Hanergy's shares. Based on estimation of Hong Kong media, 3 percent of Hanergy's outstanding shares are held by passively managed funds.

A report by Hong Kong Economic Times last week revealed that some short sellers such as Canadian hedge fund BHP International Markets had planned massive short selling of Hanergy stocks, but their recent sizeable purchases of Hanergy shares have further boosted the soaring stock price.

A domestic Chinese private equity manager said that judging from the Hong Kong market and the mainland market, Hanergy stands out as a unique case in the field of photovoltaic thin-film power generation. With bad news overcome and good news delivered, stock shares of such kind of companies tend to have the potential of continuous rise in the future.

A research paper published by CLSA on February 27 this year held bullish view on the leading stock in the PV industry - Hanergy Thin Film Power Group (0566.HK), and called it an underestimated and visionary high-tech company, whose annual profit is expected to reach $ 16 billion by 2020.

CLSA's solar analyst Charles Yonts stated that investors should not be confined to short-term earning estimates when they look at Hanergy. They should take a broad view of Hanergy's business development in 2020. "Hanergy has unlimited room for development. Once Hanergy breaks into civil solar product market like what iPad and iCars do, it could experience explosive growth of profits," the analyst said.

CLSA also pointed out that investors should see the positive factors of Hanergy's financial aspects. Hanergy generates a $1 billion cash flow from its hydroelectric projects, and has secured a large amount of loans through banks and other channels. All the money will be used to support the development of Hanergy's downstream businesses.