No end in sight to Hanergy woes

Hanergy Thin Film Power, a solar company being investigated by Hong Kong's stock market regulator, said on Tuesday that it has extended its unusual purchase agreement with Macrolink New Resources Holding Co to April 30, 2016, without disclosing any reasons.

As part of the deal, HTF had planned to issue 1.5 billion new shares to Macrolink, a Beijing-based company covering real estate, petroleum and finance businesses, at HK$3.64 ($0.47) per share, giving it a 3.48 percent stake after the sale. In return, Hanergy should ship 600 megawatts of building-integrated photovoltaic products to Macrolink as part of the deal and provide services to maintain the equipment thereafter.

The announcement came close on the heels of Ikea, the world's biggest furniture retailer, dropping HTF as a supplier for a pilot project to sell solar panels in the United Kingdom, the Netherlands and Switzerland.