Nowhere to go but up now, right?
So we can all agree that UBS has had a pretty shitty couple of days, yes? Way shittier than, say, a Chinese billionaire might have expected when he went to a clean-energy convention instead of his company’s annual meeting, because nothing eventful could possibly happen, right? Wrong.
On the day Li Hejun lost roughly US$14 billion, he was skipping his company’s annual meeting to attend what it said was a clean-energy exhibition in Beijing. That company, Hanergy Thin Film Power Group Ltd., which Mr. Li controls, saw its shares plunge nearly 50% before trading was halted. Mr. Li, who at one time was considered China’s richest man based on the value of his majority stake in the Chinese solar company, saw his holdings suffer accordingly.