In the space of three years Hanergy Group has built the world’s largest listed solar company by value. The Chinese company’s ambitious network of solar-panel factories across the Chinese mainland has made it an industry leader — largely through sales between its listed subsidiary in Hong Kong and itself.

The company’s $18bn Hong Kong listed arm, Hanergy Thin Film Power Group, or HTF, has reported remarkable profits over the past three years, and seen its shares rise more than 300 per cent since the start of 2014. That has helped make its founder, Li Hejun, China’s fifth richest billionaire, according to Forbes magazine.

HTF, which sells equipment used to make solar panels, has reported net profit margins of more than 50 per cent. It is now worth three times as much as US thin-film solar-panel company First Solar, its largest competitor. In China, HTF is worth more than all other listed China solar companies combined.