Hanergy Thin Film's revenue came mostly from its own parent
Hanergy Thin Film Power Group · Solar (listed in Hong Kong)
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Ownership / related-party links
Would have shown the parent as the main customer.
Can mislead when: Nominee directors and offshore layers hide links. Name matching throws up false positives, so every flag shows its evidence path.
Bank credits vs books
Would have matched sales to cash from the parent.
Can mislead when: AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags.
Collateral & double pledge
Would have found pledged shares.
Can mislead when: Pledges made off the registries stay invisible, and vague invoice descriptions are hard to match.
Where Kubr services would have helped
Portfolio monitor
Offered in India- C1 Would have matched sales to cash from the parent.
- C3 Would have shown the parent as the main customer.
- C13 Would have found pledged shares.
Borrower monitor
Offered in India- C1 Would have matched sales to cash from the parent.
- C3 Would have shown the parent as the main customer.
- C13 Would have found pledged shares.
Verified Snapshot
Offered in India- C3 Would have shown the parent as the main customer.
- C13 Would have found pledged shares.
Financial diligence
Offered in India- C1 Would have matched sales to cash from the parent.
- C3 Would have shown the parent as the main customer.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.