(Yicai Global) Oct. 24 -- Chinese renewable energy firm Hanergy Mobile Energy Holding Group plans to privatize its Hong Kong-listed arm and take it public on the mainland after trading of the unit's shares have been suspended for more than three years.

The Beijing-based firm will offer shareholders in Hanergy Thin Film Power Group no less than HKD5 (USD 64 cents) a share in cash or stocks in order to protect the interests of smaller shareholders, the parent company said in an online statement yesterday.

The target has not published a statement relating to the matter.

Hanergy Thin Film's last stock price was HKD3.91 on May 20, 2015. It had previously risen 19-fold over the course of two years, transforming from an obscure small cap into an industry giant that nearly tripled its revenue to HKD9.6 billion (USD1.2 billion) in 2014 to earn HKD3.3 billion in net profit.

But that success came skidding to a halt on May 20, when the stock slumped 47 percent in the first half an hour of trading, wiping over a hundred billion Hong Kong dollars from its market cap. Days later, the Securities and Futures Commission announced it was investigating the company and on July 15 that year, said it was suspending the firm from trading on the grounds that the market was misinformed, disorderly or unfair.

The SFC requested to see Hanergy Mobile Energy's financial statements from 2011 through 20214 and details of Chairman Li Hejun's major outstanding debts. But Hanergy Thin Film would not disclose the documents, saying they are private and involve the internal and personal affairs of its parent and Li, and that it had no control over that information.

Editor: James Boynton