HNP was one of my frustrating experiences. I invested in 2009 around $26 a share. I sold last year around $29 for a small profit. I simply got frustrated with the dividend cutting & had doubts about Chinese bookkeeping.
I obviously missed the run up since. But I sleep much better. Again, I just do not trust what is reported from Chinese companies, never mind what their government does in the background. I therefore refuse to invest directly in Chinese stocks until the corruption problems diminish.
China will no doubt be a growth engine for a long time to come. You can have a significant corruption & still generate wealth & prosper. Italy comes to mind. But I plan on profiting here through North American companies that do business in China. Such companies have what China needs & know how to navigate Chinese corruption.
That's why I invest in companies like Caterpillar, as opposed to HNP. Sure, I liked the idea of a company in its capitalist youth which serves Chinese energy needs. I though I could achieve significant wealth if I held for decades. But I got out after 4 years on the corruption factor.
It's fashionable to predict a collapse in the US these days. But something tells me it is China & the Yen will have a true day of reckoning, sooner rather than later. There is just too much risk for me to be invested directly in Chinese companies...even HNP.