(Yicai Global) Feb. 27 -- Shares of Aolian Ae&Ea started another week of dropping after the track record of the Chinese auto parts maker's endeavor to develop powerful solar cells got another proof of incompetence.

Aolian Ae&Ea [SHE: 300585] slumped by 6 percent to close at CNY20.99 (USD3), down by more than 50 percent from an all-time high on Feb. 9. At that point, the shares had more than tripled in value in two months, following the firm's announcement of entering the emerging market for perovskites, a type of solar cell deemed to be more efficient and affordable to produce than the current silicon wafer-based models.

A man surnamed Wu, who has no experience in perovskites, said to Yicai Global on Feb. 24 that the Nanjing-based company had offered him a job to help the firm build a project to make such products within six months with a generous salary for the local level. However, the company refused to show the renewables expert the relevant equipment. He saw fewer than 10 people in the building and the interview was short.

On the same day, Yicai Global visited the area of Aolian Ae&Ea's perovskite venture called Aolian Light Energy Technology, located around 20 kilometers from downtown Nanjing. The office floor of the four-story building had some lights on and about a dozen cars were parked outside. The plant is urgently hiring.

The automotive company's diversification effort has been questionable. Last week, Aolian Ae&Ea said it is being investigated by the China Securities Regulatory Commission for alleged information disclosure violations.

The regulatory spotlight may have been caused by a dubious partnership. In December, Aolian Ae&Ea formed Aolian Light Energy with Xu Mingjun, an alleged perovskite expert who claimed past work experience with China Huaneng Group, a state-owned electricity giant. However, Huaneng said on Feb. 21 that it has not had any business dealings with Xu.

Editors: Dou Shicong, Emmi Laine, Xiao Yi