The story of Chinese billionaire Li Hejun and the epic collapse of his solar panel company Hanergy Thin Film Solar just got a shade more shady.

On Wednesday (5/20), Hanergy stock lost a staggering 47% of its value in just 24 minutes. Hejun, who owns 80% of the company’s stock, was estimated to have lost $15 billion during the crash.

But new reports indicate that Hejun may have actually profited off of the epic collapse of Hanergy stock. According to CNN Money,

“Li Hejun increased his short position by 796 million shares in Hanergy Thin Film Solar on May 18, according to a stock exchange filing on May 18. He also purchased an additional 26.4 million shares at an average of HK$7.28 ($0.94) — roughly what the shares were trading at that day.”

Taking a short position on a stock is basically betting that it will fail: investors borrow and sell shares of a stock in the hopes that they can make money by buying those shares back after the stock price drops.

So basically, Hejun borrowed and sold a bunch of Hanergy stock when the price was at its peak. Then, he bought those shares back at a 47% discount after the stock collapsed.

The revelation of these trades adds to growing suspicions of market manipulation in the Hanergy fiasco.

Recent investigations revealed that Hanergy sells the majority of its products back to its parent company (the Hanergy Holding Group), and that, “there has tended to be a huge surge in Hanergy’s stock occurring almost exclusively in the last 10 minutes of the trading day.”

Hejun was also absent from the company’s annual shareholder meeting on Wednesday. The company has yet to make any statements about the implosion of its stock.

Read more from CNN Money and Business Insider.