Chairman leaves Chinese wind firm Sinovel

Jul 9, 2014 - Chinese wind turbine maker Sinovel Wind Group Ltd (SHA:601558) said Monday its chairman has handed in his resignation due to personal reasons.

Wang Yuan gave up all posts in the company’s subsidiaries and will no longer act as Sinovel’s legal representative.

The resignation comes at a very challenging time for the company. It closed 2013 with a net loss of CNY 3.45 billion (USD 557m/EUR 409m), its second consecutive annual loss and the wind turbine manufacturer now faces the possibility of delisting. Due to the loss, its bonds were suspended from trading on the Shanghai Stock Exchange in April.

Once a major player in the wind turbine sector, Sinovel has been struggling on several fronts for many months now. The company is under investigation by the China Securities Regulatory Commission (CSRC) for suspected securities laws breaches and is involved in software copyright infringement cases initiated by US company AMSC (NASDAQ:AMSC).

Sinovel’s board of directors announced that they are going to elect a new chairman as soon as possible.

(CNY 1 = USD 0.161/EUR 0.119)

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