28 Nov '14, 11am

Sinovel halts share trading on Shanghai Stock Exchange

Additionally, the turbine manufacturer acknowledged that it has just received a "letter of supervision attention" from the Beijing Securities Supervision Administration (BSSA). The BSSA letter calls for Sinovel's attention to a number of issues. First, the firm is accused of back selling two bonds totalling CNY 2.6 billion (424 million), which are to mature at the end of the year, against a cash balance of only around CNY 1.28 billion on 20 October. Second, Sinovel will be delisted on the SSE if it reports a negative net profit for this year. In its Q3 report, Sinovel was downbeat about its chances of hitting this target. It is also struggling to claim money owed by customers. The BSSA said Sinovel's current composite board structure is contrary to company regulations. It also demanded the firm intensify its efforts to rectify its problems and make itself more publicly acc...

Full article: http://www.windpowermonthly.com/article/1324256/sinovel-h...

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bbc.co.uk 03 Dec '14, 4am

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bbc.co.uk 03 Dec '14, 4am

3 December 2014 Last updated at 04:39 Share this page Delicious Digg Facebook reddit StumbleUpon Twitter Email Print Singa...