Bloomberg News

Sinovel Says Company Is Under Investigation by Chinese Regulator

May 29, 2013

Sinovel Wind Group Co. (601558), China’s third-biggest maker of wind turbines, said it’s being investigated for suspected violations of securities laws and regulations.

The company received a notice from China Securities Regulatory Commission on the decision to start the probe, and will cooperate, according to a filing to the Shanghai Stock Exchange yesterday. The statement didn’t provide more details.

Sinovel, based in Beijing, in March revised down 2011 profit by 22 percent to 607.4 million yuan ($99.1 million) due to an accounting error.

The turbine company also is embroiled in a legal dispute with Devens, Massachusetts-based American Superconductor Corp. (AMSC:US), which is seeking more than $1.2 billion in damages in Chinese courts from its former largest customer. AMSC accused Sinovel of stealing its technology and violating sales contracts.

To contact Bloomberg News staff for this story: Zhang Dingmin in Beijing at dzhang14@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


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Companies Mentioned

  • AMSC
    (American Superconductor Corp)
    • $1.85 USD
    • -0.02
    • -1.08%
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