China’s second-largest wind turbine maker Sinovel Announces It Is Under securities regulator CSRC Investigation which questions company financial data
May 31, 2013 Leave a comment
05.30.2013 17:59
Sinovel Announces It Is Under CSRC Investigation
Wind turbine maker says it will coordinate with securities regulator, which questions company financial data
By staff reporter Cao Wenjiao
(Beijing) – Sinovel Wind Group Co. Ltd. announced on May 29 that it was being investigated by the China Securities Regulatory Commission (CSRC) over suspected violations of securities laws and regulations. Sinovel, one of the largest wind turbine manufacturers in the country, said it would coordinate with the CSRC in its investigation and disclose the required information. The CSRC’s Beijing bureau said on April 11 that some of Sinovel’s financial data was not accurate, and the profit the company reported for 2011 was inflated. On April 7, the company said there were accounting errors in its 2011 financial report, which originally gave a net profit figure of 776 million yuan. After correcting for accounting errors, the company said this figure was 168 million yuan too high. A source at the company said Sinovel would make a detailed announcement later. Sinovel listed in Shanghai in January 2011 and its issue price was 90 yuan per share. On May 29, the company’s closing share price was 5.76 yuan. Sinovel had operating revenue of 684 million yuan in the first three months of this year, down 40.98 percent compared to the same period in 2012, the company’s financial report shows. Its net profit was down 968.86 percent. Wei Wenyuan, Sinovel chairman and acting president, resigned on May 13. Company director Liu Hui resigned the same day.
About bambooinnovator
Bamboo Innovator 