Titan Wind Declines After U.S. Proposes Duties: Shanghai Mover
Titan Wind Energy Suzhou Co. (002531), a Chinese maker of towers for wind turbines, led a decline among domestic peers after the U.S. set preliminary anti-dumping duties on imports from the Asian nation.
Titan Wind, which is set to incur a 21 percent duty, slumped by its 10 percent daily limit to 14.19 yuan, the biggest drop since Dec. 31, 2010.
The decline came after the Commerce Department concluded in preliminary findings that producers in China and Vietnam, which together exported $301 million in towers to the U.S. in 2011, sold the utility-scale goods below production costs. The decision deepens trade tensions on renewable-energy products between the world’s two biggest economies.
Sinovel Wind Group Co. (601558), China’s biggest wind-turbine maker, will be subject to duties of 26 percent. The company’s shares fell 3.7 percent in Shanghai. Chengxi Shipyard Co. received duties of 31 percent. Its parent, China CSSC Holdings Ltd. (600150), dropped 4.6 percent.
Exports to the U.S. accounted for 38.6 percent of revenue last year, Titan Wind, based in Taicang in Jiangsu province, said today in a statement to the Shenzhen stock exchange.
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