Sinovel at 4-Month High After Green Target Set: Shanghai Mover
Sinovel Wind Group Co. (601558), the world’s biggest wind-turbine maker by market value, rose to its highest in four months after China announced it will boost renewable- energy capacity this year.
The stock jumped 10 percent, its maximum daily limit, to 6.5 yuan, the highest since Sept. 13, as of 12:07 p.m. in Shanghai trading. The benchmark Shanghai Composite Index fell 0.5 percent.
The Beijing-based turbine maker’s stock has increased by its daily limit for the second consecutive day after China’s National Energy Administration announced Jan. 8 the country will add 49 gigawatts of renewable energy capacity this year, including 18 gigawatts of wind power. Total installed capacity for clean energy was 39 gigawatts in 2012, according to Bloomberg New Energy Finance.
“China’s goal may indicate a 30 percent growth in turbine shipments,” Jerry Weng, a Shanghai-based analyst at KGI Securities Co., said by phone today. Sinovel and Xinjiang Goldwind Science & Technology Co. (2208), China’s biggest producer of turbines, “may have a chance to negotiate prices as policy support stimulates demand.”
Goldwind rose 3.4 percent to 6.12 yuan.
To contact the reporter on this story: Feifei Shen in Beijing at fshen11@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.