Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Sinovel Falls Most in Four Weeks on Probe: Shanghai Mover

Don't Miss Out —
Follow us on:

May 30 (Bloomberg) -- Sinovel Wind Group Co., China’s third-biggest wind-turbine maker, fell the most in four weeks in Shanghai trading after the company said it was being investigated for possible violations of Chinese securities laws.

The shares closed 3.1 percent lower at 5.58 yuan, the biggest one-day fall since May 2. The benchmark Shanghai Composite Index fell 0.3 percent.

Sinovel said after the close of markets yesterday that it received a notice from the China Securities Regulatory Commission that a probe had been started into suspected violations. The filing to Shanghai’s stock exchange didn’t provide more details about the investigation.

In March, Sinovel revised down its 2011 profit by 22 percent to 607.4 million yuan ($99.1 million), citing an accounting error.

The wind turbine maker is also currently embroiled in a legal dispute with Devens, Massachusetts-based American Superconductor Corp., 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: Sarah Chen in Beijing at

To contact the editor responsible for this story: Alexander Kwiatkowski at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.