Sinovel Faces Bonds Freeze

Chinese wind turbine manufacturer Sinovel reported a loss of CNY 3.45 billion (USD 551 million) in 2013, which led to suspension of its bonds from trading by the Shanghai Stock Exchange.

On April 30, the Shanghai Stock Exchange temporarily suspended Sinovel’s bonds from trading, and was to decide within a week whether or not to maintain the suspension, according to Bloomberg.

The bourse finally decided to keep the bonds under suspension for an unspecified period.

Sinovel designs, manufactures and sells large-scale onshore, offshore and intertidal series of wind turbines.

In the last couple of years, the company has been involved in a court dispute with AMSC before China’s Supreme People’s Court. AMSC had filed four lawsuits against Sinovel for software copyright infringement, and won two of them in February.