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China

Sinovel rebuked over false profit increase

CHINA: Chinese wind turbine maker Sinovel has been ordered by the government securities authority to correct a false profit increase for 2011.

Former Sinovel founder Han Junliang... left for “personal reasons”
Former Sinovel founder Han Junliang... left for “personal reasons”

On 11 April, the Beijing Bureau of the China Securities Regulatory Commission handed Sinovel an official document demanding it to take measures to correct its accounts.

The bureau said Sinovel gave incorrect bills, data and financial records on some businesses, which resulted in a false increase of net profits in 2011.

This violated the management measures on information disclosure of listed companies. The bureau required Sinovel to disclose the corrected financial report of 2011, audited by a qualified accounting firm, and also disclose adjusted regular reports of 2012, before 20 April.

In early March, Sinovel announced it falsely reported and extra CNY 168 million ($26.7 million) for 2011 because accountants miscalculated some incomes that should have counted for 2012.

Sinovel's net profits for 2011 should have dropped by 79% year on year.

Soon after the financial scandal, Sinovel chairman and founder Han Junliang resigned for "personal reasons". Wei Wenyuan, a big stakeholder of the company, took over Han's post.

Sinovel was once China's largest wind turbine maker. However, it has been replaced by Goldwind in market ranking since 2011.

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