Sinovel chairman resigns citing 'personal reasons'

CHINA: Sinovel chairman and founder Han Junliang has resigned all his posts at Sinovel except for the role of board director, citing "personal reasons" for the decision.

Resigning... Sinovel chairman Han Junliang (pic: Danish Wind Industry Assoication)
Resigning... Sinovel chairman Han Junliang (pic: Danish Wind Industry Assoication)

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Wei Wenyuan, vice-chairman and acting president of Sinovel, has replaced Han as the new chairman of the board of directors, according to an interim meeting of the board. Han founded Sinovel in 2006 and developed it into China’s largest wind turbine manufacturer by 2008.

Han raised Sinovel from the seventh largest wind turbine maker in the world in 2008 to the second largest in 2010. However, Sinovel was surpassed by Goldwind in 2012.

On 13 January 2011, Sinovel was listed on the Shanghai Stock Exchange, with an issue price of CNY 90 ($14) per share, a record high.

However, Sinovel has met a turning point since the second half of 2010 when the Chinese wind power market started to slump. Sinovel performances began to drop by big margins.

Industry officials say Sinovel has fallen into a difficult position due to an inaccurate estimate of the market and has been left with both a big inventory and debt.

Wei was the founder of the Shanghai Stock Exchange. In August 2012, Wei took the post of Sinovel president from Han. When Wei took office, Sinovel had just suffered a loss of CNY 280 million ($45 million) in the third quarter of 2012. Recently, Sinovel forecast it could lose CNY 490 million in 2012.

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