Sinovel Will Withdraw The Stock Market June 2020

Key words: Sinovel, High-tech enterprise, Stock Market

Abstract: On the evening of June 23, Sinovel announced that as of the announcement day, the company’s shares had been traded for 30 trading days in the delisting consolidation period, and the delisting consolidation period was over. The company’s shares will be delisted from Shanghai Stock Exchange on July 2.

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Sinovel wind power is the first high-tech enterprise in China to develop, design, manufacture and sell large-scale wind turbines suitable for land, sea and intertidal zones. In 2008 and 2009, Sinovel wind power equipment maintained the first market share in China.

In 2011, Sinovel entered A-share with a high issue price of 90 RMB /share, becoming the highest issue price stock in the history of Shanghai Stock Exchange at that time. The market value exceeded 90 billion RMB, and raised 9.46 billion RMB, which attracted much attention from the market. However, the shares broke on the first day of listing, with the share price plummeting by 9.59%. In the 9 years after listing, the company’s performance declined rapidly.

On April 13, 2020, Sinovel closed down and its stock price closed at 0.65 RMB/share. For the 20th consecutive trading days, the stock price was less than 1 RMB. On April 30, 2020, Shanghai Stock Exchange announced that it had decided to terminate the listing of ST Sinovel shares. Sinovel  became the first share with par value delisting in 2020.

Source:新浪财经

Translated and edited by minds:connected

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