Sinovel Paid For An Overdue Payment With One Of Its Subsidiary Companies

Key words: Sinovel, Overdue payment, Harbin Power Plant Equipment Corporation

Abstract: Jiamusi Electric Machine Company Limited, a subsidiary of Harbin Power Plant Equipment Corporation took over a a subsidiary in Jilin province of Sinovel on July 6, 2020.


Sinovel issued a commercial acceptance bill of RMB 152.105700 to Jiamusi Electric in February 2019, and mortgaged 100% equity of its wholly-owned subsidiary Sinovel Wind Power (Jilin) Equipment Co., Ltd. to Jiamusi Electric as the guarantee of commercial acceptance bill. Now due, Sinovel failed to pa. As agreed, Jiamusi Electric took over 100% share of Sinovel Jilin.


Translated and edited by: minds:connected