The rise and stall of Sinovel

Zhang Guobao, former vice-chairman of the National Development and Reform Commission, China’s powerful policymaking body. Picture credit: Landov/PA

Zhang Guobao, former vice-chairman of the National Development and Reform Commission, China’s powerful policymaking body. Picture credit: Landov/PA

By Dominique Patton in Singapore

 Sunday, January 06 2013

Updated: Friday, January 25 2013

Within five years of its creation, the Chinese turbine maker was the second biggest in the world. But then its star began to fall... Dominique Patton explains why

The meteoric rise of Chinese turbine maker Sinovel had been one of the biggest success stories to emerge from the new China in recent years.

In 2011, just five years after the company was set up, it had become the world's second-largest turbine manufacturer — with 4.4GW of annual installations and 11% of the global market — and was threatening to overtake leader Vestas. Its initial public offering (IPO) that year was the most expensive ever on the Shanghai stock exchange, with shares being listed at 90 yuan ($14) each.

Yet, two years…

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