Harbin Electric Machinery Plant Co. Ltd., a subsidiary of state-owned Harbin Electric Corporation, has put up its 49 percent stake in GE-Harbin Electrical Wind Energy (Shenyang) Co. Ltd. for sale at the China Beijing Equity Exchange (CBEX) for 205 million yuan (US$33.48 million), the China Securities Journal reported Monday. Harbin Electric Machinery Plant and General Electric formed a joint venture in 2010, with the former holding a 51 percent stake and GE owning the remaining 49 percent. Harbin Electric Machinery Plant later also acquired a 49 percent stake in GE’s existing Shenyang wind factory and renamed it GE-Harbin Electrical Wind Energy (Shenyang). The Shenyang JV posted a profit of 30.77 million yuan in 2012, but slumped to a net loss of 10.43 million yuan as of Aug. 31 this year. In June, Harbin Electric Machinery Plant said it has agreed to terminate its ventures with GE due to differences in business strategy, the report said.
– Contact HKEJ at [email protected]