According to a proposal examined and approved at the 8th Meeting of the 3rd Board of Directors, the company plans to downsize the scale of its investment in the Goldwind MW straight drive permanent magnet generator project in Inner Mongolia, which has been intended to go into trial production in December.

The investment amount of the project, with an annual yield of 300 sets of MW generators, will be cut from RMB 400 mln to RMB 150 mln, hence, the project’s annual production capacity will be reduced to 200 sets, accordingly. Of the adjusted investment amount, RMB 127 mln of the RMB 242.06 mln in raised funds will be alloted to the project, while the remaining RMB 115.06 mln will be made available to a new MW straight drive permanent magnet generator project in Nanjing.

The adjusted proposal, which has been approved by independent directors and the supervisory board of the company as well as its sponsoring institution, must be submitted to a general meeting of shareholders for further examination.

Board of Directors
23 Jul 2008

Source: Securities Times

Date: 23 Jul 2008

CN01/SS/DM/BT/KM