Despite the hype given to solar energy development, Shanghai Electric Group, China's largest power generating equipment maker, has remained steadfast in getting out of the sector, which it deems as unprofitable, at least in the short-term.
Shanghai Electric Group Co, China's leading power equipment maker, has sold a stake in Shanghai Topsolar Green Energy Co, as part of its plan to shed certain non-core businesses.
Shanghai Electric Group Co, China's largest maker of power equipment, has sold its stake in Shanghai Topsolar Green Energy Co and exited the solar energy business to focus on its core businesses like wind power.
Shanghai Electric started construction of its manufacturing base for wind power equipment on Thursday in Lingang, Pudong New Area, aiming for 14 billion yuan in sales from the wind sector.
Shanghai Electric's application for an initial public offering in Shanghai has been approved by the China Securities Regulatory Commission, company sources said on Wednesday.