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 Tracking 1253 U.S. listed China Stocks and Counting...
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 China Ming Yang Wind (NYSE:MY)

Monday, August 25, 2014
Comments & Business Outlook

Second Quarter 2014 Financial Results

  • Total revenue was RMB935.6 million (US$150.8 million), an increase of 74.1% compared to RMB537.4 million in Q2 2013.
  • Basic and diluted earnings per share were RMB0.11 (US$0.02), compared to basic and diluted loss per share of RMB0.51 in Q2 2013.

"We continued to see strong momentum in the industry, and have signed new orders of 617.0MW during the quarter, and our signed orderbook continues to grow strongly and has now reached a historic high of 3.6GW as of June 30, 2014," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "As we enter the second half of 2014, we will continue to enhance the contract execution in order to satisfy our customers' demand for wind turbine generators. Our gross margin for 2.0MW WTGs was approximately 13.3%, which was 1.8 percentage points higher than the gross margin of our 1.5MW WTGs for which revenue was recognized during the quarter. Our orderbook for the 2.0MW WTGs continues to increase and we expect to continue to benefit from the trend towards higher megawatt WTGs in China. We expect the overall demand continues to be strong heading into the second half of 2014."

Business Update

Order Book Update

New Sales Contracts - During the second quarter of 2014, Ming Yang entered into sales contracts for wind power projects with a total output of 617.0MW, representing 166 units of 1.5MW WTGs and 184 units of 2.0MW WTGs.

Order Backlog - As of June 30, 2014, the Company's order backlog amounted to 3.6GW, representing 1,374 units of 1.5MW WTGs, 671 units of 2.0MW WTGs, 59 units of 3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed orders since its inception amounted to 8.9GW, representing 4,650units of 1.5MW WTGs, 831 units of 2.0MW WTGs, 79 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.


Friday, August 1, 2014
Comments & Business Outlook

ZHONGSHAN, China, August 1, 2014 /PRNewswire/ -- China Ming Yang Wind Power (NYSE: MY) ("Ming Yang" or the "Company"), today announced that its MY1.5-89 wind turbine has obtained the GL 2010 Type Certification issued by DNV-GL Group. The MY1.5-89 wind turbine is optimized for low wind speed areas, and is part of the successful Ming Yang 1.5MW wind turbine platform.

DNV-GL Group, formed in September 2013 with the merger of two global leading certification bodies DNV (Det Norske Veritas) and GL (Germanische Lloyd), is a leading independent certification body in global renewable energy industry.

"This is a milestone in meeting international quality standards and is an important step towards internationalization," commented Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Our MY1.5-89 follows our established MY1.5-77 in obtaining leading international type certification, and we are confident that our wind turbines with various specifications can provide an effective solution for customers in China and beyond."


Friday, June 13, 2014
Contract Awards

ZHONGSHAN, China, June 13, 2014 /PRNewswire/ -- China Ming Yang Wind Power (NYSE: MY) ("Ming Yang" or the "Company"), today announced that it has entered into a heads of agreement with Marin Energi Testcenter AS ("MetCentre") to erect a 6.0MW Super Compact Drive ("SCD") wind turbine generator in the Karmoy wind turbine demonstration area off the coast of Karmoy Island in Norway. MetCentre is a Norwegian test centre for marine energy offering infrastructure and services to off-shore wind power. The proposed cooperation and the pilot project are subject to certain conditions, including a detailed agreement which is expected to be entered into by both parties in late 2014.

Ming Yang's SCD wind turbine generators combine high reliability and lower weight by utilizing smaller permanent magnet power generators coupled with a smaller gearbox, housed in a water-cooled sealed nacelle with an innovative two-bladed design which can lock the blades in a horizontal position to withstand extreme off-shore weather conditions.

"We are pleased to enter into this heads of agreement and looking forward to the installation of our SCD 6.0MW off-shore prototype in Norway, and this marks another milestone in Ming Yang's off-shore strategy," commented Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "We are confident that our innovative SCD wind turbine generators can provide an effective solution for off-shore wind power projects in China and beyond."


Friday, June 6, 2014
Contract Awards

ZHONGSHAN, China, June 6, 2014 /PRNewswire/ -- China Ming Yang Wind Power (NYSE: MY) ("Ming Yang" or the "Company"), today announced its subsidiary, Jiangsu Mingyang Wind Power Technology Limited, ("Jiangsu Mingyang"), has been approved by Rudong Energy Bureau in Jiangsu Province, China, to exclusively develop and operate a 300MW off-shore wind power project off the coast of Rudong in Jiangsu Province, China, subject to certain conditions.

"This marks an important milestone in Ming Yang's off-shore strategy in China," commented Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Ming Yang expects to continue to leverage the off-shore opportunity in China and deliver our innovative Super Compact Drive ("SCD") wind turbine generators as an effective solution for off-shore wind power projects in China and beyond."


Wednesday, May 21, 2014
Comments & Business Outlook

First Quarter 2014 Financial Results

  • Revenue in the first quarter of 2014 was RMB1,224.0 million (US$196.9 million), which increased by 52.0% comparing to that of 2013.
  • Basic earnings per share and diluted earnings per share were RMB1.54 (US$0.25) and RMB1.51 (US$0.24), respectively, compared to basic and diluted earnings per share of RMB0.19 and RMB0.19 in Q1 2013.

"We have signed new orders of 671.5MW during the quarter, and our signed orderbook continues to grow strongly and has now reached a historic high of 3.3GW," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "This continues the trend established in late 2013. Benefiting from the increased demand from our customers we had been able to take advantage of larger economies of scale and our direct cost per kW had continued to decrease by 3.1 percentage points and 6.9 percentage points for our 1.5MW and 2.0MW WTGs respectively, compared with the corresponding period in 2013. Our gross margin for 2.0MW WTGs was approximately 16.6%, which was 1.6 percentage points higher than the gross margin of our 1.5MW WTGs. Our orderbook for the 2.0MW WTGs continues to increase and we expect to continue to benefit from the trend towards higher megawatt WTGs in China."

"As China continues to work towards a cleaner environment, we expect wind power to continue to become a viable alternative to traditional sources of power generation. We have already seen our customers taking advantage of this opportunity, and we expect the upstream supply chain including Ming Yang to be in a stronger position to harness this market trend."


Tuesday, April 8, 2014
Comments & Business Outlook

Fourth Quarter 2013 Financial Results

  • Total revenue was RMB541.2 million (US$89.4 million), a decrease of 39.9% compared to Q4 2012.
  • Basic and diluted loss per share was RMB3.36 (US$0.56), compared to basic and diluted loss per share of RMB1.16 in Q4 2012.

"Ming Yang has consolidated its number three market position in China in 2013, and its top ten position around the world, according to China Wind Energy Association and Make Consulting," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. " As the market continues to recover in China, we have increased our order intake substantially with total new orders signed in 2013 amounting to more than 1.8GW, with a total order backlog of 3.0GW by the end of 2013. Since the grid curtailment had been further improved in 2013, together with favorable policies towards renewable energy in China, we would expect the market for WTGs to continue to be buoyant in 2014."

"We have accessed 9.0GW of wind resources, including 3.6GW signed, and we will continue our strategy of leveraging wind resource to work with existing customers or participate in wind farm developments. We continue to be optimistic about the future opportunities in the off-shore wind power market in China."


Tuesday, November 26, 2013
Contract Awards

ZHONGSHAN, China, Nov. 26, 2013 /PRNewswire/ -- China Ming Yang Wind Power (NYSE: MY) ("Ming Yang" or the "Company"), today announced its subsidiary, Guangdong Mingyang Wind Power Group Limited, ("Guangdong Mingyang"), has signed a framework agreement (the "Agreement") with Speranta & Succesul S.A., a leading renewable energy developer inRomania. The Agreement covers wind farm development, supply of EPC services and equipment procurement of a 200MW wind farm project.

Mr. Li Keqiang, Premier of the People's Republic of China and Mr. Victor Ponta, the Prime Minister of Romania attended the Agreement signing ceremony during the Second Summit between Chinese and Central and East European leaders in Buchareston Monday, November 25th, 2013. The Agreement marks an important strategic milestone in the joint cooperation in connection with the energy project development between China and Romania. The total level of investment for this wind farm project is approximately EUR400 million, and the project is expected to utilize Ming Yang's innovative 2.0MW large rotor diameter wind turbine generators ("WTGs"). It is reported to be the largest Chinese WTG export order to date, according to the relevant industry news in China.

"Ming Yang is proud to be working with Speranta & Succesul S.A., and this Agreement marks an important milestone in Ming Yang's overseas expansion strategy," commented Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Ming Yang expects to leverage this opportunity in Romania as a base of expansion into Europe and intends to supply competitive wind power solutions to customers in the region."


Wednesday, November 20, 2013
Comments & Business Outlook

Third Quarter 2013 Results

  • Total revenue was $157.0 million, an increase of 22.0% compared to $125 million in Q3 2012.
  • The company reported a loss per share of $0.07, compared to earnings per share of $0.00 in Q3 2012.

"We have successfully secured 296MW of new orders during the third quarter of 2013, bring the total amount of orders signed in the first nine months of 2013 to over 1GW," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "Gross margin for wind turbines commissioned have risen consistently every quarter this year, and in the third quarter we commissioned more 2.0MW WTGs than in any prior quarter."

"Ming Yang is expanding its business model to widen its sources of revenue. In addition to supplying our SCD WTGs for the off-shore project in Zhuhai, China, Ming Yang is also expected to provide a complete technology and construction solution including turbine towers and foundation structures and project management. As a provider of total solutions for off-shore wind power, I believe Ming Yang is well-placed to take advantage of further developments in the emerging off-shore wind power market in China."

Business Update

New Sales Contracts - During the third quarter of 2013, the Company entered into sales contracts for wind power projects with a total output of 296MW, representing 80 units of 1.5MW WTGs and 88 units of 2.0MW WTGs. Total new orders signed for the first nine months totaled 1.04GW.

Order Backlog - As of September 30, 2013, the Company's order backlog amounted to 2.4GW, representing 1,184 units of 1.5MW WTGs, 212 units of 2.0MW WTGs, 67 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed orders since its inception amounted to 6.8GW, representing 3,966 units of 1.5MW WTGs, 310 units of 2.0MW WTGs, 84 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.


Monday, September 30, 2013
Comments & Business Outlook

ZHONGSHAN, China, September 30, 2013 /PRNewswire/ - China Ming Yang Wind Power (NYSE: MY) ("Ming Yang" or the "Company"), announced that it has secured a total of 87MW in the first tranche of tender for off-shore wind power near Zhuhai Guishan Island, Guangdong Province, China. The winning bid comprises of 29 units of 3MW super compact drive ("SCD") wind turbine generators ("WTGs") , which is in excess of 85% of the aggregate 100MW available for this tender in the first tranche of this project. The wind project is to be developed by Southern Off-shore Wind Power Joint Development Company, controlled by China Southern Power Grid Ltd. Ming Yang will be providing a complete technology and construction solution including WTGs, turbine towers and foundation structures as well as project management. Construction is anticipated to begin in October 2013 and be completed by the end of 2014. The bid is subject to the execution of the relevant definitive agreements.

"This bid marks an important milestone in the practical commercial off-shore tender in Guangdong Province and inChina, I am very excited that Ming Yang has managed to secure a substantial part of the first tranche of this tender available using our SCD technology," said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "This is a clear endorsement of Ming Yang's SCD technology, and heralds a new phase of off-shore wind power generation in China."


Thursday, August 29, 2013
Comments & Business Outlook

Second Quarter 2013 Unaudited Financial Results

  • Total revenue was RMB537.4 million (US$87.6 million), a decrease of 32.7% compared to RMB798.0 million in Q2 2012.
  • Gross profit was RMB66.1 million (US$10.8 million), a decrease of 43.0% compared to Q2 2012. Gross margin was 12.29% for Q2 2013, compared to 14.52% in Q2 2012.
  • Total comprehensive loss was RMB87.4 million (US$14.2 million), compared to total comprehensive loss of RMB27.5 millionin Q2 2012.
  • Total comprehensive loss attributable to shareholders was RMB69.2 million (US$11.3 million), compared to total comprehensive loss attributable to shareholders of RMB26.6 million in Q2 2012.
  • Basic and diluted loss per share was RMB0.51 (US$0.08), compared to basic and diluted loss per share of RMB0.25 in Q2 2012.

"We continue to leverage our market position in China and have successfully secured 396.0MW of new orders during the second quarter of 2013," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "Our focus on product quality has enabled us to enhance our market share in China. Based on the amount of tenders won by us in the first half of 2013 compared to the total amount of tenders available in China during the same period, we are currently exceeding our market share in 2012 which was 8.7%."

"Ming Yang is broadening its product portfolio to cater to customers' needs in China and overseas markets. Our 2.0MW WTG can be configured with a rotor diameter from 88 meters to 110 meters, and it is beginning to gain traction in the Chinese market. We completed our first 6.5MW prototype SCD WTG in June, and can now offer a full range of products to cater to on-shore and off-shore applications."

Business Update

Order Book Update

New Sales Contracts � During the second quarter of 2013, the Company entered into sales contracts for wind power projects with a total output of 396.0MW, representing 264 units of 1.5MW WTGs.

Order Backlog � As of June 30, 2013, the Company's order backlog amounted to 2.4GW, representing 1,240 units of 1.5MW WTGs, 167 units of 2.0MW WTGs, 67 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed orders since its inception amounted to 6.5GW, representing 3,886 units of 1.5MW WTGs, 222 units of 2.0MW WTGs, 84 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.


Monday, July 1, 2013
Comments & Business Outlook

ZHONGSHAN, China , July 1, 2013 /PRNewswire/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that its first 6.5MW prototype super compact drive ("SCD") wind turbine generator ("WTG") has been successfully completed in June 2013, and installation and testing are expected to commence in the third quarter of 2013. The 6.5MW SCD prototype utilizes Ming Yang's advanced two-bladed SCD technology. It is designed mainly for off-shore operation, and Ming Yang believes that this SCD WTG prototype currently has the largest design capacity of its kind in the world.

"We are very proud to complete our 6.5MW SCD prototype design and production within our time and budget schedules," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "We believe that the 6.5MW design would enable us to offer a solution that helps to further lower the cost of off-shore wind power generation in China to a new level."


Friday, June 14, 2013
CFO Trail

ZHONGSHAN, China, June 14, 2013 /PRNewswire/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that Mr. Vincent Pang has stepped down as Chief Financial Officer ("CFO") for personal reasons. Mr. Pang will be succeeded by Mr. Calvin Lau with immediate effect.

Calvin Lau joined Ming Yang in January 2011 and most recently served as Special Assistant to the CFO. He also serves as CFO and Vice President of Overseas Investment of Ming Yang Wind Power (International) Co., Ltd., a subsidiary of Ming Yang. Mr. Lau was previously our Director of Investor Relations and Capital Markets from 2011 to 2012. Mr. Lau has extensive working experience in investor relations and financial officer roles in the renewables and semiconductor sectors, including Daqo New Energy Corp., Cathay Pigments Holdings Ltd., and Semiconductor Manufacturing International Corporation. Mr. Lau received his bachelor's degree in electronic engineering from University of Southamption, U.K. in 1990, and holds a Masters in Business Administration from London Business School, U.K.

"We would like to thank Mr. Pang for his valuable contributions to Ming Yang," commented Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "I would like to take this opportunity to express our sincere gratitude to Mr. Pang and wish him the best in his future pursuits and endeavors."

"Mr. Lau has been with Ming Yang since 2011 and brings to his new role a wealth of experience spanning accounting and finance to business development," commented Mr. Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "I have great confidence that the knowledge that he brings will serve to further enhance the Company's competitiveness."


Thursday, June 13, 2013
Contract Awards

Joint Venture

ZHONGSHAN, China, June 13, 2013 /PRNewswire/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that Guangdong Mingyang Wind Power Group Limited ("Guangdong Mingyang"), a subsidiary of Ming Yang, has signed a strategic cooperation agreement (the "Agreement") with China Nuclear Huineng Co., Ltd. ("CNHC"), a subsidiary of China National Nuclear Corporation ("CNNC"), a leading investor and owner of clean energy projects in China.

Under the Agreement, Guangdong Mingyang and CNNC will join forces to develop wind and solar power projects in China. In particular, the two companies signed a memorandum of understanding ("MOU"), on forming a joint venture company for the development of up to 300MW of wind projects in Henan province. Ming Yang is expected to acquire approximately 25% equity interest in the proposed joint venture, while CNNC is expected to control the majority equity.

"The collaboration with CNNC is strategically important for us to enhance our leading position in renewable energy development in China during the 12th five-year plan period," said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "We will initially focus on developing wind power projects in Henan Province. We believe this collaboration will integrate CNNC's extensive experience and proven track record in clean energy development with Ming Yang's strengths in developing wind turbines and providing total wind power solutions."

Shen Bin, deputy general manager of CNHC said, "We are very pleased to establish this strategic partnership with Ming Yang. Ming Yang is our partner of choice in the wind power industry in China, which possesses leading expertise in wind turbine manufacturing and various market and financial resources. We believe the alliance with Ming Yang will help us further develop the renewable energy markets in China."


Thursday, May 30, 2013
Comments & Business Outlook

First Quarter 2013  Financial Results

  • Total revenue was RMB805.4 million (US$129.7 million), an increase of 98.1% compared to RMB406.6 million in Q1 2012.
  • Gross profit was RMB89.7 million (US$14.4 million), an increase of 121.3% compared to Q1 2012. Gross margin was 11.1% for Q1 2013, compared to 10.0% in Q1 2012.
  • Total comprehensive income was RMB4.5 million (US$0.7 million), compared to total comprehensive loss of RMB116.2 millionin Q1 2012.
  • Total comprehensive income attributable to shareholders was RMB23.3 million (US$3.8 million), compared to total comprehensive loss attributable to shareholders of RMB114.1 million in Q1 2012.
  • Basic and diluted earnings per share was RMB0.19 (US$0.03), compared to basic and diluted loss per share of RMB0.93 in Q1 2012.

"We have positioned Ming Yang to take advantage of the recovery in the market for wind turbine generators in 2013," commented Mr.Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "Our 8.7% market share in China in 2012, in terms of newly installed capacity according to Chinese Wind Energy Association, is a clear vindication of our strategy to focus on offering leading edge, large capacity WTGs and innovative business solutions in China."

"As the renewable industry in China continues its recovery and downstream customers see tangible improvement in their subsidy rebates, Ming Yang continues to expect increased market demand from its customers in 2013. During the previous downturn, Ming Yang had increased its market share, and now with the market in recovery, it expects to continue to enhance its leading market position."

"We increased shipment and revenues for our 2.0MW WTGs in the first quarter of 2013. It was the first time that newly signed orders for 2.0MW WTGs exceeded those of 1.5MW WTGs. We expect 2.0MW-class and above WTGs to have firmer pricing and more room for cost reduction. As WTG pricing in China continues to edge slowly upwards, we believe our products are well placed to take advantage of current market opportunities in China and beyond."

Business Update

New Sales Contracts � During the first quarter of 2013, Ming Yang entered into sales contracts for wind power projects with a total output of 349MW, representing 99 units of 1.5MW WTGs and 100 units of 2.0MW WTGs.

Order Backlog � As of March 31, 2013, the Company's order backlog amounted to 2.2 GW, representing 1,066 units of 1.5MW WTGs, 180 units of 2.0MW WTGs, 67 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG. Cumulative signed orders since its inception amounted to 6.1GW, representing 3,622 units of 1.5MW WTGs, 222 units of 2.0MW WTGs, 84 units of 2.5-3.0MW SCD WTGs and 1 unit of 6.0MW SCD WTG.


Thursday, April 18, 2013
Comments & Business Outlook

Fourth Quarter 2012 Financial Results:

  • Total revenue was RMB900.7 million (US$144.6 million), an increase of 11.4% compared to Q4 2011.
  • Gross profit was RMB76.2 million (US$12.2 million), an increase of 34.6% compared to Q4 2011. Gross margin was 8.5%, compared to 7.0% in Q4 2011.
  • Total comprehensive loss was RMB164.9 million (US$26.5 million), compared to total comprehensive loss of RMB128.7 million in Q4 2011.
  • Basic and diluted loss per share was RMB1.16 (US$0.19), compared to basic and diluted loss per share of RMB0.96 in Q4 2011.

"2012 was a very tough year not just for us but also for the whole industry around the world," commented Mr.Chuanwei Zhang, chairman and chief executive officer of Ming Yang. "Despite difficult market conditions, we have managed to increase our market share in China to 8.7% in 2012 compared to the previous year 6.7% according to Chinese Wind Energy Association. As the grid connection issues gradually get resolved, we should continue to see utilization hours of wind farms increase, further enhancing wind as a viable alternative source of power in China."

"Furthermore, the market has started to shift from the traditional 1.5MW-class WTGs to 2.0MW and above WTGs where we believe pricing is firmer and there is more room for manufacturing cost reductions. We have already seen WTG pricing moving towards RMB 4,000 per kW and would not be surprised to see the average price per kW exceeding that level by the end of 2013."

"We have decided to take advantage of the market opportunities presented to us. We have also made some changes to our management team and the board of directors in order to enhance our ability to execute our business strategies. We continue to be optimistic about the opportunities in the wind power market that exist in China and India and are confident that our competitive cost advantage would enable us to further establish ourselves in these respective markets. Last but not least, we expect our first off-shore wind power project to begin construction in the second half of this year and continue to view the off-shore market positively."


Monday, April 15, 2013
Deal Flow

ZHONGSHAN, China, April 15, 2013 /PRNewswire/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that through its subsidiary, Ming Yang Wind Power (International) Co., Ltd., the Company had sold all 141,062,000 of its shares of Huadian Fuxin Energy Corporation Limited ("Huadian Fuxin") (HKEx: 00816) for an aggregate consideration of approximately US$35.5 million as of April 12. The shares were acquired for an aggregate consideration of approximately US$30.0 million in connection with Huadian Fuxin's initial public offering ("IPO") in Hong Kong and listing on the Hong Kong Stock Exchange in June 2012.

"We invested in Huadian Fuxin's IPO last year to demonstrate our commitment to our strategic working relationship with Huadian Fuxin and its parent company, China Huadian Corporation, and continue to be excited about the potential opportunities for our companies to work together," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "The funds received from the sale are expected to be available for working capital to enable us to continue to enhance our abilities to increase shareholder value."


Monday, November 26, 2012
Joint Venture

ZHONGSHAN, China, Nov. 26, 2012 /PRNewswire/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that Guangdong Mingyang Wind Power Industry Group Limited ("Guangdong Mingyang"), a subsidiary of Ming Yang, has entered into a financing framework agreement (the "Framework Agreement") with Reliance Power Limited ("Reliance Power"), the largest private sector power company in India, both in capacity under development as well as market capitalization, and China Development Bank Corporation ("CDB"), a government policy bank wholly owned by China's central government, under which CDB is expected to act as the coordinating bank and lead potential lender for renewable energy projects in India to be jointly developed by Ming Yang and Reliance Power.

On July 2, 2012, Ming Yang announced that it has signed a Memorandum of Understanding ("MOU") with Reliance Power to co-develop up to 2,500MW renewable energy projects in India within three years. Under the MOU, Ming Yang is expected to provide total engineering, procurement and construction solutions for the projects and Reliance Power is expected to play a supporting role in facilitating the projects in addition to providing local market support.

Under the Framework Agreement, being the coordinating bank and lead potential lender, CDB will act as the lead arranger to coordinate the provision of financing facilities to Reliance Power to support future renewable energy projects. The amount, terms and conditions of the financing facilities will be subject to the potential lenders' respective internal approval procedures and further assessment of the projects.

"We are very pleased to work with Reliance Power and have CDB's support for our renewable projects. This is a big step forward for all parties involved, aiming at facilitating the strategic cooperation in renewal energy development between China and India. India presents a strong growth potential for us, which is substantially reflected by Reliance Power's project pipeline." said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Together with the proposed financial support by CDB, Ming Yang's strong expertise and innovative total solutions will be expected to help us expand more new business opportunities overseas."



Friday, November 16, 2012
Comments & Business Outlook

Third Quarter 2012 Unaudited Financial Results

  • Revenue in the third quarter of 2012 was RMB787.8 million (US$125.3 million), representing a decrease of 58.6% from RMB1,904.8 million in the corresponding period in 2011.
  • Gross profit in the third quarter of 2012 was RMB137.2 million (US$21.8 million), representing a decrease of 55.1% from RMB305.6 million for the corresponding period in 2011.
  • Total comprehensive income was RMB4.9 million (US$0.8 million), a decrease of 94.4% compared to Q3 2011.
  • Basic and diluted earnings per share was RMB0.03 (US$0.005), compared to RMB0.82 in Q3 2011.

Mr. Zhang commented, "Our financial performance in the third quarter continued to improve over the previous quarter, with gross margin improving by approximately 2.9% and operating margin improving by 3.0%. Ming Yang intends to provide its customers with the best solutions in wind power generation through a range of customized products and services. We aim to deliver our products and services with higher power generation, higher efficiency and better reliability at lower cost of energy. We are glad that our new order intake during the third quarter was 302MW, including 123 units for our new 2.0MW WTGs, and we look forward to expanding our market presence in the 2.0MW plus WTG market in China."

"During this quarter, we had formed a strategic partnership with Reliance Group of India which is a significant development of our overseas market strategy. We continue to work with key domestic players, including Huaneng Renewables and CGNPC, on wind power project development in China. Again, this is testament to our commitment of offering superior products and services to our customers."

Mr. Zhang concluded, "We continue to invest for the future, and we believe that our customized business model will continue to help Ming Yang capitalize on market opportunities both in China and overseas markets, and bolster its competitiveness despite challenging market conditions."


Friday, August 31, 2012
Joint Venture

ZHONGSHAN, China, August 31, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that Guangdong Mingyang Wind Power Group Limited ("Guangdong Mingyang"), a subsidiary of Ming Yang, has formed a joint venture (the "Joint Venture") with Huaneng Renewables Corporation Limited ("Huaneng Renewables") (HKEx Stock Code: 0958) specializing in the development of wind and solar power projects in China and overseas markets.

Huaneng Renewables, a subsidiary of China Huaneng Group, is a leading pure-play renewable energy company in China focusing on wind power generation. Huaneng Renewables will have 63% shareholding in the Joint Venture, and Guangdong Mingyang will own the remaining 37%. The Joint Venture will focus on developing and operating wind and solar power projects primarily in Southern China, with an aim to becoming a national and international developer and operator of high quality wind power farms.

"This Joint Venture marks an important milestone in the development of Ming Yang's strategic alliances in the wind power sector," said Chuanwei Zhang, the Chairman and Chief Executive Officer of Ming Yang. "Through this Joint Venture, we have set our sights on becoming the leading wind power farm developer and operator not only in Southern China, but also extending our reach nationwide and overseas in the future. We are delighted to expand our strategic partnership with Huaneng Renewables, and look forward to a successful partnership."

Gang Lin, the Executive Director and President of Huaneng Renewables, said, "We are glad to form this Joint Venture with Ming Yang. Ming Yang's leading position in Guangdong province and its wind resources secured in that area offer us geographical advantages in Southern China. Leveraging our expertise across China, we are confident that the Joint Venture can replicate our success nationwide and beyond. "


Tuesday, August 28, 2012
Comments & Business Outlook

ZHONGSHAN, China, June 28, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that through its subsidiary, Ming Yang Wind Power (International) Co., Ltd ("Ming Yang International"), the Company purchased 141,062,000 shares of Huadian Fuxin Energy Corporation Limited ("Huadian Fuxin") (HKEx: 00816) for an aggregate consideration of approximately US$30.0 million in connection with Huadian Fuxin's initial public offering ("IPO") in Hong Kong and listing on the Hong Kong Stock Exchange on June 28, 2012.

Huadian Fuxin is a leading diversified clean energy company in China, primarily engaged in the development, management and operation of hydropower projects and coal-fired power plants in Fujian province, along with wind power and other clean energy projects throughout China. It serves as the principal platform for the development of China Huadian Corporation's clean energy businesses. According to its IPO prospectus, as of December 31, 2011, Huadian Fuxin reached a consolidated installed capacity of 6,524.1MW into operation, including 2,223.4MW of hydropower, 2,171.3MW of wind power, 2,050.0MW of coal-fired power and 79.4MW of other types of clean energy.

"We are very pleased to have this opportunity to build up our strategic relationship with Huadian Fuxin," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Huadian Fuxin, a subsidiary of China Huadian Corporation, has built a strong reputation in developing renewable energy in China. China Huadian Corporation, together with its affiliates, has been a major customer of Ming Yang. We are excited about the potential opportunities that are set to grow between Ming Yang and Huadian Fuxin, given our advantages in technology innovation in the wind power industry.


Wednesday, July 11, 2012
Joint Venture

ZHONGSHAN, China, July 11, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that it has signed a cooperative agreement (the "Agreement") with Huaneng Renewables Corporation Limited ("Huaneng Renewables") (HKEx: 0958), contemplating the establishment of a joint venture (the "Joint Venture") specializing in the development of wind power and solar projects in China and overseas markets. Under the Agreement, the Joint Venture in contemplation will be controlled by Huaneng Renewables.

"We are glad to expand our partnership with Huaneng Renewables through the Agreement to form the Joint Venture," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Huaneng Renewables is an established wind energy generator with a strong track record in wind farm development and operation in China. Partnering with Huaneng Renewables represents an important strategic development for Ming Yang and we look forward to the establishment of this Joint Venture as a pioneer in the industry to jointly develop quality wind farm projects in China."

Gang Lin, Executive Director and President of Huaneng Renewables, said, "We are delighted about this cooperation. Ming Yang is a leading manufacturer in the wind industry, and has secured an abundance of prime wind resources in China. This cooperation will be of great importance for Huaneng Renewables' acceleration of strategic development in the wind power industry."


Thursday, July 5, 2012
Joint Venture

ZHONGSHAN, China, July 5, 2012 /PRNewswire-Asia/ -- "China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that the Company, through Ming Yang Holdings (Singapore) Pte. Ltd. ("Ming Yang Singapore"), its Singapore subsidiary, has entered into a Shareholders Agreement and Share Subscription Agreement ("the Agreements") with Reliance Capital Limited ("Reliance Capital"), Reliance Net Limited and Reliance Shares and Stock Brokers Limited, three subsidiaries of Reliance Anil Dhirubhai Ambani Group ("Reliance"), one of India's largest private enterprises," said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang, in an interview with Southern Daily.

Mr. Chuanwei Zhang said in the interview: "Under the Agreements, Ming Yang Singapore will establish a joint venture with Reliance Capital and subscribe to newly issued shares of Global Wind Power Limited ("GWPL"), a leading wind power solutions provider in India and a current subsidiary of Reliance, representing 55% of its fully diluted share capital, accomplishing substantive shareholding at a consideration of US$25.0 million. In addition, Ming Yang has signed a Memorandum of Understanding ("MOU") with Reliance Power Limited ("Reliance Power"), one of the subsidiaries of Reliance, to co-develop clean energy projects with a total potential output capacity of 2,500MW in India in the next three years. According to the MOU, the Company is expected to supply multi-megawatt wind turbine, major parts and engineering services through GWPL and provide engineering, procurement and construction ("EPC") total solutions, including micro-siting, wind resource assessment studies, project financing and other services for the proposed projects, as well as value-added paid maintenance services upon completion of the projects. Reliance Power is expected to take a leading role in facilitating these proposed projects in addition to providing local market support."

"We are delighted to form this strategic partnership with Reliance, and this is a milestone of Ming Yang's development in South Asian region, and in particular India which is going to be the fastest growing renewable market in the next few years." said Mr. Zhang in the interview. "Reliance is the leading player in India's utility sector, committed to clean energy development, and our strategic partnership is another strong endorsement of our capabilities in overseas markets, where we offer total solutions by combining equipment, technology innovation and financing support. This platform between Reliance and Ming Yang will enable us to quickly capture and grow India and South Asia markets. We are confident that our international market development will gather great momentum and further drive the Company's growth."


Tuesday, July 3, 2012
Joint Venture

ZHONGSHAN, China, July 3, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that the Company, through Ming Yang Holdings (Singapore) Pte. Ltd. ("Ming Yang Singapore"), its Singapore subsidiary, has entered into definitive agreements with Reliance Capital Limited and its related entities, forming part of Reliance Group ("Reliance"), one of India's largest private enterprises.

In addition, the Company has signed a Memorandum of Understanding ("MOU", together with the definitive agreements above mentioned, "Agreements") with Reliance Power Limited ("Reliance Power"), the largest private sector power company in India, both, in capacity under development as well as Market Cap, to co-develop a large portfolio of clean energy projects.

Under the Agreements, Ming Yang Singapore plans to establish a joint venture with Reliance Capital by subscribing new shares to a significant stake in the share capital of Global Wind Power Limited ("GWPL"), a leading wind power solutions provider in India, in which Reliance Capital Limited and its related entities are currently the largest shareholders. Full release.


Thursday, June 28, 2012
Acquisition Activity

ZHONGSHAN, China, June 28, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that through its subsidiary, Ming Yang Wind Power (International) Co., Ltd ("Ming Yang International"), the Company purchased 141,062,000 shares of Huadian Fuxin Energy Corporation Limited ("Huadian Fuxin") (HKEx: 00816) for an aggregate consideration of approximately US$30.0 million in connection with Huadian Fuxin's initial public offering ("IPO") in Hong Kong and listing on the Hong Kong Stock Exchange on June 28, 2012.

Huadian Fuxin is a leading diversified clean energy company in China, primarily engaged in the development, management and operation of hydropower projects and coal-fired power plants in Fujian province, along with wind power and other clean energy projects throughout China. It serves as the principal platform for the development of China Huadian Corporation's clean energy businesses. According to its IPO prospectus, as of December 31, 2011, Huadian Fuxin reached a consolidated installed capacity of 6,524.1MW into operation, including 2,223.4MW of hydropower, 2,171.3MW of wind power, 2,050.0MW of coal-fired power and 79.4MW of other types of clean energy.

"We are very pleased to have this opportunity to build up our strategic relationship with Huadian Fuxin," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Huadian Fuxin, a subsidiary of China Huadian Corporation, has built a strong reputation in developing renewable energy in China. China Huadian Corporation, together with its affiliates, has been a major customer of Ming Yang. We are excited about the potential opportunities that are set to grow between Ming Yang and Huadian Fuxin, given our advantages in technology innovation in the wind power industry.


Friday, June 1, 2012
Comments & Business Outlook

First Quarter 2012 Results

  • Total wind turbine generators ("WTGs") for which revenue was recognized amounted to an equivalent wind power project output of 120MW, or 80 units of 1.5MW WTGs, a decrease of 60.0% compared to Q1 2011.
  • Total revenue was RMB406.6 million (US$64.6 million), a decrease of 70.9% compared to Q1 2011.
  • Gross profit was RMB40.5 million (US$6.4 million), a decrease of 88.9% compared to Q1 2011. Gross margin was 10.0% for Q1 2012, compared to 26.0% in Q1 2011.
  • Total comprehensive loss was RMB116.2 million (US$18.5 million), compared to a total comprehensive income of RMB218.8 million in Q1 2011.
  • Basic and diluted loss per share was RMB0.93 (US$0.15), compared to basic and diluted earnings per share of RMB1.80 for Q1 2011.

Mr. Chuanwei Zhang, Chairman and CEO of Ming Yang, commented on the first quarter results, "The growth of China's wind power industry is slowing down with a more stringent project approval process, a step in the evolution of the industry. Increased price competition and decreased demand also trimmed the margins of China's WTG manufacturers. Against this backdrop and coupled with continued adverse winter weather, our performance in the first quarter was adversely impacted. Gross margin in the quarter, however, showed moderate improvement compared with the previous quarter, primarily due to a more stable average selling price ("ASP")."

"It is expected that the wind power industry in China will continue to face challenges, with an estimated further reduced newly installed capacity in 2012. Nevertheless, the unusually demanding industry environment may prompt further market consolidation from which we believe we will benefit as a leading market player."

"As the largest non-state owned WTG manufacturer in China and a top ten WTG manufacturer globally, we believe Ming Yang is well-positioned to continue to strengthen its leading market position with a sharp focus on product quality, research and development, innovative business model and cost competitiveness. We are confident that we can capitalize on market opportunities in China and the international markets and retain our competitiveness both during and after this market downturn."

Mr. Zhang continued: "We are pleased to announce two new appointments which represent our commitment to strengthen the breadth and depth of the management team of the international markets. With Mr. Manfred Loong's stature and extensive experience with multinationals and our Company, he has been promoted to CEO of Ming Yang International because he is the best candidate to carry out our strategic overseas investments and international expansion initiatives going forward. We are also pleased to welcome Mr. Vincent Pang to our senior management team as our new CFO. Mr. Pang has an impressive background reinforced with extensive finance and accounting expertise, and we look forward to the significant benefits he will bring to Ming Yang."

Share Repurchase Program

During the first quarter of 2012, the Company repurchased 903,946 ADSs, representing 903,946 ordinary shares, for an aggregate consideration of US$2.1 million (including commissions), under its share repurchase program. Since the inception of the program, Ming Yang has repurchased an aggregate of 3,153,897 ADSs, representing 3,153,897 ordinary shares, for an aggregate consideration of US$8.7 million including commissions.


Tuesday, May 29, 2012
Comments & Business Outlook

Preliminary First Quarter of 2012 Selected Unaudited Financial Results

The Company's financial statements for the first quarter of 2012 have not been finalized and are subject to completion of its normal period-end closing procedures. Therefore, the preliminary selected unaudited financial data set forth below may be subject to adjustment and the actual results could differ materially from the preliminary results provided below.

  • Revenue for the first quarter of 2012 is expected to be between RMB400.0 million (US$63.5 million) and RMB410.0 million (US$65.1 million), a decline of approximately 70% year-over-year
  •  Gross margin in the first quarter of 2012 is expected to be approximately 10%.
  • As a result, the Company expects to incur a total comprehensive loss for the first quarter of 2012 between RMB110.0 million (US$17.5 million) and RMB120.0 million (US$19.1 million).

Friday, March 30, 2012
Comments & Business Outlook

Fourth Quarter 2011 Financial Highlights:

  • Total wind turbine generators ("WTGs") commissioned amounted to an equivalent wind power project output of 250.5MW, or 167 units of 1.5MW WTGs, representing a decrease of 34.0% compared to Q4 2010.
  • Total revenue was RMB808.3 million (US$128.4 million), representing a decrease of 52.8% compared to Q4 2010.
  • Gross profit was RMB56.6 million (US$9.0 million), representing a decrease of 85.2% compared to Q4 2010. Gross margin was 7.0% for Q4 2011, compared to 22.3% in Q4 2010.
  • Total comprehensive loss was RMB128.7 million (US$20.5 million), compared to a total comprehensive income of RMB212.2 million in Q4 2010.
  • Basic and diluted loss per share was RMB0.96 (US$0.15), compared to basic and diluted earnings per share of RMB1.83 for Q4 2010.

"2011 was a particularly challenging year for the wind power industry in China, highlighted by lower demand in the wake of significant growth from the previous years, and as a result the industry has shifted its focus from size and speed to quality and efficiency," commented Mr. Chuanwei Zhang, Chairman and CEO of Ming Yang. "Against this industrial slow-down, I am pleased to report that Ming Yang has continued to see sustained demand through the full year 2011, and has also been able to reach its targeted gross margin on an annual basis, despite the previously announced delays in revenue recognition and overall market softness impacting performance and results in the fourth quarter."

"The Company has further strengthened and enhanced its market position." Mr. Chuanwei Zhang continued, "According to recent industry reports, Ming Yang was among the top four China-based WTG manufacturers and globally among the top ten WTG manufacturers in 2011, based on MWs of its newly installed WTGs in 2011. This was largely contributable to our focus on product quality, research and development, our innovative business model and our cost competitiveness, as well as the successful implementation of our client and market development strategies."

"Looking ahead, we believe that the wind power industry will maintain solid growth over the long term, and will continue to focus on quality and efficiency, despite the continued challenges we expect in the industry. As ofDecember 31, 2011, our order backlog amounted to 2.1 GW and cumulative signed orders since our inception amounted to 5.0 GW. As our track record shows, we believe Ming Yang is well-positioned to leverage on its core strengths in quality and innovation to capture market opportunities, enhance its market leadership and grow its market share. We have already seen the average selling price ("ASP") of WTGs begin to recover during the first quarter of 2012, which we believe will partially ease the pressure on our gross margin in the ensuing quarters."

Mr. Zhang added, "Ming Yang has also initiated an important step in international market expansion with theBulgaria projects. We believe that, with the advantages in cost competitiveness and innovative business solutions,Ming Yang's international market development will further enhance its leadership in the industry in the future. Our new research and development center in North Carolina is also expected to provide solutions for us to lower the cost of energy and further increase reliability, making our WTGs more competitive and further powering our competitiveness in both China and the international markets."


Monday, March 26, 2012
Comments & Business Outlook

Preliminary Fourth Quarter 2011 Results

The Company's financial statements for the fourth quarter and full year ended December 31, 2011 have not been finalized and are subject to completion of its normal period-end closing procedures. Therefore, the preliminary selected unaudited financial data set forth below may be subject to adjustment and the actual results could differ materially from the expected results provided.

The Company expects revenue for the fourth quarter of 2011 to decrease by approximately 53% year-over-year, while revenue for full year 2011 is expected to maintain at a similar level as 2010. The decrease in revenues in the fourth quarter was primarily due to (i) the delay in revenue recognition of our Engineering, Procurement and Construction ("EPC") projects; (ii) the delays in installation and commission of our wind turbine generators ("WTGs") of certain wind farm projects primarily caused by adverse weather conditions; and (iii) slower growth in the wind industry in China in 2011.

The Company expects gross margin in the fourth quarter of 2011 to be approximately 7%, while gross margin for full year 2011 is expected to be approximately 18%. The decline was primarily due to decreased average selling price, reflecting increasingly competitive market pricing.

As a result, the Company expects to have a loss for the fourth quarter and profit for the year to decline by approximately 59% as compared to 2010.

The Company is continuing to review its fourth quarter and full year results and will announce its unaudited financial results for the fourth quarter and full year 2011 on March 29, 2012 after the US market closes.


Tuesday, February 7, 2012
Comments & Business Outlook

ZHONGSHAN, China, Feb. 7, 2012/PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that Ming Yang Wind Power (International) Co. Ltd ("Ming Yang International"), a subsidiary of Ming Yang, entered into certain Engineering, Procurement and Construction contracts ("EPC contracts") with W. Power EOOD and A1 Development EOOD (together the "W. Power"), respectively, for two wind power projects with a total capacity of 125MW in Bulgaria in December 2011. The first batch of wind turbine generators (the "WTGs") with three units of MY1.5MW WTGs for the 4.5MW pilot project in Somovit was shipped on February 6, 2012. W. Power is an international wind power developer engaged in investing in and developing wind power projects in Bulgaria, Romania and other Eastern European countries.

Under the EPC contracts, Ming Yang International will provide W. Power with a total EPC solution including design, engineering, procurement, construction, commissioning and all other services that are required to complete these wind power projects. With a strong position in Europe, W. Power is expected to help facilitate future business opportunities in addition to providing local market support for Ming Yang International.


Tuesday, January 17, 2012
Deal Flow

ZHONGSHAN, China, January 17, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that one of its primary operating subsidiaries, Guangdong Mingyang Wind Power Industry Group Co., Ltd. ("GMWP"), has successfully registered its plans to issue RMB 1.0 billion RMB-denominated unsecured three-year medium-term notes (the "Registered Issue") with the PRC National Association of Financial Market Institutional Investors ("NAFMII"). The Company further announced that under the Registered Issue, GMWP has successfully completed the issuance of up to RMB 1.0 billion unsecured medium-term notes (the "Tranche") on January 13, 2012 that will mature on January 12, 2015. The Tranche bears a fixed annual interest rate of 8.5%.

China Construction Bank Corp. acted as lead underwriter and bookrunner for the Registered Issue. The proceeds will primarily be used to enhance GMWP's working capital.

"Under the current domestic and global macroeconomic environment, we are very pleased with the successful issuance of our medium-term notes," said Mr. Zhang Chuanwei, chairman and chief executive officer of Ming Yang. "This will facilitate further business expansion, and help Ming Yang to continue to deliver innovative business models for our customers, and to further help us gain market share."


Friday, January 13, 2012
Comments & Business Outlook

ZHONGSHAN, China, January 13, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited (NYSE: MY) ("Ming Yang" or the "Company"), a leading wind turbine manufacturer in China, today announced that it has successfully hosted its 2012 Ming Yang Wind Power Strategic Supply Chain Conference in Zhongshan, China between January 9 to January 13, 2012. A total of 276 domestic and international suppliers attended this conference. The conference covers all essential areas in the supply chain of manufacturing our 1.5MW wind turbine generators ("WTGs") and 2.5/3.0MW Super Compact Drive ("SCD") WTGs, including electrical and mechanical appliances, composite materials, chemicals and other components.

With a theme of "Collaboration, Communication, and Mutual-Benefit", Ming Yang aims to work together with its suppliers to further enhance its product quality, service and cost competitiveness of its wind turbines by pursuing the following objectives:

  • To further enhance product quality and offer more responsive services through collaboration with suppliers and customers;
  • To further strengthen management of production costs and manufacturing schedule through bulk purchasing;
  • To enhance existing 1.5MW wind turbine family and localize the production of components of 2.5/3.0MW SCD WTGs through technology and process optimization;
  • To reduce procurement costs through logistics, technology and process collaboration and by decreasing inventory level of suppliers through establishment of just-in-time delivery mechanism; and
  • To realize mutual growth by enhancing collaboration and trust with suppliers.

"The supply chain conference helps to further enhance our cost competitiveness in the industry," said Mr. Yiguo Hao, Chief Operation Officer of Ming Yang. "By working closely with our suppliers, we are able to offer high quality and reliable products, prompt delivery and responsive services to our customers. Such cooperation with our suppliers will bring win-win results to our suppliers, our customers and ourselves. Such cooperation with our suppliers would also help Ming Yang maintain its leadership in the challenging and evolving industry by providing best-in-class products and services to its customers."

"Amidst a challenging macro and industry environment, it is essential to embrace strong relationships with our industry partners in the wind power supply chain," said Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Our suppliers are our strategic partners, with whom we cooperate on the optimization of our 1.5MW WTGs and 2.5/3.0MW SCD WTGs. We are very pleased with the progress made on our continual cost reduction of wind turbine components. The supply chain conference reaffirms our commitment to maintain win-win relationships with our suppliers, to further enhance the product quality, maintain profitable growth and to pursue opportunities as a world-class wind power total solution provider."


Wednesday, December 21, 2011
Notable Share Transactions

ZHONGSHAN, China, December 21, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced its intention to continue purchasing shares pursuant to its previously announced share repurchase program.

In addition, the Company also announced that today Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang has initiated a program to purchase Ming Yang American Depository Shares ("ADSs") on the open market.

"Our commitment to the Company's repurchase program and my own decision to purchase additional ADSs of the Company both reflect our belief in the soundness of our business fundamentals and the ongoing strength of our core business," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "We believe repurchases of our shares at the current price level would be highly accretive to our shareholders."

Under the program, Ming Yang is authorized to repurchase up to US$50 million worth of issued and outstanding ADSs representing Ming Yang's ordinary shares in the open market or in negotiated transactions, from time to time, depending on market conditions and other factors as well as subject to relevant rules under Untied States securities regulations. The share repurchase program will be funded by the Company's available working capital. As of September 30, 2011, the Company had cash and cash equivalents of approximately US$227.4 million.

Ali.. Where do you think the stock is going?... (more)
I think they have 64 Mil float. So, if they wait a little bit they can buy back all their float for less than $50 mil. But, why would they?... (more)

Thursday, November 10, 2011
Comments & Business Outlook

Third Quarter 2011 Results

  • Revenue in the third quarter of 2011 was RMB1,904.8 million (US$298.7 million). This compares with RMB1,486.0 million in the corresponding period in 2010.
  • Basic and diluted earnings per share for the third quarter of 2011 was RMB0.82 (US$0.13), compared to RMB1.70 in the corresponding period in 2010.

Mr. Chuanwei Zhang, Chairman and CEO of Ming Yang, remarked, "We are pleased to report solid growth this quarter amidst a challenging macro and industry environment. We were able to deliver a 28.2% year-over-year growth in revenue as a result of strong demand for our differentiated WTGs. Our revenue recognized from WTGs commissioned amounted to equivalent wind power projects output of 555MW, representing a 54.8% year-over-year growth. We also entered into new sales contracts representing an aggregate output of 295.5MW during the quarter, which demonstrated continued strong customer demands for our WTGs."

Mr. Zhang added, "2011 is a year of change for the wind power industry in China. Change in the regulatory environment is expected to pave ways for a healthier development of the industry. We believe the focus has shifted from size and speed to quality and efficiency. We believe Ming Yang's continued commitment and efforts in product quality enhancement and development have placed us in a favorable position and the results in this quarter are a solid endorsement of our efforts and success."


Monday, October 17, 2011
Deal Flow

ZHONGSHAN, China, October 17, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY) announced today that its subsidiary, Guangdong Ming Yang Wind Power Industry Group Co., Ltd. entered into a development financing cooperation agreement and a planning cooperation agreement with China Development Bank Corp. ("CDB") in Beijing, China. CDB is a government policy bank wholly owned by China's central government.

Under the agreements, CDB is expected to support Ming Yang in its strategic and financial planning by granting Ming Yang up to US$5 billion (or equivalent in other currencies) in potential financings, including loans and credit facilities between 2011 and 2015, and by actively participating in the Company's medium-to-long term development planning. The potential financings may be used for a range of potential domestic and overseas business activities including the Company's on-shore and off-shore wind power businesses, supply chain integration and working capital management. CDB, its branches and subsidiaries would also be available to provide Ming Yang with other financial services including financial advisory, investment banking and finance leasing services.


Tuesday, August 16, 2011
Comments & Business Outlook

Second Quarter 2011 Results

  • Revenue in the second quarter of 2011 was RMB1,405.5 million (US$217.4 million), representing an increase of 7.2% from RMB1,310.5 million in the corresponding period in 2010.
  • For the second quarter of 2011, basic and diluted earnings per ordinary share were RMB0.67 (US$0.10) compared to basic and diluted earnings per ordinary share of RMB1.61 (US$0.24) for the corresponding period in 2010.

"The development of China's wind power industry has entered a crucial phase, where its focus is shifting from size and speed to quality and efficiency. In the past three years, Ming Yang has laid a solid foundation by focusing on quality product development, R&D, innovative business models, further integration of high-end supply chain, and development of wind and solar energy storage solutions, and mostly importantly our active participation in the development of off-shore wind power in China. As a result, Ming Yang is not beset by the numerous problems affecting many wind turbine manufacturers in China such as excessive development, quality issues, lack of LVRT technology integration and most importantly effective cost management. I believe Ming Yang is well placed to continue to take advantage of the opportunities present in the Chinese market, and to grow our market share in 2011 and beyond. "

Business Outlook for Full Year 2011

For the full year of 2011, the Company targets to recognize revenue from WTGs equivalent to wind power projects with a total output of 1.8 to 2.0 GW. Based on an estimated total newly installed wind capacity of up to 20GW in China in 2011, the Company expects to attain a market share of between 9 and 10% for the year. This outlook reflects our current and preliminary view based on current market and operating conditions, and may be subject to change, which may be material. Our ability to achieve this outlook is subject to significant risks. See Safe Harbor Statement at the end of this press release.


Monday, August 15, 2011
Notable Share Transactions

ZHONGSHAN, China, August 16, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that its Board of Directors has approved a share repurchase program, effective immediately.

Under the program, Ming Yang is authorized to repurchase up to US$50 million worth of issued and outstanding American Depositary Shares ("ADSs") in the open market or in negotiated transactions, from time to time, depending on market conditions and other factors as well as subject to relevant rules under Untied States securities regulations. The share repurchase program will be funded by the Company's available working capital. As of June 30, 2011, the Company had cash and cash equivalents of approximately US$265.6 million.

"This program reaffirms our confidence in the long-term growth of the Company," said Chuanwei Zhang, Chairman and CEO of Ming Yang. "We believe our ADSs are currently undervalued, and the share repurchase program not only represents a good investment for our company, but also demonstrates our commitment to increase shareholder value."


Friday, August 5, 2011
Comments & Business Outlook

ZHONGSHAN, China, August 5, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that it signed a strategic cooperative agreement (the "Agreement") with China Three Gorges New Energy Corp. ("CTGNE"), a fully-owned subsidiary of China Three Gorges Corporation ("CTGPC") to foster closer cooperation in both domestic and international wind power development. CTGPC is a wholly state-owned enterprise which is responsible for building and operating China's Three Gorges Dam Project.

A signing ceremony between CTGNE and Ming Yang was held in Guangzhou, attended by Yang Wang, Provincial Committee Secretary of Guangdong Province, Huahua Huang, Governor of Guangdong Province, Xiaodan Zhu, Vice-governor of Guangdong Province, Guangjing Cao, Chairman of CTGPC, Fei Chen, General Manager of CTGPC, Jianguo Zhao, Chairman of Southern Power Grid Co, Ltd, Li Pan, Chairman of Guangdong Yudean Group Co., Ltd, Suoming Qian, Party Secretary of CTGNE, and Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang.

The cooperation between Ming Yang and CTGNE will focus on offshore wind power development in Guangdong, giving Ming Yang preferential supplier status in CTGNE wind power projects in Guangdong. Furthermore, the agreement sets the possible supply of Ming Yang EPC solutions for CTGNE wind power projects, and paves the way for domestic and international wind power projects development in the future.

"Establishing a closer working relationship with CTGNE helps to reaffirm Ming Yang's leading position and forming of the special alliance in the development of offshore wind power in Guangdong, as well as its competitive advantage in offering innovative EPC wind power solutions in China," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "Ming Yang continues to expand its blue-chip customer base, and we look forward to working with CTGNE to spearhead development of offshore wind power in Guangdong Province and beyond."


Monday, July 25, 2011
Comments & Business Outlook

ZHONGSHAN, China, July 25, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE:MY - News), a leading wind turbine manufacturer in China, today announced that it has signed a engineering, procurement and construction ("EPC") contract (the "Contract") with Guangdong Yudean Xuwen Wind Power Co., Ltd., a subsidiary of Guangdong Yudean Group Co. Ltd. ("Yudean") for a 48MW offshore wind power project in Zhanjiang, Guangdong. The project has already received the approval from the Guangdong provincial development and reform committee ("GDRC"). Ming Yang will supply the following under the Contract:

 

     

  • sixteen 3MW Super Compact Drive ("SCD") wind turbine generators ("WTG"); and

     

  • a total EPC solution, including site survey, equipment procurement, obtaining approvals, engineering and construction, installation, commissioning and acceptance, and other general insurance and services for the offshore wind power project.

 

The first SCD prototype is scheduled to pass the 250 hours durability test before the end of 2011 under the Contract.

In another important move, Xiaodan Zhu, deputy governor of the regional government of Guangdong chaired a special meeting earlier this month to encourage closer cooperation for offshore wind power in Guangdong province. Representatives from GDRC, the Energy Bureau, the Economy and Information Commission of Guangdong Province ("GDEIC"), China Southern Power Grid Co. Ltd. ("CSG") and Ming Yang attended the meeting. The meeting discussed offshore wind power overall planning, implementation and co-ordination in Guangdong province, and in particular:

 

     

  • forming a special alliance between CSG, Yudean, Ming Yang and other entities to formulate a detailed working plan, with the GDRC taking the lead, to promote local offshore wind power development in Guangdong;

     

  • pooling of research and development resources between alliance partners to foster offshore wind power technology development; and

     

  • establishing a pilot project of wind/solar storage integrated solution in Wanshan, Guangdong to demonstrate the landmark technology of the alliance partners. The procedures for project approval are initiated immediately

 

"We believe the Zhanjiang project is the first offshore EPC wind power project in China, and marks a major step forward for Ming Yang's offshore wind power strategy," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "We are delivering an industry-leading all-in engineering package price for offshore wind power construction. Obtaining this project affirms the proven technology and cost competitiveness of our SCD WTGs, and the competitive advantage of our total EPC offshore wind power solution.  Meanwhile, the forming of the special alliance between CSG, Yudean, Ming Yang and other entities will further promote Ming Yang's leading position in offshore wind power technology and speed up offshore wind power development in Guangdong Province. We believe Ming Yang is well positioned to become the leading technology and EPC solution provider for offshore wind power in China."


Saturday, July 2, 2011
Liquidity Requirements
We expect our capital expenditures to increase in the future as we implement a business expansion program to capture what we believe to be an attractive market opportunity for our wind turbines. Our capital expenditures for 2010 were RMB155.9 million (US$23.6 million), which were used primarily to purchase additional equipment for our research and development activities, invest in full-capacity testing centers for our 1.5MW wind turbines and SCD wind turbines, expand and improve our facilities and acquire more blade molds in order to enhance production capacity. We expanded our total annual production capacity to 1,598 units of 1.5MW wind turbines, 300 units of 2.5/3.0MW SCD wind turbines in 2010 and we expanded our rotor blades capacity to 1,416 sets. We expect to spend approximately RMB650 million (US$98.5 million) in the year ending December 31, 2011 in capital expenditures, supply chain integration and research and development. We plan to fund the balance of our capital expenditure requirements for 2011 with cash on hand, cash from operations, equity offerings and other forms of financing, if necessary.

Tuesday, May 31, 2011
Deal Flow

ZHONGSHAN, China, May 31, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE:MY), a leading wind turbine manufacturer in China, today announced it has withdrawn the registration statement on Form F-1 previously filed with the Securities and Exchange Commission relating to the proposed public offering of up to 15,000,000 American depositary shares ("ADS") of the Company by certain selling shareholders.

"We believe the selling shareholders decision to cancel the proposed offering demonstrates their view that the current share price is significantly undervalued and does not reflect the fundamentals of our business and our future growth prospects," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang.

In light of current market conditions, Ming Yang's board of directors has approved that the Company consider implementing a share repurchase program. Such a share repurchase program may include the repurchase by Ming Yang of ordinary shares or ADSs of the Company in privately negotiated transactions or in the open market from time to time depending on market conditions and other factors as well as subject to relevant rules under the United States securities regulations. The Company intends to announce the size and other terms of the program once finalized and approved by the board.

"Ming Yang has delivered solid financial performance in 2010 and the first quarter of 2011 and we fully expect to meet our expected revenue targets for 2011," said Mr. Zhang. "The decision to explore a share repurchase program by the Company reflects our confidence in our ability to successfully execute our business strategies and deliver value to our shareholders."

Mr. Zhang added, "Subject to Company policy and securities law compliance, I also intend to buy additional shares in the Company to demonstrate my confidence in the Company."


Tuesday, April 12, 2011
Comments & Business Outlook
                                                 
     Period from
June 2, 2006
(Date of
Inception) to
December 31,
2006
    Year Ended December 31,  
       2007     2008     2009     2010     2010  
     RMB     RMB     RMB     RMB     RMB     US $  
     (in thousands, except share, per share and per ADS data)  

Revenue

     —          —          124,677        1,172,692        5,517,837        836,036   

Cost of sales

     —          —          (160,830     (1,096,724     (4,430,472     (671,284

Gross (loss)/profit

     —          —          (36,153     75,968        1,087,365        164,752   

Other income

     —          —          1,590        268        18,165        2,752   

Selling and distribution expenses

     —          (5,886     (17,738     (90,862     (149,152     (22,599

Administrative expenses

     (2,695     (13,157     (413,951     (67,475     (150,775     (22,845

Research and development expenses

     (620     (3,321     (11,980     (52,789     (43,061     (6,524

(Loss)/profit from operations

     (3,315     (22,364     (478,232     (134,890     762,542        115,536   

Net finance income/(expense)

     87        (278     (21,512     (49,577     (35,100     (5,318

Share of (loss)/profit of an associate, net of income tax expense

     —          —          —          (154     2,616        396   

(Loss)/profit before income tax expense

     (3,228     (22,642     (499,744     (184,621     730,058        110,614   

Income tax expense

     —          —          —          (38,495     (20,870     (3,162

(Loss)/profit for the period/year

     (3,228     (22,642     (499,744     (223,116     709,188        107,452   

Other comprehensive loss

                                                

Foreign currency translation differences-foreign operations

     —          —          —          —          (19,156     (2,902

Total comprehensive (loss)/income for the period/year

     (3,228     (22,642     (499,744     (223,116     690,032        104,550   

(Loss)/profit attributable to Shareholders of the company

     (3,195     (22,416     (494,493     (221,313     702,135        106,384   

Non-controlling interest

     (33     (226     (5,251     (1,803     7,053        1,068   

Total comprehensive (loss)/income attributable to:

                                                

Shareholders of the Company

     (3,195     (22,416     (494,493     (221,313     682,979        103,482   

Non-controlling interest

     (33     (226     (5,251     (1,803     7,053        1,068   

Basic and diluted (loss)/earnings per share

     (0.33     (0.22     (4.94     (2.21     6.61        1.00   

Weighted average number of shares used in computation—basic and diluted(1)

     100,000,000        100,000,000        100,000,000        100,000,000        106,250,000        106,250,000  

Wednesday, March 9, 2011
Comments & Business Outlook

Fourth Quarter Results:

  • Total revenue was RMB1,713.3 million (US$259.6 million), representing increases of 15.3% over Q3 2010 and 403.9% over Q4 2009.
  • Gross profit was RMB382.9 million (US$58.0 million), representing increases of 54.0% over Q3 2010 and 818.2% over Q4 2009.  
  • Gross margin for the fourth quarter was 22.3% compared to 16.7% in Q3 2010 and 12.3% in Q4 2009.
  • Total comprehensive income for the period was RMB212.2 million (US$32.2 million), an increase of 19.7% over Q3 2010. We incurred comprehensive loss in Q4 2009.
  • Basic and diluted earnings per ordinary share were RMB1.83 (US$0.28) compared to basic and diluted earnings per ordinary share of RMB1.70 for Q3 2010 and basic and diluted loss per ordinary share of RMB0.90 for Q4 2009.

Full Year 2010 Financial Highlights

  • Total WTGs commissioned were 802 units, or 1,203.0 MW, representing an increase of 427.6% over 2009.
  • Total revenue was RMB5,517.8 million (US$836.0 million), an increase of 370.5% over 2009.
  • Gross profit was RMB1,087.4 million (US$164.8 million), an increase of 1330.8% over 2009.  Gross margin for the full year 2010 was 19.7% compared to 6.5% in 2009.
  • Total comprehensive income for the year was RMB690.0 million (US$104.5 million), compared with a total comprehensive loss of RMB223.1 million in 2009.
  • Basic and diluted earnings per ordinary share were RMB6.61 (US$1.00) compared to basic and diluted loss per ordinary share of RMB2.21 in 2009.

Mr. Chuanwei Zhang, Chairman and CEO of Ming Yang, commented: "I am extremely pleased with our continued strong performance in the fourth quarter. We recognized revenues from 253 units of 1.5 MW WTGs in the quarter. While pricing across the industry continues to be challenging, we worked hard to reduce costs and successfully increased our gross margin to 22.3% for the quarter. In addition, our order backlog provides us with great confidence that we are on track to fulfill our expected sales targets for 2011."

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company reiterates its target to achieve revenue recognition of an estimated 1,400 units of 1.5MW WTGs and 100 units of 3.0MW SCD WTGs in 2011.


Tuesday, February 1, 2011
Contract Awards

ZHONGSHAN, China, Feb. 1, 2011 /PRNewswire-Asia/ -- China Ming Yang Wind Power announced that it has won a total of 1.1GW new bids in January 2011, including 200MW for its 2.5/3.0MW Super Compact Drive ("SCD") wind turbine generators in both onshore and offshore tenders.

Ming Yang reports that it won bids in all tenders in which it participated, with the aggregate winning bids in excess of 20% of the amounts available for tender. Over 75% of the new bids won were from the top 5 national wind farm operators, including Huandian Power International, Huaneng Power International, Datang International Power Generation, Datang New Energy and China Longyuan Power, further improving its customer mix among national and provincial operators.


Monday, September 27, 2010
IPO Activity

China Ming Yang Wind Power Group Limited set to commence IPO.

Company Snapshot:

Wind turbine manufacturer in China

Industry Snapshot:

  • According to the Renewable Energy Law, which became effective on January 1, 2006, the renewable energy industry, which includes the wind power industry, is subject to regulations of the national energy authority. Pursuant to the Renewable Energy Law, the PRC government encourages the development and utilization of renewable energy resources, including the funding of scientific and technological research in renewable energy applications and the industrialization of the renewable energy industry.
  • China has adopted the policy of encouraging and supporting wind power generation. The Electric Power Law of the PRC implemented in 1996 set out the State’s encouragement and support on the utilization of renewable energy and clean energy, including wind energy, for power generation. The newly revised Law of the PRC on the Prevention and Control of Atmospheric Pollution promulgated in 2000 also encouraged the development and utilization of clean energy such as solar, wind and water energy.
  • Pursuant to the Renewable Energy Law, the national energy authority is tasked with drafting medium to long-term targets for renewable energy output. Under the NDRC Plan, the PRC government aims to achieve 10% renewable energy consumption as a percentage of total energy consumption by 2010 and 15% by 2020, an increase from 7.5% in 2005. The NDRC Plan calls for increasing the total installed wind power capacity to 5GW by 2010 and 30GW by 2020.

Use Of proceeds:

We intend to use approximately $9.0 million of our net proceeds from this offering for the installation of three production lines (production lines 2, 3 and 4) in the Evergreen Product facility that we are in the process of completing. We expect production line 2 to be installed and begin operating on a large scale by February 2011. We plan to begin installing production lines 3 and 4 in fiscal year 2011 and to utilize these production lines for production of Evergreen Products beginning in November 2011 and April 2012, respectively. We intend to use the remaining net proceeds from this offering for working capital and other general corporate purposes.

Underwriter(s):

  • Morgan Stanley & Co. International plc
  • Credit Suisse Securities (USA) LLC
  • Merrill Lynch, Pierce, Fenner & Smith

Proposed maximum offering price: $16.00

Post IPO Share Calculation: (Using a 1 to 1 Ordinary to ADS conversion ratio).

  • 100,000,000: Pre IPO fully diluted share count used in EPS calculation. 
  •   25,000,000: Newly issued ADS shares 
  •     3,750,000: Over-allotments ADS Shares

GeoTeam® best effort calculation of total post IPO ADS count to be used in EPS calculations, assuming full conversions and a Ordinary to ADS conversion ratio of 1 to 1:  128,750,000

Financial Snapshot:

We incurred losses in the amount of RMB22.6 million, RMB499.7 million and RMB223.1 million (US$32.9 million) in 2007, 2008 and 2009, respectively. We became profitable beginning in the first quarter of 2010 and generated a profit in the amount of RMB300.5 million (US$44.3 million) in the first six months of 2010.