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Hengxing Science & Technology to invest RMB 61.2 mln in new JV

Published: 10 Mar 2009 01:56:57 PST

Mar. 10, 2009 (China Knowledge) - Shenzhen-listed Henan Hengxing Science&Technology Co<002132> plans to invest RMB 61.2 million to set up a steel cable company, of which it will hold a 51% stake, in a bid to enhance its domestic business growth.

The steel cable company, which will have a registered capital of RMB 120 million, will have an annual production capacity of 100,000 tons of steel cable. The after-tax profit will be between RMB 30 million and RMB 40 million annually.

Henan Hengxing Science & Technology grew in 2008, realizing over RMB 1.01 billion in operating income, 28.8% more than in the previous year. The net profit, however, dropped 5.78% from one year earlier to RMB 78.05 million. Earnings per share (EPS) were RMB 0.32. The company will issue a dividend of about RMB 1.00 per 10 shares (including tax).

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