Xibei Bearing Co., Ltd. to Apply for Loan

Resource from: Sally-CBCC Likes:2919

Jun 20,2008

Xibei Bearing Co., Ltd. announced that it will apply to Lanzhou Office of China Great Wall Asset Management Corporation for a loan of RMB 50 million with an annual interest rate of 7.47% for a period of 8 month. As the price rise of bearing steel, copper and other energy cost, Xibei Bearing said this measure is to ensure the sustainable production and development in the company. Xibei Bearing Co., Ltd. is a China-based company principally engaged in the manufacture and distribution of various rolling bearings, under the brand name of NXZ. The Company provides over 3,000 types of bearings. The Company distributes its products in the domestic market and the overseas markets, including Asia, Europe and the Americas. As of December 31, 2006, the Company had one major subsidiary. The Company is headquartered in Yinchuan, Ningxia Hui Autonomous Region, the People's Republic of China.

(Sally-CBCC)

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