Xiangyang Bearing Company Reconstructed to Remove Obstacles for Development
Resource from: CBCC Likes:2898
Apr 26,2010
Changxin Income-increasing Dynamic Strategic Fund bought 1.2204 million shares of Xiangyang Automobile Bearing Co., Ltd. (Xiangyang Bearing Company) in the first quarter this year and became the third largest circulation shareholder of the company. The top 10 shareholders of the company totally held 95.91 million shares (94.75 million shares in the last period) of the company., which took up 31.62% of the circulation. The number of shareholders has reduced 13%. The chips were relatively gathered.
The first quarterly report in 2010 indicated that the total profit was 8.59 million RMB during the report period, which increased 172.71% on a year-on-year basis. That was mainly because the market demand in this period increased, the sales of products increased and the sales cost relatively reduced. The Profit and Loss from Fair Value Changes was -1.7983 million RMB, because the stock price of held for trading financial assets in this period reduced. In the end of the period, the book value of the stock of China Railway Group Limited held by the company was 5.80 million RMB; the profit and loss in the report period was -0.50 million RMB; the book value of the stock of COSCO Shipping Co., Ltd., held by the company was 13.49 million RMB in the end of the period; the profit and loss was -33 RMB.
Xiangyang Automobile Bearing Co., Ltd is the largest manufacturer of automobile bearings in China. The company can manufacture 12 types of metric bearings and inch tapered bearings including more than 2000 models. The annual production capacity exceeds 30 million sets. It is one of the five largest bearing bases in China. The military vehicles of DFAC have appointed Xiangyang Bearing as its long term provider. The brand of the company “ZXY” was authenticated by State Administration for Industry and Commerce of China as “Well-known Brand in China”, which enlarges the reputation and brand influence of the company.
Control Persons Reconstruction: State-Owned Assets Supervision and Administration Commission of the State Council agreed to transfer 95% of the shares of Xiangyang Automobile Bearing Company held by Xiangfan State-Owned Assets Supervision and Administration Commission to Tri-Ring Group in August, 2009; Tr-Ring Group will invest more than 300 million RMB in Xiangyang Bearing Company in the following two years, or the reconstruction agreement will be terminated.
(CBCC)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
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