CGWAMC was Granted to Transfer the Shares of Xibei Bearing Co., Ltd.(NXZ)

Resource from: CBCC Likes:3120

Jan 11,2011

Xibei Bearing Co., Ltd.(NXZ)(000595.SZ) announced on Jan. 8th that the first shareholder of the company-China Great Wall Asset Management Corporation(abbreviation for CGWAMC) is to transfer 43.366 million shares of NXZ company to Ningxia Baota Petrochemical Group (hereinafter refers to Baota Petrochemical), and it was approved by the Ministry of Finance. On Oct. 18th, 2010, NXZ company has announced in a bulletin that CGWAMC is to transfer 43.366 million shares of the company to Baota Petrochemical, which takes 20% of the total shares of NXZ company. Baota Petrochemical is a large private enterprise, which mainly deals with petrochemicals, coal fine chemicals and the supporting industry. It was established by Sun Hengchao in Ningxia with the register capital of 985 million yuan. The financial report shows that from Jan. to Sept., 2010, NXZ bearing has achieved the business income of 279 million yuan, which increased 77.93% on a year-on-year basis; the net profit that belongs to the parent company is -87.73 million yuan, and the losses increased 43.58 million yuan based on the data of last year. On Jan. 7th, the shares of Xibei Bearing Co., Ltd. were closed at 8.89 yuan, which increased 0.57%.

(CBCC)

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