Nanfang Bearing Went Public Successfully and the New Plant was Settled in High-tech Zone of Wujin District, Jaingsu Province

Resource from: CBCC Likes:3071

Mar 16,2011

Jiangsu Nanfang Bearing Co., Ltd. held the ceremony for successfully listing in the medium and small –sized companies and the new plant being settled in High-tech Zone of Wujin District, Jaingsu Province on March 14th. On Feburary 25th, Jiangsu Nanfang Bearing co., Ltd. issued A shares and officially listed for trading at Shenzhen Stock Exchange (stock code 002553) ,which help the company realize the first listed company of Wujin district in 2001. At the time of pubic offering, Nanfang Bearing issued 22 million shares with the issue price of 17 yuan per share, the price-earnings ratio is 60.71 times (by dilution) and the total raised funds of 374million yuan. Jiangsu Nanfang Bearing co., Ltd. is one of the biggest needle roller bearing and overrunning clutches manufacturing companies. These products are widely applied in the main engine of automobile and motorcycle market. Nanfang Bearing invested to build the new plant focusing on the development of precision needle roller bearing and one-way bearing assembling program in High-tech Zone of Wujin District. It is predicted that the annual quantity of the newly added needle roller bearing will be 50 million sets, the overrunning clutches will be 3 million sets and the new product OPA will be one million sets when the project completes. It will solve the current capacity bottleneck problem. Meanwhile OPA product will fill in the gap of China “intellectual property OPA products“ in the international main engine market and to be the new profit growth point.

(CBCC)

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