World Bearing News

Xiangyang Bearing Denied the Rumor about the Regroup of Three-Circle Group

Resource from: CBCC 21 Sep,2009

Today, Xiangyang Bearing (000678) clarified the rumor from the related media, and was predicted to turn from deficits to profit in the third quarter this year. On Sept. 15th, some media reported that “Three-Circle Group Regroup Xiangyang Bearing Group, and Backdoor on Xiangyang Bearing indirectly”. After confirmation, Xiangyang Bearing considered the rumor is not the truth. The company said, they have disclosed the regroup between Xiangyang Bearing Group and Three-Circle Group accurately and instantly. After the stock right of Xiangyang Bearing was transferred, the actual controller of Xiangyang Bearing become Three-Circle Group. Xiangyang Bearing Group still holds 84.97million shares, which takes up 28.22% in the total shares of the stock company.

The actual controller of Xiangyang Bearing---Three–Circle Group confirmed that the company has no plan in six month to transfer the shares of Xiangyang Group, or regroup the assets or do any other things which will greatly influence the company. Xiangyang Bearing was predicted that the net profit will not be less than CNY 4.5 million in the third quarter. The net profit of the company in the same period last year was CNY -0.9898 million.

(CBCC)

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