China

China

XEMC plans increased stock issue

CHINA: XEMC announced that it plans to issue CNY1.7 billion ($271 million) in additional stock for the development of two new products and increase liquid capital.

XEMC plans to issue $271 million in additional stock
XEMC plans to issue $271 million in additional stock

XEMC is using the funding to develop manufacturing for a new transmission system. The company is also developing an electric motor to be used in the metallurgical and petrochemical industries.

Li Yiwen, a XEMC securities affair representative, said the firm had received more wind orders in the first quarter of 2014 than in the same previous period in 2013.

The project for the electric transmission system requires a total investment of CNY 477 million. Upon completion, it will be able to produce 2,675 sets of electric control system a year to equip a variety of products.

XEMC also released its 2013 annual report. It said the firm's revenues last year came to CNY 6.62 billion, up 22.16% on the previous year. The net profit was CNY 49 million. Excluding non-recurring items, the company made a net profit of CNY 4.57 million, compared with a loss of CNY 250 million in 2012.

XEMC board chairman Zhou Jianxiong said in March that the company was likely to achieve more than 50% growth this year.

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