RMB 32.4 Mln Investment in Commercial Bank

The company plans to buy 18 mln shares (3.25%) of Daqing City Commercial Bank owned by Daqing Zhongke Huiyin Venture Capital Co. Ltd. at RMB 1.80 per share for RMB 32.40 mln using its own funds.

Daqing City Commercial Bank is a local joint-stock commercial bank, which is based on urban credit cooperatives. It is mainly funded by local governments and also absorbs investment from private enterprises. In 2007, its total assets were RMB 14 bln, gross debt was RMB 13.17 bln, net assets were RMB 832 mln, operating revenue is RMB 431 mln while net profit was RMB 139 mln.


Source: Shanghai Securities News

Date: 11 Jul 2008

CN01/RL/MZ/AR/WH