Inner Mongolia Yuan Xing Energy Co., Ltd. announced today that between 19 Jun 2008 and 23 Jul 2008, Shanghai Zhengda Investment Development Co., Ltd., the company’s second-largest shareholder, sold 8.34 mln tradable shares of the company, equal to a 1.63% stake, through the trading system of the Shenzhen Stock Exchange. Zhengda Investment now holds 93.48 mln shares of the company, equal to an 18.26% stake.

According to an announcement released on 12 Jul 2008, net profit in 1H 2008 is projected to increase by 150-200% YOY, based on net profit of RMB 49,742,200 in 1H 2007. Thus, the company’s net profit in 1H 2008 will be between RMB 124,355,500 and RMB 149,226,600.

The company stock closed at RMB 12.53 last Friday. While the company's net profit is greatly increasing, the sale of shares by the company's second-largest shareholder is noteworthy.


Source: China Business News

Date: 28 Jul 2008

CN01/MR/SW/BT/MM