Top Biz News

Youngor buys stake in Changsha Zoomlion for $82m

(Xinhua)
Updated: 2010-02-12 13:58

Youngor, China's largest shirt company, said Friday it spent 561 million yuan ($82 million), at 18.7 yuan per share, on purchasing 30 million non-public offering A-shares issued by Shenzhen-listed Changsha Zoomlion.

In a statement to the Shanghai Stock Exchange, Youngor, based in the southeastern Zhejiang province, said the 30 million shares accounted for 1.52 percent of total non-public offering A-shares issued by Changsha Zoomlion.

These newly-acquired shares of Changsha Zoomlion shouldn't be sold within 12 months, the statement said.

Changsha Zoomlion, based in Central China's Hunan province, is the country's leading heavy machinery maker. It is among the growing ranks of Chinese machinery manufacturers.

Shares in Youngor closed at 14.64 yuan per share by midday Friday, 1.1 percent higher than the previous closing, and its market value totalled 32.6 billion yuan.

Changsha Zoomlion's shares closed at 23.18 yuan apiece by midday Friday, 1.53 percent higher than the previous close. The company's current market value stood at 45.7 billion yuan.

Chinese equities closed higher midday Friday,the last trading day before the Spring Festival holiday.

The benchmark Shanghai Composite Index gained 0.82 percent to 3,009.97 points, standing above the psychologically-important 3,000 points level.

The Shenzhen Component Index edged up 0.59 percent to 12,297.31 points.