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China Oriental Group Co ( (HK:0581) ) just unveiled an announcement.
China Oriental Group’s subsidiary Jinxi Heavy Industry has further increased the group’s stake in valve maker Jiangsu Shentong through an on‑market purchase on the Shenzhen Stock Exchange, acquiring 1.6 million shares for about RMB25.33 million in cash from independent third parties. The move lifts China Oriental’s holding in Jiangsu Shentong from 1.80% to 2.11%, deepening its financial exposure to a profitable supplier of specialised valves used in metallurgy, nuclear energy, petrochemicals and other energy sectors, and potentially strengthening its upstream industrial links without impacting its cash position significantly, as the acquisition is fully funded by internal resources.
The most recent analyst rating on (HK:0581) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on China Oriental Group Co stock, see the HK:0581 Stock Forecast page.
More about China Oriental Group Co
China Oriental Group Company Limited is a Bermuda-incorporated investment holding company engaged primarily in the manufacturing and sale of iron and steel products, as well as the trading of steel, iron ore and related raw materials. The group also operates in sales of power equipment and real estate, with its key operating subsidiary Jinxi Heavy Industry focusing on casting products and equipment maintenance in mainland China.
Average Trading Volume: 2,870,134
Technical Sentiment Signal: Sell
Current Market Cap: HK$4.88B
For a thorough assessment of 0581 stock, go to TipRanks’ Stock Analysis page.