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China Oriental Group Co ( (HK:0581) ) has issued an update.
China Oriental Group’s subsidiary Jinxi Heavy Industry has modestly increased the group’s strategic stake in Shenzhen-listed valve maker Jiangsu Shentong, purchasing 125,500 shares on the Shenzhen Stock Exchange for about RMB1.92 million in cash, funded from internal resources. Following this on-market transaction, which was executed at prevailing market prices with independent third-party sellers, the group’s holding in Jiangsu Shentong has risen from approximately 1.77% to 1.80% of the company’s issued share capital, furthering a series of incremental acquisitions disclosed earlier in December and marginally deepening China Oriental’s exposure to a profitable industrial supplier whose specialised valves serve metallurgical, nuclear, petrochemical and broader energy industries in China.
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 focused on the steel sector, with core operations in the manufacturing and sale of iron and steel products, trading of steel products, iron ore and related raw materials, as well as sales of power equipment and real estate. Its key subsidiary, Jinxi Heavy Industry, based in the PRC and 97.6% indirectly owned, specialises in casting products and equipment maintenance, serving industrial clients linked to heavy industry and infrastructure.
Average Trading Volume: 3,174,573
Technical Sentiment Signal: Sell
Current Market Cap: HK$4.91B
Learn more about 0581 stock on TipRanks’ Stock Analysis page.