First Tractor Awards RMB71.2 Million Painting Line Upgrade to Sinomach Unit

An update from First Tractor Co ( (HK:0038) ) is now available.

First Tractor Co has awarded a technical renovation project for its painting line to China United Engineering, a wholly owned subsidiary of Sinomach Group, following a successful public tender. Under an industrial products sale and purchase contract signed on 3 February 2026, China United Engineering will supply paint production line process equipment to First Tractor for a total consideration of RMB71.2 million. Because China United Engineering is an associate of controlling shareholder YTO, the deal is classified as a connected transaction under Hong Kong listing rules, triggering reporting and announcement obligations but exempting the company from seeking independent shareholders’ approval, as the deal size falls between 0.1% and 5% of the relevant percentage ratios.

The most recent analyst rating on (HK:0038) stock is a Buy with a HK$14.00 price target. To see the full list of analyst forecasts on First Tractor Co stock, see the HK:0038 Stock Forecast page.

More about First Tractor Co

First Tractor Co is a mainland China-based industrial manufacturer, primarily engaged in producing agricultural and industrial machinery and related equipment. The company operates under the control of YTO, which holds nearly half of its A shares and is ultimately linked to state-owned conglomerate Sinomach Group, positioning First Tractor within a broader state-backed engineering and machinery ecosystem.

Average Trading Volume: 3,596,750

Technical Sentiment Signal: Buy

Current Market Cap: HK$15.93B

See more data about 0038 stock on TipRanks’ Stock Analysis page.