First Mainland Private Company Listed on HK H-share Market

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Last updated at: (Beijing Time) Thursday, November 29, 2001

First Mainland Private Company Listed on HK H-share Market

Zhejiang Glass Company Limited (Zhejiang Glass), the largest privately-owned flat glass manufacturer in Zhejiang Province and the fifth in the Chinese Mainland, announced the issue of 170 million new H shares Wednesday in Hong Kong. This is the first private company in the Chinese Mainland which goes public in Hong Kong stock exchange's main board.

The stock code of Zhejiang Glass is 739. About 503 million HK dollars (US$64.5 million) will be raised at 2.96 HK dollars (38 U.S. cents) per H share. Dealings in the shares are expected to commence on December 10, 2001 on the main board.

Feng Guangcheng, chairman and general manager of the company said at the press conference that the rapid growth of China's economy, especially after its accession to the WTO, will greatly boost the development of the construction and automotive industries, thus creating a favorable business environment for the glass products market.

Zhejiang Glass Co., Ltd. was established in 1994. The company mainly manufactures float flat glass products used in the construction and automotive industries.

As the largest privately-owned flat glass manufacturer in Zhejiang Province and the fifth in the Chinese Mainland, Zhejiang Glass Co., Ltd. have two float glass product line, with daily fusing volume reaches more than 1000 tons.

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