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Hefei Meiling wins approval for private placement

Nov. 8, 2010 (China Knowledge) - Hefei Meiling Co Ltd<000521><200521>, a Chinese manufacturer of household appliances, announced that the China Securities Regulatory Commission has approved its private placement plan, sources reported.

The company plans to raise up to RMB 1.2 billion through the private placement. It will use the proceeds from the issue to invest in luxury refrigerator production base, output expansion for freezer and the development of refrigerators with environmental protection and energy saving features.

The Shenzhen-listed company said in April that it will issue between 50 million and 130 million shares at more than RMB 10.18 apiece.

In the first three quarters, the listed company booked revenue and net profit of RMB 6.9 billion and RMB 298 million respectively, up 31.56% and 60% year on year. The company attributed the increase in revenue to expanded sales channels, improved management skills and capital quality.







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