SHANGHAI, Apr. 28 (SMM) - China-Kinwa High Technology announced related issues of the purchase for Dechang Houdi Rare Earth in its Q1 report that audit and assessment work of the assets purchase with private placement of stocks continues.
China-Kinwa announced it signed the framework agreement on the purchase for Dechang Houdi Rare Earth with Chengdu Guangdi Green Project Development Company and supplementary agreement during early this year to March, and decided to purchase assets in Dechang Houdi with private placement of stocks.
The company's stocks have been hovering at high levels after gaining by daily limit for five consecutive days after March 11th. The company expressed relevant agreements have been signed and come into effect.
Dechang Houdi Rare Earth is constructing new production lines and will finish debugging of equipment by the end of the month and commence production.
Net profits of listed shareholders in Q1 were RMB 2,329,199.42, down 61.53% YoY, with RMB 0.002/share, down 62.26% YoY. (Edited by SMM)