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2350mm Cold Rolling Mill in Tianjin Zhongwang Achieves the Highest Rolling Speed |
| Tianjin Zhongwang’s 2350mm cold rolling mill achieved the highest rolling speed of 1,500m per minute, and successfully produced two aluminium strips. The success in the highest rolling speed test ensures the control ability of the rolling mill on tension, thickness, shape and speed matching of roll system over strip products under high speed operation. The success represents a milestone in inspection of the rolling mills in Tianjin Zhongwang. |
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China Zhongwang 2016 First Quarter Net Profit Reaches RMB604 Million |
| China Zhongwang announced unaudited consolidated results for the quarter ended 31 March 2016. The Group reported quarterly revenue of approximately RMB3.46 billion. The gross profit was RMB1.16 billion, while the gross profit margin was 33.6%. Benefited from the increasing share of high-end aluminium extrusion products in its product mix, the net profit was approximately RMB604 million, increased by 4.1% compared with the same period of last year. |
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China Zhongwang Announces Proposed Spin-off of Industrial Aluminium Extrusion Business to Unlock Corporate Value |
| China Zhongwang entered into an asset purchase agreement with CRED Holding Co. Limited ("CRED Holding", SSE stock code: 600890), a A-share listed company. Through injecting its extrusion business into CRED Holding, China Zhongwang will achieve a spin-off listing on the A-share market. This would enable the market to better understand the intrinsic value of the Company and provide the Company a new financing platform, which benefits the Group's long-term development and creates value for our shareholders. |
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About China Zhongwang Holdings Limited
China Zhongwang is a leading aluminium fabricated product developer and manufacturer in the world. It has, over the years, been focusing on the light-weight development of transportation, machinery and equipment and electric power engineering sectors through the provision of quality industrial aluminium extrusion products. It now has over 90 internationally advanced aluminium extrusion production lines including 21 production lines of large-scale aluminium extrusion presses of 75MN or above.
In addition, to further leverage its existing strengths in the industry, the Group is developing the high value-added aluminium flat rolled product project. Two production lines under construction are with a planned annual production capacity of 1.8 million tonnes. Plant construction and equipment installation for the first production line have been completed, and the equipment testing of the entire production line at the Tianjin plant is being carried out. This new business venture will not only enable the Group to further capitalize on its leading edge in aluminium alloy smelting and casting and product research and development, but also achieve synergistic development with its existing industrial aluminium extrusion and deep processing businesses by taking full advantage of their customer and market resources in related downstream application sectors.
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