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Shijiazhuang Changshan Textile to establish textile company in Xinjiang |
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2016-10-13
On Sep 29, Shijiazhuang Changshan Textile Co., Ltd announced to invest 0.1 billion Yuan (under cash basis) to set Xinjiang Changshan Henghong Textile Technology CO., Ltd. Because this investment does not form recapitalize, shareholders meeting or other government’s approval was not needed. Changshan Textile chose to establish a textile company in Xinjiang as the preferential policies and consistent cotton supply in Xinjiang is very attractive.
In the first half of 2016, operating income in Changshan Textile amounted to around 5.038 billion Yuan, up 10.40% y-o-y, and the net profit was -18.4378 million Yuan, down 44.99% on the year. The income of cotton textile industry stayed at 3.356 billion Yuan, down 18.82% compared with the same period of last year.
Source:CCF
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