(Yicai Global) May 9 -- Shares of Tianyong Engineering jumped after the Chinese firm announced it received a nearly CNY1.1 billion (USD152 million) order for lithium battery automated production equipment.
Tianyong [SHA: 603895] closed up 6.5 percent at CNY27.35 (USD3.95) today, after earlier gaining as much as 9.1 percent. Small Electric Forklift
Tianyong signed a sales contract with Zhejiang Future New Energy Battery Technology Group to supply the latter with a complete set of production equipment, including electrode manufacturing, and battery assembly, the Shanghai-based firm said late yesterday.
Future New Energy Battery will receive the products within 120 to 150 days after completing the advance payment for its new factory, Tianyong added.
Tianyong’s statement does not mention any detail about Future New Energy Battery's new plant, but according to industry website battery.bjx.com.cn, the energy storage battery plant is located in Jiaxing, eastern China’s Zhejiang province, and is scheduled to start construction in August.
Agv Robot The order will positively impact Tianyong’s future business performance, as its revenue from the lithium battery equipment business was CNY34.3 million (USD5 million) last year, accounting for only 5.9 percent of the total, according to the firm’s annual earnings report released at the end of April.