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China's only mass producer of underwater optical fiber cable was listed on the Shanghai Stock Exchange on Thursday.
The Jiangsu Zhongtian Technologies Co. Ltd. issued 70 million Ashares at the stock exchange and was expected to raise 360 million yuan (43 million US dollars).
Financial reports indicate that the company's sales revenue has grown by more than 50 percent year-on-year during the past three years. As of May 21, 2002, the company's assets were valued at 446 million yuan (53.7 million US dollars). Its sales for 2001 hit 539 million yuan (64.9 million US dollars), and its profits were 60 million yuan (7.2 million US dollars).
China is one of the few countries in the world with the capability to mass produce underwater optical fiber cable.
(Xinhua News Agency October 25, 2002)
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