June 24 -- Ningbo Huaxiang Electronic (002048) filed it will repurchase 13.79 million shares bank, a 2.43 percent stake, from the open market at 14.5 yuan per share, totaling 200 million yuan, reports 163.com. Huaxiang had cash in hand of 1.3 billion yuan as of December 31 2010. Its parent bears no bank loans at present.

Huaxiang said its repurchase will not affect its development strategy. Huaxiang forecasted its first-half net profit attributable to shareholders would grow 10-40 percent year-on-year. The car parts maker offers oil cans, air conditioning systems, wiring, and piping.