August 10 -- JPMF Guangdong (RCode:002600:), a producer of permanent ferrites and soft magnetic ferrites, plans to spend 22.5 million yuan to purchase a 60 percent stake in Beijing Orient New Material, reports yicai.com, citing a company filing.

After the purchase, JPMF will become the parent of Orient New Material and enter the electrical magnetic materials sector, becoming a supplier of magnetic materials.

Shares of JPMF Gaungdong were up 2.84 percent to close the morning session at 21.70 yuan.