February 21 -- Wuhan East Lake High Technology Group (600133) finalized its large-scale asset restructuring plan, reports Securities Daily.

The company will issue shares to major shareholder, Hubei United Development Investment Group, for the purchase of the entire 100 percent interest in Hubei Road and Bridge Group.

In addition, East Lake Technology will issue shares to 10 designated investors in order to raise an amount not larger than 25 percent of the proposed transaction value.

Upon the completion of the transaction, the company will engage in the engineering contracting, construction, and environmental protection businesses, and Hubei United Development will hold a 28.30 percent interest in East Lake Technology.

The target company was worth 921 million yuan at the end of last year, and it currently has 37 construction projects on hand, including one to build an expressway which connects Huanggang and Ezhou in Hubei.

Shares of the company, which had been suspended for 10 months, rose by its daily limit of 10.01 percent in morning trading.