November 16 – Beijing Originwater Technology (300070.SZ) plans to spend 49 million yuan from capital raised in its initial public offering (IPO) to set up a joint venture called Inner Mongolia Dongyuan Water Technology Development Limited with Inner Mongolia Dongyuan Yulongwang Industrial Group Limited, reports yicai.com, citing a company filing.

The proposed new firm will have registered capital of 100 million yuan. Originwater Technology will have a 49-percent interest in the new entity, which will set up a membrane technology research center and an industrial park in Ordos.

Inner Mongolia Dongyuan Water Technology Development is projected to generate average net profits of 99.31 million on revenues of 626 million yuan over the next five years.