It is reported that Ningbo Huaxiang Electronic filed it will repurchase 13.79 million shares bank a 2.43% from the open market at CNY 14.5 per share totaling CNY 200 million. 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%YoY to 40%YoY. The car parts maker offers oil cans, air conditioning systems, wiring and piping.

Source:Steelguru.com