Shanghai, July 2nd, Zhongtian (www.jszt.com.cn, 600522 Shanghai Stock market) announced to issue less than 80 million A shares to attract less than 1.68 billion Yuan investment for perform rod project.

According to Zhongtian, their perform rod project will be finished in 2 years time, with manufacturing capability of 400 tones of perform rod every year. The project is predicted to bring 594 million Yuan revenue and 183 million Yuan net profit for Zhongtian each year.

Zhongtian’s main competitor, Hengtong group, just announced to begin their perform rod manufacturing with a 200 tons capability each year. Hengtong also set up a joint ventured perform rod company with OFS.