TMCNet:  Hengtong Optic-electric Withdraws Non-public Offering Plan

[January 31, 2013]

Hengtong Optic-electric Withdraws Non-public Offering Plan

Jan 31, 2013 (SinoCast Daily Business Beat via COMTEX) -- Hengtong Optic-electric Co., Ltd. (SHSE: 600487) announced yesterday that it has withdrawn the application for the non-public offering of shares.

The non-public offering bill was passed at the 2012 first extraordinary shareholders' meeting and was submitted to the CSRC (China Securities Regulatory Commission) on June 18, 2012.

Hengtong Optic-electric stated that since the market launch and market scale of the project of compound cable and optical fiber used for smart grid, one of the fundraising projects, was lower than expected, the company has decided to revise and perfect the fundraising projects and non-public offering plan to guarantee investment benefits and safeguard shareholder interests.

The company also announced its 2012 performance forecasts yesterday, anticipating the net profit attributable to shareholders to grow 40%-60% on a year-on-year basis.

Hengtong Optic-electric closed at CNY 23.71 per share yesterday, up 0.30%.

Source: (January 31, 2013)

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