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The company reaped net profits of CNY 115.9851 million in 2007, or CNY 0.31 per share.
The sharp plummet is because the listed company spends profits offsetting partial non-performing assets. The dipping sales and profits of some products that are results of the global financial turmoil should also be blamed.
Notably, XJ Group Corporation, the holding company of XJ Electric, has completed all procedures about the deal that its 100% state-owned was acquired by China Ping An Trust & Investment Co., Ltd., which is a subsidiary of Ping An Insurance (Group) China, Limited.
Now, Ping An Trust & Investment indirectly holds a 29.9% stake in XJ Electric, taking the helm of the listed company, and Ping An Insurance Group is the effective controller.
Source: www.shihua.com.cn (January 19, 2009)
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