On 12th May 2005, Shandong Molong Petroleum Machinery Co., Ltd. completed the Placement of New H Shares successfully and collected totally HK$99.36Million(approx. RMB 106million) and net HK$95.4Million(approx. RMB 102million) through placing 106million New H shares of HK$0.92 per share. Investors subscribe for the New H Shares eagerly and many famous international funds like Value partners, RAB Capital, First State Investment、Guinness Atkinson Asset Management LLC etc have been introduced this time. All the fund collected through this placement will be used the whole set of production line for annual production of 250000 tons casing project and relevant parts to enlarge production capacity and improve the market competitive force for the company.
