The provider of integrated tertiary oil recovery equipment in China is seeking a listing. The company is engaged in the research, development, manufacture and sales of equipment used in extracting crude oil. The company said all its products are sold directly to Chinese oil extraction companies operating in the Daqing oilfield, one of the largest oilfields in China.
It said it will use its IPO proceeds to primarily expand its production capacity, as well as enhance its R&D capabilities, and expand its sales and marketing network in China and overseas markets.
The company reported revenues of RMB149.4m last year, up from RMB69.5m in '05. Net profit came in at RMB97.8m last year, from RMB28.1m in '05. As at 31 May, the company has secured confirmed sales orders of RMB93.7m, which are usually fulfilled within 6 months.
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