Jinma Shares rises 40% in net profit, planning to purchase Zotye Auto

Jinma Shares achieves net profit attributable to equity holders of RMB 86.78m in 2016, growing more than 40% year-to-year.

Annual report published by Jinma Shares on the night of February 15th shows that, the company achieves operating revenue of RMB 1.69b in 2016, increasing 4.16% with 2015. Net profit attributable to equity holders achieves RMB 86.78m, increasing 43.85% year-to-year, while basic per-share earnings reaches RMB 0.16.

The announcement stated that the company has enhanced sales promotion in reporting period. Supported by the hot auto market, Jinma Shares got good performance in 2016. Net profit after extraordinary gains and losses attributable to equity holders reaches RMB 83.07m, increasing 50.06% year-to-year. Total asset reaches RMB 4.11b at the end of 2016, growing 20.67% with 2015. Owner’s equity attributable to shareholders of listed companies also shows RMB 2.155b, increasing 3.67% with 2015.

According to introduction, the company is considering a major asset reorganization issue, planning to issue shares to all shareholders of Zotye Auto to purchase its 100% shares. In the meantime, it will launch a private offering to no more than 10 qualified specific investors.

The successful reorganization will enable the company to enter into the R&D, manufacturing and sales areas of alternative energy vehicles. Zotye Auto has begun the R&D and manufacturing of alternative energy vehicles in 2008, leading the industry all over these years. If the reorganization comes successful, the company will enlarge its capacity and increase products’ quality and competitive power, thus driving the promotion and developments of alternative energy vehicles.