SHANGHAI Vacuum Electron Devices last night announced profit attributable to shareholders up 311 per cent to 72.9 million yuan (about HK$98.2 million at official rates) and a one-for-10 bonus share issue. The company, which enraged investors with a rights issue last autumn, is also pushing ahead with a seven-for-10 rights issue priced at 44 US cents each for foreign investors, against the 51 cents closing price at the Shanghai exchange yesterday. In a statement last night the company said its bonus share issue had been approved by the Office of Shanghai Securities Management Committee. The company said the rights issue would be used to ''adjust the company's product mix and improve the company's technology'', giving a list of eight largely unrelated components and products which it would consider developing, including television tubes and satellite receivers. Turnover rose 109 per cent to 1.02 billion yuan. Proposed dividend is 20 fen, subject to shareholder approval. The company also gave turnover and after-tax profit estimates for the years until 1995, envisaging steady lifting of turnover to two billion yuan in 1995. Management also predicted that by 1995 profit after tax would hit 140 million yuan. Shanghai Vacuum was the first mainland company to offer B shares to foreign investors, the first to attempt a rights issue and the first to see a rights issue collapse. A revised rights issue was passed by shareholders at a meeting in October. The state, which owns nearly 50 per cent of the company, will be eligible to take up the rights issue. Unlike Shanghai Erfangi, previously Shanghai Textile Machinery Number 2, the company is not preparing its accounts to international accounting standards. The accounts are being prepared to the standards used by foreign joint ventures. The balance sheet claims current assets at December 31 were 1.22 billion yuan, while current liabilities were 834.4 million yuan. Retained earnings stood at 72.9 million yuan.