SHENZHEN Jintian Industry is to raise about 350 million yuan (about HK$469 million) by issuing B shares this month. The issue represents about 32 per cent of the company's enlarged issue share capital. The B shares are expected to commence trading on Shenzhen stock exchange in July. Standard Chartered Asia is the international underwriter. The company engages in real estate, trading, textile, computer disc manufacturing and restaurant businesses. Most of the proceeds of the issue will be invested into property development in Shanghai, Xiamen, Shantou and Weizhou. The company has a big increase in profits for last year to $38 million, up from $5 million in 1991. It made a loss of $14 million in 1990. At the end of last year, total assets were over one billion yuan; net asset value was 253.46 million yuan, with issued share capital 53.4 million. The company was set up in 1988, and its A shares started trading in February 1989.
