Shanghai Industrial Holdings has unveiled a plan to participate in Shanghai's information technology project after announcing a 12.4 per cent year-on-year drop in earnings to HK$1.01 billion in the year to December 31 last year.
The company would move into infrastructure development of the city's Information Port project, chairman Cai Laixing said.
The Information Port is a large-scale project by the Shanghai city government.
The government this year was planning more than eight billion yuan (about HK$7.44 billion) worth of proposals, which were part of the Information Port project, Mr Cai said.
He refused to say how, or how much, his company would invest in the development, but said details would be released in about three months.
The Shanghai government reportedly plans to build the basic backbone of its Information Port project by the end of the year, providing broadband connection to city homes so residents will be able to use the telephone, watch television or log on to the Internet at home using the service.
'The group has completed its two-year business realignment period and entered a new stage of steady earnings growth,' he said.