Hung Hing to spend $100m on new plant in Guangdong

Hung Hing Printing Group will invest $100 million in the first phase of its new 3.5 million square foot manufacturing facility in Heshan, Guangdong province, says managing director Matthew Yum Chak-ming. The first phase will manufacture and print paper and carton boxes - the firm's core business - and start operation by the second quarter of next year, Mr Yum says in announcing the company's interim results yesterday. Although Hung Hing's turnover grew 43.4 per cent to $1.73 billion in the six months to September, net profit grew at a slower 9.52 per cent to $171.72 million because of rising oil prices, wages and interest rates.