(Yicai Global) Nov. 16 -- Shares of Almaden's hit the daily limit-up today after the Chinese photovoltaic glass maker implied that it has won a contract worth almost double its audited operating income of 2019.

Almaden's stock price [SHE:002623] rose by 10 percent to CNY47.7 (USD7.20) today with a CNY6.9 billion (USD1 billion) market cap. Its shares have nearly doubled in value this year.

The supplier will provide 85 million square meters of glass coated to generate solar energy over the next two years, the Changzhou-based firm said in a statement yesterday, citing a deal that it, Chinese solar panel maker Trina Solar, and eight of the latter's units had penned the same day.

The parties will negotiate prices every month but based on this year's average market prices, the deal could be worth about CNY2.1 billion (USD319 million).

Almaden is one of the few companies in China that can produce large and ultra-thin photovoltaic glass, a pioneering material that can be used as windows. The domestic prices of such glass have been surging rapidly last month due to strong demand, boosting manufacturers' stock prices.

The contract should enhance Almaden's core competitiveness and brand influence, improving the company's future business performance, the statement added.

Almaden is expanding its output by building two plants in Anhui province, expected to be fully ready by mid-2021. Since April, the first factory has been able to produce 6.5 million tons of raw glass a day.

Editor: Emmi Laine