(Yicai Global) June 23 -- Beijing Hezong Science and Technology Co. [SHE:300477], a Chinese power grid equipment maker, has won bids for a number of State Grid projects worth a total of CNY256 million (USD37 million).
The contracts involve 11 Chinese provinces and municipalities, including Beijing, Tianjin, Shandong and Jiangsu, Hezong said in a statement. Transformer substations, circuit-breakers and power distribution terminals are among the products being sold.
As well as the state deals, the firm will undertake two solar power generation projects, one for Shandong Taiqi New Energy Technology Co. valued at CNY42 million and another for Zibo Juncan New Energy Co., worth CNY36 million.
The total value of the projects it's taking on is equivalent to about 22.6 percent of its sales revenue last year, Hezong said, and the benefits will be felt in its 2017 report. The contracts may not be fulfilled next year, it added, saying it will make this decision after assessing the situation.
Hezong's products are widely used in power networks, municipal construction, railroads and urban rail transit systems.