(Yicai) Aug. 21 -- Shares in Hainan Jinpan Smart Technology surged as much as 6 percent today after the Chinese manufacturer of transformers and other electrical products said that it has inked a deal worth as much as CNY1.4 billion (USD192 million) to supply distribution transformers to an overseas customer.

Jinpan’s share price [SHA:688676] was trading up 3.5 percent at CNY33.43 (USD4.60) as of 1.30 p.m. China time today. Earlier in the day it hit CNY34.23.

Jinpan and one of its units will provide distribution transformers, which step down the voltage in power lines to the level used by the customer, to a foreign customer over the next five years, the Haikou, southern Hainan province-based firm said yesterday. No further information about the client was given.

Based on current exchange rates, the five-year contract is worth between CNY1 billion and CNY1.4 billion, it added.

The deal reflects the competitiveness of Jinpan’s products on the global market, it said. It will have a positive impact on the company’s performance from 2023 to 2028 and help boost profitability.

Jinpan, which was set up in 1997, makes distribution and control transformers that are used in the fields of new energy, high-end equipment, energy conservation and environmental protection. Its products are available in more than 70 countries and regions.

Editor: Kim Taylor