(Yicai) Aug. 21 -- Shares of Niutech Environment Technology soared by the exchange-imposed daily trading limit after the Chinese developer of pyrolysis technology, solutions, and equipment sold a plastic pyrolysis facility to a UK client.

Niutech [SHA: 688309] closed 20 percent up at CNY27.80 (USD3.87) in Shanghai today.

Niutech built a continuous waste plastic pyrolysis plant with an annual processing capacity of 60,000 tons for a UK client, which has already transferred the payment’s first installment, the Jinan-based firm announced yesterday, without revealing the client's name or any further details about the project.

This order is expected to have a positive impact on Niutech's financial performance this year and next, consolidate its leading position in the waste plastic pyrolysis technology and equipment market, facilitate its overseas market expansion, and promote the recycling of waste plastic resources, the company added.

The plastic pyrolysis facilities developed by Niutech can crack waste polyolefin plastics into small-molecule hydrocarbon products and enable the dechlorination of waste polyvinyl chloride plastics to produce fuel oil and carbon black, realizing resource-oriented and harmless disposal of waste plastics. The firm is one of the few worldwide with continuous pyrolysis production technology.

Niutech's operating revenue from the waste plastic pyrolysis facility business totaled CNY22.5 million (USD3.1 million) last year, accounting for around 15 percent of its total revenue in the period.

About 60 percent of Niutech's operating revenue last year came from overseas markets, mainly the Middle East and Southeast Asia, while its sales revenue from Europe was only CNY1.7 million (USD236,860).

Editor: Futura Costaglione