(Yicai Global) Dec. 23 -- Shares of Chinese cooling tube and electrical equipment manufacturer Kangsheng Group surged after the firm said it has won Chengdu’s USD153 million electric bus bid.

Kangsheng's stock price [SHE: 002418] jumped as much as 9.9 percent to CNY4.22 (70 US cents). The shares have more than doubled in value this year.

The company's new energy vehicle unit will provide Chengdu Public Transport Group with 825 electric buses that are 12 meters long, the Zhejiang province-based firm said in a statement yesterday. Almost half of the vehicles will be used during the 31st Summer World University Games that will be organized in the southwestern city in the summer of 2022.

The bid equals more than 40 percent of Kangsheng’s audited revenue in 2020, and the project should improve the supplier's business performance next year, the bid winner said. The order should be delivered in 150 days, according to the Chinese city's tender.

Editor: Emmi Laine, Xiao Yi