(Yicai Global) March 6 -- China's Ningbo Sanxing Medical Electric has penned three deals worth CNY949 million (USD136 million) to supply its smart meters overseas.

The largest of the agreements was a SEK733 million (USD77.6 million) contract with Sweden's Vattenfall Eldistribution, which has around 6 million customers in Northern Europe, Zhejiang province-based Sanxing said in a statement yesterday.

Shares in Sanxing [SHA:601567] had climbed 1.8 percent to CNY9 (USD1.29) as of the lunch break today, after hitting a near two-year high in the morning session.

The firm also penned a CNY325 million contract with Saudi Arabian integrated electrical equipment manufacturer Memf Electrical Industries, and a CNY84 million supply deal with Indonesia's national grid operator Perusahaan Listrik Negara Persero.

The agreements with Vattenfall and Memf are valid through 2024 while the deal in Indonesia is just for this year. Combined, the three contracts equate to nearly 16.2 percent of Sanxing's 2018 operating income.

Editor: James Boynton