Sitong New Metal Plans USD72 Million Plant to Make Alloys for 5G Equipment
Tang Shihua
DATE:  Dec 26 2019
/ SOURCE:  yicai
Sitong New Metal Plans USD72 Million Plant to Make Alloys for 5G Equipment Sitong New Metal Plans USD72 Million Plant to Make Alloys for 5G Equipment

(Yicai Global) Dec. 26 -- Sitong New Metal Material is planning to build a CNY500 million (USD72 million) facility to make aluminum alloys for the rapidly expanding fifth-generation networking sector.

The Hebei province-based firm will build the plant, which will also house research and sales teams, in Jiangsu, it said in a statement yesterday. The company penned an investment deal with the local government the same day and expects to begin trial production in 2020 before entering full operations in 2021, it added, without disclosing further details.

Shares in Sitong [SHE:300426] leapt on the news, closing out today's morning session nearly 5 percent higher at CNY14.59 (USD2.09).

Siting specializes in developing, making and selling new functional alloy materials. Its products are used in the automotive, rail, aerospace, communications, energy and appliances sectors.

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Keywords:   Sitong New Metal Material,5G