Xinxing Pipes Group announced that the company planned to bid for 40% stock right of Wuhu Xinxing Pipes Company listed in China Beijing Equity Exchange for transfer.

The released added that that Xinxing Pipes Group plans to transfer the 40% stock right of Wuhu Xinxing Pipes held by the Group, who has an assessment agency to give assessment to the 40% stock right.

The agency has offered the assessment report to the group, who has reported to State owned Assets Supervision and Administration and listed the 40% stock right in Beijing Equity Exchange with the price of CNY 1.2 billion. It is said that there is also possibility of its purchasing by Xinxing Pipes Group, its parent company.