Shares of Hoshion Industrial Aluminium rise on the occasion of bagging new business worth CNY4 billion

Shares of Chinese aluminium profile manufacturer - Hoshion Industrial Aluminium soared on the occasion of bagging four new clients with business prospect of CNY 4 billion (US$628.8 million).

On Tuesday, March 15, Hoshion declared that it could earn CNY3.6 billion to CNY4 billion in the subsequent four to eight years, being eligible to sell battery storage products to four carmakers.

Hoshion’s equity price surged by the daily limit of 10 per cent to CNY33.46 (US$5.30), but still down by more than a quarter this year.

One of the new clients is a European luxury vehicle brand, another is Chinese smart electric vehicle maker, and the other two are independent Chinese brands.

Obtaining the letter of intent is advantageous to forming a long-term partnership with four firms, said Hoshion. Once they send orders, their business performance is foreseen to improve.