CORRECT (January 23): Qihang Publishes Interim Results As It Switches To Investment Company

(An article published on January 23 at 13:22GMT misstated when the company's former operating business JSQH was sold. The correct version follows.)

LONDON (Alliance News) - Qihang Equipment Company Ltd Friday said its net loss for the half-year to June 30 2014 narrowed, driven by an increase in revenue.

The company earlier this month sold the Jiangsu Qihang CNC Machinery Tools Co Ltd operating business it had bought in July 2011, due to the economic downturn and specific difficulties in the machinery tool market. Its shares have been suspended since the end of September 2014, when the company said it wouldn't be able to meet the deadline for publishing its accounts for the half year to June 30.

The company is now changing its name to Eastbridge Investments PLC, and has adopted a new investing policy focused on the property and real estate sector.

"The company will look to invest in residential schemes as well as commercial, retail and industrial property within the UK. The directors will look to purchase assets significantly undervalued by the current market," it said in a statement.

Qihang reported a net loss of CNY9.9 million for the six months to end-June, compared with a CNY10.3 million loss in the first half of 2013, as revenue rose to CNY68.8 million, from CNY52.0 million the year before.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty

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