Qihang Publishes Interim Results As It Switches To Investment Company

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 sold its operating business Jiangsu Qihang CNC Machinery Tools Co Ltd, or JSQH, 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, 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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