Archive for March, 2009

China Gengsheng Minerals, Inc. to receive $2.9 Million loan from Agricultural Bank of China

Wednesday, March 25th, 2009

China Gengsheng Minerals, Inc., a materials technology company in China, working through BVI-registered Gengsheng International, announced that one of its wholly-owned Chinese subsidiaries Henan Gengsheng Refractories Co. Ltd. , has signed a $2.9 mln short-term loan agreement with  Agricultural Bank of China’s Gongyi City branch, Henan Province.

Mr. Shunqing Zhang, Chairman and CEO of China Gengsheng Minerals, said in his comments that the proceeds from the loan will provide sufficient safety in a difficult economic environment. He also noted that, depending on the improvement in market condition, they are going to use the $2.9-million loan to start the production and shipment of the abrasives.

Gengsheng Minerals, Inc. to sign new refractory supply contract with Jiangsu Sha Steel Group

Wednesday, March 18th, 2009

China Gengsheng Minerals, Inc., a materials technology company working through BVI-registered Gengsheng International Corporation and its Chinese subsidiaries – Henan Gengsheng Refractories Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd., and Henan Gengsheng High Temperature Materials Co., Ltd., announced the signing of a refractory material supply contract with the subsidiary of Jiangsu Sha Steel Group Co., Ltd.

Under the terms of the $1.2 million contract, China Gengsheng will ship refractory materials for reheat furnaces used in Sha Steel’s hot rolling mill in Jiangsu Province. Sha Steel is China’s largest non-state-owned steel producer by output, as well as the key enterprise of Jiangsu Province. IN 2008, Sha Steel ranked 36th among the top 500 Chinese industrial enterprises, 12th among the top 500 Chinese manufacturing enterprises, and 2nd in all Chinese non-state-owned enterprises.

Management Changes in China Cablecom Holdings, Ltd.

Thursday, March 12th, 2009

The BVI company China Cablecom Holdings, Ltd. – a joint-venture provider of cable television services in China – announced the appointment of the new Chief Financial Officer Sikan Tong, which will replace Colin Sung, the former President and CFO of the company, which was appointed to this post a year ago, and tendered his resignation effective March 31, 2009, in order to pursue other professional opportunities.

On March 31, 2009 Mr. Tong will assume Mr. Sung’s role as CFO of the company. Formerly he worked in the audit practice of the Shanghai office of PriceWaterhouseCoopers, then he led audit teams in the UK and Shanghai for various industries. Prior to serving as the Senior Vice President of Finance at China Cablecom, Mr. Tong was the CFO at Merrylin International Holding. Also, he served as Head of Accountancy Training at the Financial Training Company, a leading provider of professional qualifications and business training in the UK and Asia.

Clive Ng, Founder & Executive Chairman of China Cablecom, said that under the guidance of the new CFO the company is confident in being well-positioned in the continuing focus on enhancing their value-added service platform, reducing the debt, cutting expenses, and improving margins.

CTDC completes disposal of non-core business to focus on solar industry projects

Tuesday, March 3rd, 2009

British Virgin Islands-registered China Technology Development Group Corporation (CTDC), working in the solar energy business in China and providing renewable energy solutions, has announced in the end of February that it completed the disposal of its non-core business of network security on February 16.

In the end of December 2008, the BVI company entered into a sale and purchase agreement in order to sell its wholly-owned subsidiary Jingle Technology Co, Ltd, including two companies wholly owned by Jingle – BHL Networks Technology Co., Ltd. (Cayman Islands) and Beijing BHL Networks Technology Co., Ltd. The companies will be sold for HK$200,000 in cash. Jingle and its subsidiaries are providing network security solutions and distribution channels in China.

CFO of CTDC, Mr. Gary Leung, said that now the company is going to concentrate its resources and management in the solar power plant and large scale application arena, and now will concentrate on its solar energy projects.