Thursday 2011-08-18  10:49 Publisher: CapitalVue
August 18 -- Fujian Green Pine (300132.SZ) is awaiting local government approval to establish a wholly-owned company in Hong Kong, its first overseas subsidiary, with an investment of HK$30 million, reports yicai.com.

Temporarily called Fujian Green Pine (HK), the new entity will be engaged in import and export, overseas sale and services of its own products, overseas investment and acquisition, and other lines of business.

Green Pine, which is based in Jianyang city, also filed that its net profit and revenue respectively grew 13.36 percent and 30 percent year-on-year to 24.33 million yuan and 265 million yuan in the first half. Domestic sales grew 29.94 percent year-on-year to 171 million yuan, accounting for 65 percent of its total revenue. The turpentine manufacturer’s overseas sales grew 28.58 percent year-on-year to 92.2 million yuan.