Jiangsu Shentong Valves has announced that Ningbo Juyuan Ruili Investment Partnership became its largest shareholder on 2 July following a transfer of stock rights, Kallanish notes.

In March this year, Juyuan Ruili first invested in Jiangsu Shentong. Over the following three months, by increasing its holdings, and authorising voting trusts, it had gained 25.46% of the stock rights by 2 July. It has now surpassed the percentage of holdings owned by the original largest shareholder, Huzhou Fenglin Volcanic Equity Investment Partnership.

The main shareholder in Juyuan Ruili, Li Han, is the chief executive of Orient Group Holding Company, Beijing Jinxi Investment Holding Company and Hebei Jinxi Iron &Steel. 

Jiangsu Shentong Valves in Qidong city, specialises in researching, producing and selling valves. The products are used in metallurgy, nuclear power, coal chemical industry and transporting petroleum and gas. Its main products take 70% of the domestic market. In last year, it earned net attributable profit of CNY 101 million ($14.68 million), up by 62.5 % year-on-year.