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Henan Zhongfu Industrial Unit Investing 365 Million Yuan on Aluminum Foil Expansion; Shares Down 3%

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Henan Zhongfu Industrial (SHA:600595) subsidiary Henan Fujin New Materials will invest 365.2 million yuan in a 30,000-ton-per-year new energy aluminum foil project in Henan, China.

The two-year construction period will produce foil for aluminum-plastic film, cold-forming, electronics and pharmaceutical packaging, according to a Friday filing on the Shanghai bourse.

The project targets 852.6 million yuan in annual revenue and 32.0 million yuan net profit, with a 10.8% internal rate of return.

Shares of the electrolytic aluminum and aluminum products manufacturer were down 3% in recent trade.

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