Hebei Province-based Chinese pipe manufacturer Xinxing Pipe Casting Group has announced that in 2010 its total operating revenue reached RMB 37.62 billion ($5.73 billion), up 29.41 percent year on year, while its net profit amounted to RMB 1.35 billion ($206 million), rising by 51.75 percent as compared to the previous year.
In 2010, Xinxing Pipe Casting Group acquired a 40 percent stake in Wuhu Xinxing Pipe Casting Co., Ltd, a 25 percent stake in Hebei Xinxing Pipe Casting Co., Ltd and a 38 percent stake in Xinjiang Jinte Iron and Steel Holding Co., Ltd.