Fri Mar 22, 2019, 10:40 PM

China's Snowman Hits Upper Trading Limit After Unveiling $679 Million Fuel Cell Project

(Yicai Global) March 21 -- Snowman Group's shares rose by the maximum allowed in one day after the company revealed plans to invest CNY4.55 billion (USD678.7 million) over the next eight years to produce fuel cell-powered engines and other key parts and components in the southwestern Chinese city of Chongqing.

The Fujian province-based company's stock price soared 10 percent to CNY10.25 (USD1.53) after the market opened today.

Snowman inked an agreement with the regulatory commission for Liangjiang New Area of Chongqing and Chongqing's municipal economic and information technology commission yesterday, the refrigeration equipment supplier said in a statement.

Construction will take three phases and total annual production capacity will reach 100,000 units of fuel cell-powered engines, piles and other core components, it said.

Snowman plans to invest CNY50 million in the project's first phase to complete the building of production lines, with an annual capacity of 6,000 units of hydrogen fuel cells in the next eight months. It will also invest in 17 hydrogen stations in Chongqing... more:

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