6 December 2004 – China Energy Savings Technology, Inc has filed a listing application with the Nasdaq to move from the OTC Bulletin Board to the Nasdaq National Market.
Mr Sun Li, CEO of China Energy Savings, said: “One of our primary goals is to trade on the Nasdaq. We believe that we have met all of the requirements to be listed on the Nasdaq and have filed an application.”
It is hoped that being listed on the Nasdaq will encourage investment from institutional investors who typically do not, or cannot invest in publicly traded companies.
The unaudited revenue and net profit that China Energy Savings generated from its energy savings project for the first three quarters ended 30 September 2004 is $31m and $22m respectively, an increase of 256 per cent in net profit compared with the same period last year.
In addition to the 65 per cent stake in the energy saving project held by the company, the company is contemplating acquiring the remaining 35 per cent stake in the near future.