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Battery Maker China Shoto Ready for AIM listing

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LONDON, UK (Oct 20) – Battery and power equipment maker China Shoto said yesterday it planned to list on London’s junior AIM market in November with a stock market value of about 35 million pounds ($61.2 million). The Chinese group, which counts companies such as China Telecom and China Mobile among its customers, wants to […]

LONDON, UK (Oct 20) – Battery and power equipment maker China Shoto said yesterday it planned to list on London’s junior AIM market in November with a stock market value of about 35 million pounds ($61.2 million).

The Chinese group, which counts companies such as China Telecom and China Mobile among its customers, wants to raise about 10 million pounds as part of the listing.

Over 90 % of the company’s revenues, which totalled 18.7 million in the year to December 2004, currently come from domestic sources.

In addition to the telecoms industry, China Shoto’s products are used in electrical power, railway locomotives, passenger trains and in China’s growing electric bicycle market.

“In 1998 annual production was 54,000 bicycles and this has increased to 6 million by 2005. This growth has created significant demand for power type lead acid batteries with an estimated market value of 1 billion pounds ( € 1.45 billion) within the next decade,” the company said.

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