HONG KONG, July 4, 2012 /PRNewswire-Asia/ -- China Liansu Group Holdings Limited ("China Liansu" or the "Company" and, together with its subsidiaries, the "Group", Hong Kong stock code: 2128), a leading manufacturer of plastic pipes and pipe fittings in China, is pleased to announced that its Chairman, Executive Director and Founder Mr. Wong Luen Hei increased his stake in China Liansu in the market last Friday, demonstrating his confidence in the Group's development potential.
Mr. Wong purchased 6,139,000 shares in China Liansu at an average price of approximately HK$3.28 per share on 29 June 2012, for a total consideration of approximately HK$20,136,000. The purchase has increased Mr. Wong's shareholding in the Company to 70.23%.
Commenting on his stake increase, Mr. Wong said, "As the chairman of the Company, I raised my shareholding because of my confidence in the future development of the Company. The Group expects the global economy in 2012 to remain sluggish, which casts a shadow over the industry. However, as a leader in the plastic pipe industry, the Group believes that its business can achieve stable and healthy development in the second half of this year with opportunities presented by the 12th Five-year Plan in urbanization, water conservancy infrastructure and environmental protection."
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