| According to the announcement of Shenzhen-listed Hefei Meiling Co., Ltd. (SSE: 000521) dated 16 January 2006, Zhao Yong, Chairman of the Board of Shanghai-listed Sichuan Changhong Electric Co., Ltd. was appointed as its Chairman of the Board. The same time, Meiling and Changhong reached an agreement that Changhong and its subsidiaries will be Meiling’s agents to sell Meiling refrigerators in China.
Analysists comment that CHANGHONG reforming Meiling’s white goods now has ranged into the marketing not only the manufacturing since Changhong became the largest shareholder of Meiling in November 2005. CHANGHONG is the main manufacturer of black goods in China, while Meiling is primary one of refrigerator manufacturers. Purchasing Meiling, CHANGHONG will enrich its production lines so as to form a relatively complete and full-scale industrial system of black and white goods.
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