August 15 – Shanghai Mechanical and Electrical Industry (SMEI) (600835) filed it plans to sell a full stake in Shanghai Green Land Industrial Limited for 207 million yuan, thus exiting the hard board business, reports China Securities Journal.

Green Land Industrial was founded in 2000 with registered capital of 190 million yuan and invests in industrial projects, manages and sells mechanical equipment and sells hard boards. Last year it earned net profits of 3.28 million yuan on revenues of 608.9 million yuan. In the first half of this year, the firm generated net profits of 2.35 million yuan during first half of 2011 and had a book value of 208.91 million yuan in net assets with appraised value of 207 million yuan.

SMEI began its exit from the hard board business last year, when it sold Anhui Hard Board Co.

Green Land Industrial sells mid- to high-density fiberboards which are used in furniture with large market scale. Its market share was four percent, while Green Land Industrial’s was one percent.