(Yicai) Dec. 20 -- Shares in Baosheng Science and Technology Innovation surged by the exchange-imposed limit today after the firm, which is one of China’s biggest wire and cable suppliers, said that it has won the bidding for a cable project offered by SP Group, Singapore’s electricity network operator, in a deal worth CNY610 million (USD83.5 million).

Baosheng’s share price [SHA:600973] closed up 4 percent at CNY5.39 (USD0.74). Earlier in the day it soared 10 percent to hit CNY5.70, the highest since August 2023.

The deal is a breakthrough for expanding Baosheng’s overseas footprint, the Yangzhou-based firm said yesterday. No further details on product specifications or delivery schedules were given.

The fulfillment of the contract will have a positive impact on the company’s operating performance, said Baosheng, which has supplied cables to major engineering projects such as the Beijing Daxing International Airport, the Qinghai-Tibet Railway and the Ling'ao Nuclear Power Plant.

Baosheng logged revenue of CNY13.2 billion (USD1.8 billion) from power cable sales last year, accounting for 30 percent of total revenue, according to its 2023 annual report. Revenue from overseas markets came to CNY728 million (USD99.7 million), accounting for 1.6 percent of total revenue.

Editor: Kim Taylor