(Yicai) July 22 -- Shares of Linyang Energy rose after the Chinese smart meter maker said it secured orders from domestic and foreign customers worth just over USD135 million.

Linyang [SHA: 601222] closed 1.8 percent up at CNY6.12 (84 US cents) today. The broader Shanghai Composite Index fell 0.6 percent.

The joint venture established by Linyang’s subsidiary in Poland UAB Elgama Elektronika and its local partner won a bid for a smart meter project of PGE Dystrybucja, one of Poland’s four state-owned power companies, for a total value of PLN360 million (USD91 million), the Jiangsu province-based parent company announced yesterday.

Elgama will supply the smart meters, and its partner will be responsible for the technical support, provision of supporting products, logistics coordination, project management, and after-sales services, Linyang noted. The partners will distribute the earnings based on their shares in the JV, in which Elgama owns just over 85 percent stake.

In another statement released yesterday, Linyang announced it won the bid to supply China Southern Power Grid with eight energy meter equipment packages. The deal value is CNY322 million (USD44.3 million).

Winning the bids for these two projects will have a positive impact on Linyang’s business performance for this year and the upcoming ones, the firm pointed out.

Linyang is one of China’s largest exporters of smart meters. Last year, the company produced 7.69 million smart meters and sold 7.75 million ones, securing CNY2.3 billion (USD312.7 million) in revenue, which accounted for 33 percent of the total.

Linyang has exported its smart meter products to more than 30 countries and regions in Europe, the Middle East, East Asia, Southeast Asia, Africa, and South America.

Editor: Futura Costaglione