(Yicai Global) July 4 -- Inner Mongolia Zhonghuan Solar Material Co. has selected Zhejiang Jingsheng Mechanical & Electrical Co. [SZE:300316] as the winning bidder for an equipment procurement project for solar cell development, and the bid value is estimated to exceed CNY1 billion (USD147 million).

The Zhejiang-based firm has successfully bid for an automatic crystal growth furnace procurement project by Zhonghuan Solar Material, the company said in a statement yesterday.

The bid price represents more than 91.6 percent of the Zhejiang Jingsheng's audited operating income last year, and the deal has significant implications for increasing its market share in the high-end crystal growth equipment manufacturing industry, the statement noted.

Jingsheng's share price rose 3.17 percent on the news on the A-share market in early trading today.