Hengtong Optic-electric wins $1.57m in marine energy bids

Hengtong Optic-electric (SSE:600487) announced that it and its subsidiaries, including Hengtong Submarine Cables, Hengtong Ocean Engineering, Hengtong Land Ocean Engineering, and Jieyang Hengtong Ocean Technology, have won multiple marine energy project bids. These include a Middle East submarine cable project valued at roughly RMB 4.49 billion, offshore wind farm developments, and other marine engineering endeavors. The total value of the awarded projects amounts to approximately RMB 11.33 billion, representing 2.38% of the company's audited revenue for 2023. The company says that these wins showcase its comprehensive technical capabilities in the marine energy sector and is expected to have a positive impact on its future financial performance.