Company: East China Science and Technology said to have rare earth permanent magnets rumors untrue

East China Science and Technology (000727) November 23 Evening released a clarification bulletin said that the recent media on the company has rare earth permanent magnets, the company is the concept of central bank reorganization and so on. The announcement, the company agreed on December 17, 2007 that the company will hold Nanjing East China Electronic Solar Technology Co., Ltd. 51% Equity transfer matters, the company has no rare earth permanent magnet business, the company November 17, 2010 disclosed the "subsidiary daily Associated Transactions Supplementary Bulletin" involving the magnetic power business,　　The specific products are mainly soft magnetic, but not rare earth permanent magnets. In response to the media "key parts industry of high-quality assets into East China Technology", the company said, has been held on October 29, 2008, the 20% shares to 225 million yuan to transfer the price to the major shareholder Nanjing Huadong Electronics Group Co., Ltd., the rumor is old news.