The company has witnessed dramatic development since a renewal of its management team and an upgrading of its technology in 2000.

In 2004, it purchased German firm Schiess AG, greatly expanding its business scope and research and development capabilities. In addition, it invested 1.8 billion yuan (US$228 million) in 2004 to establish a CNC industrial park, the biggest in the nation, in the city's Tiexi District.

A company source said its CNC production and sales had risen 52.6 per cent in the first 10 months of this year, while exports were up 168 per cent over the same period.

Due to its dominant position in domestic machine tool industry, the sale has already attracted a great deal of interest.

According to Hong Kong's South China Morning Post, this sale has already attracted more than 40 potential investors.

More than 70 per cent of the interested investors are from overseas, said Liu Chuanwen at the Shanghai United Assets and Equity Exchange, who helped organize the sale.

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