The company said it signed two contracts with the Water Diversion Project in March 2014 for its water transferring infrastructure systems among provinces in northern China. NF Energy Saving will provide Water Diversion with $15 million worth of butterfly valve flow control equipment. The company should deliver the orders between July 2014 and March 2015.
"Aiming to improve the water supply for industrial and residential needs in cities and rural communities of the target regions, the Water Diversion Project is a major water works project under national planning, strategically important to regional economic development and the betterment of people's life in northern China," said Chairman Gang Li in a company statement.
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The stock was up 96.13% to $2.29 at 12:59 p.m.
Separately, TheStreet Ratings team rates NF ENERGY SAVING CORP as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NF ENERGY SAVING CORP (NFEC) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and poor profit margins."