Xinfei targets 20% market share this year

Henan Xinfei Electric Co., Ltd, one of the leading makers of refrigerators and freezers in China, targets to double its current market share to 20% in the southern China area.

The company has gained a lion's share in provinces of Henan, Shandong and Liaoning and now it looks to the south China market, company chairman Teo Tong Kooi said.

Xinfei, China's second largest refrigerator producer, saw sales surged 40% year-on-year last year in Guangdong Province, the fastest among all regions across the country, Teo said when attending the Pan Delta Super Racing Festival in Zhuhai, Guangdong Province. Xinfei has sponsored the race for three years.

Last year, its sales of refrigerators and freezers added 15% to 3.53 million sets and sales of air-conditioners rose 21%. It expects to boost sales by 60% as of 2008.

Xinfei, partly owned by Singapore-based Hong Leong Asia Ltd, now occupies 12% share in China market.