Ming Yang, which raised $350m in an initial public offering of shares on the New York Stock Exchange in October, said gross profit increased by 862% to RMB248.7m ($37.2m), while margins increased to 16.7% compared to 11.2% for the same period in 2009. For the first nine months of 2010, total revenue increased to RMB3.8bn, 357% higher than in the third quarter of 2009.