Recon Technology Ltd. (NASDAQ: RCON), a provider of hardware, software and on-site services to companies in the petroleum mining and extraction industry in China, was one of the biggest gainers on Nasdaq on Wednesday.
Shares of the China-based company soared 44.72% to finish the day at $2.30 on above average volume.
The huge rally in RCON shares was sparked by a major announcement from the company. RCON, on Wednesday, said that it won a major contract in Turkmenistan.
Recon Technology signed a multi-million dollar contract with China National Petroleum Corporation’s (CNPC) Sichuan Petroleum Administration to provide the latter with the Emerson PCS & SIS Systems in its South Yolotan Gas Filed Project in Turkmenistan.
This is the first time Recon is undertaking a foreign project. According to Yin Shenping, Recon’s CEO, the contract is an excellent first step for RCON to grow into an international company.