YT Jereh Oilfield Services Group Co Ltd<002353>, a provider of oil field equipment and oil field services, plans to use RMB 1.3 billion of its previously-raised funds to expand its core business in the next three to five years, according to Board Chairman Sun Weijie.

Sun said that the firm will see more orders this year because the economic turmoil resulted in a sluggish oil field service market last year.

The company will provide better services for oil field exploration in the overseas market and will purchase new oil drilling equipment for business expansion, Sun added.

On Feb. 5, YT Jereh Oilfield Services Group entered the capital market by issuing 29 million shares for RMB 59.5 apiece or RMB 1.73 billion in total, and the net amount of the initial public offering was RMB 1.69 billion, RMB 1.38 billion more than expected.