China National Materials (1893.HK), a cement maker also known as Sinoma, said on Wednesday that it is seeking overseas acquisitions after China’s construction market boosted its earnings 71% in the first half, Reuters reported. The company, which is the world’s largest cement equipment maker, will seek between one and 10 acquisitions in Europe and the US at US$154-1.5 billion each, said Sinoma President Li Xinhua. A strengthening renminbi will also increase the company’s purchasing power overseas, analysts said. Sinoma’s net profit rose 71% to RMB766 million (US$120.1 million) in the first half. Cement production and sales made up nearly 60% of its profit, while cement equipment and engineering services accounted for roughly a third. Shares of Sinoma gained 11.35% on Wednesday to close at HK$4.71 (US$0.60), outperforming a 1.6% gain in the benchmark Hang Seng Index. The company is now trading at six times its 2012 forecast earnings, following more than a 25% dip in the past three months.