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The Shell-Trading Life of a Bankrupt Millionaire: The argument for Fraud by Foreign-Listed domestic Firms (source: 21st Century Financial, Aug 31 2010)
Xu Jie is already 46 years old. After many years of keeping a low profile, this man with a name very common among Chinese males, assumed the name “Dr. Kit Tsui” across the Pacific. It is this man that controls the growth and decline of nearly 10 billion RMB in market cap in US-Listed Chinese stocks.
10 years ago, Xu was the owner of a Shenzhen-based wireless phone giant “Wandelai”. This company, which had the encouragement from the government to list on the GEM (Growth Enterprises Market )board, was once famous for its capital operations. But in 2003, the company went under because of a 600 million RMB debt case.
Xu Jie left for America, and kept a low-profile listing Chinese companies overseas. He became a promoter of RTO’s. But this low-profile “shell owner”was beginning to face a credibility crisis.
“These stock’s short term success has nearly nothing to do with individual investors” On Aug 26th, the well-known financial magazine Barron’s wrote. “There are many problems during the listing of Chinese RTO’s.”. USX China Index showed, from 2003 to now, there has been 349 Chinese companies listed in US thru RTO. But their market cap decreased by an average of 75% compared to 150 days after the RTO.
After we published the fraud investigation of Oriental Paper (ONP) in July (For details see our Jul 22nd report), our journalist received many accusation data from institutions and individual investors.
Being the organization that was behind ONP’s listing, Xu and his group began to show their presence. Our investigation shows, Xu and his “family-like” group were involved in the listing of nearly 10 companies. They helped Chinese firms buy shell companies, manufacture financial data, and use many off-shore companies to create a mirage of beautified financial results.
Listed companies which are in controversies due to Xu’s group include JADA, UTA, CHCG, CNOA, BFAR, and HSYT.
To millionaire Xu Jie, or today’s Kit Tsui, “Wandelai” is the tomb of all secrets.
Kit Tsui’s faint trace in the US capital markets mainly can be found in the documents of his 2003 OTCBB-listed company Industries International Inc (INDI).
In 2003 Feb, Kit Tsui, along with his brother Xu Zhiyong and brother-in-law Yu Weijiang, bought INDI.
Just before and after 2003, INDI’s Chinese subsidiary Wandelai Communication Technology Ltd, burdened with heavy debt, faced the threat of bankruptcy. According to a training material from Shenzhen Stock Exchange, from Wandelai’s founding in 1993 to 1998, the company had a leading position in China’s wireless phone market. But when Xu took over, he took advantage of the government’s certification of Wandelai as hi-tech company and its encouragement of GEM listing, to “encircle money” (translator’s note: “encircle money” is a term commonly used in Chinese to describe, mostly in capital markets, thru seemingly legitimate ways (i.e. gray areas in financial or legal system) to funnel other people’s money into one’s own pocket.)
The capital market captured Xu’s heart very early. In 1998 he became majority owner in ST Jinuoer, and the company’s bottom line went from red to black in only 1 year. However, few years later, the bankruptcy liquidation annoucement from Shenzhen Mid-Level Court was “As of 2004 Mar 31, Wandelai’s total debt was 610 million RMB, net book asset was 67.43 million RMB, actual loss was 543 million RMB.
At that point, Xu Jie’s “strategy” has revealed its flaws. In the early years he was employed in Hubei province’s Development and Planning Committee, specifically searching for many hi-tech projects for companies and obtaining accreditation from the government for these companies. Haitong Securities, Southwest Securities, and other institutions had reasons to provide him large amount of bridge loans; banks were also not alerted by his frequent debts.
Xu also attracted attention when he appointed well-known economists and legal experts to become independent board of directors in his company.
On the other hand, Wandelai’s core has been for a long time consisted of people from Xu’s network from his home-town - Huangshi city in Hubei province, and of his family members, among which the backbone of Xu Zhiyong, Yu Weijiang, etc are still in Wandelai’s board of directors even years after.
Not until 2004 when the liquidation begins did Xu’s American operation of INDI catch the public’s attention. Years before, he had many BVI companies under his name in order to trade shells in the US stock market.
“Before the bankruptcy, he went to the US, afterwards he travelled back and forth to take care of his investment business” a Wandelai-era high management told us.
Xu is in the US but his capital operating center is still in Shenzhen.
It is a company with the registered name “Shenzhen Huayin Guaranty Investment Ltd”.
The most updated info from Industrial and Commercial Bureau shows, the company’s registered capital was 100 million RMB, its legal representative is Xu Xiyou. From Oct 2009 until now, the legal representative changed 4 times. The prior legal representatives were Yu Guoqiong and Xu Zhiyong. Yu held the position for 4 years.
Although in the registered information Shenzhen Huayin’s shareholders constantly changed (mostly some off-shore companies), one OTCBB-listed company China Finance (CHFI) claims in its SEC filings that CHFI wholly owns Shenzhen Huayin.
CHFI, a US registered asset investment and management company, was a former shell with the name Kubla Khan, Inc. Xu’s group purchased it in 2004.
From 2003, according to our findings, there have been 12 Chinese companies which Xu’s group was involved in listing them on the US exchange. After the RTO, CHFI always had a certain percentage of shares – a reward for the success of the RTO.
The earliest board of directors of CHFI includes Xu Zhongnan, Wan Xuemei, Wang Zhongping, Xu Zuhong, etc. Wan Xuemei, Wang Zhongping and Xu Zuhong were mid-management during the Wandelai era. Xu Zuhong was even in Shenzhen Huayin’s board of supervisors for many years. In 2004 Nov, Xu Zhiyong became a shareholder in CHFI, afterwards, Yu Guoqiong (Ann Yu) also became CHFI shareholder thru her off-shore company China US Bridge Capital. She became a long-term CEO for CHFI afterwards.
We discovered that the websites of China US Bridge Capital, CHFI, and Shenzhen Huayin are extremely similar. Also, another company, China US Strategy Capital Group, was very similar to the above in their main clients, address, and contact info.
In reality, neither Shenzhen Huayin nor CHFI directly involves in shell trading. Nearly all of Xu group’s shell trading were thru off-shore companies. For example, thru Value Global and Top Interest.
In 2007 an off-shore company called Max Time Enterprise Ltd (MTE) purchased ONP’s predecessor, a shell company called Carz, Inc., then MTE sold it to the Chinese company Baoding Oriental Paper company Ltd.
Also, a construction company from Hangzhou, bought from MTE, shares of My Quote Zone Inc. (translator’s note: My Quote Zone Inc is assumed another shell owned by MTE), then changed its name to China 9D Construction Group (CNAG) and got listed. CHFI got 3.63% of CNAG shares from this deal.
JADA, BFAR, Sino-Bon Entertainment Inc. (former named Sunnyside Acres Mobile Estates), and HYST also got listed thru similar deals with MTE.
The stock price of some of these companies, after a short term burst upward, has been lingering at a low level. They will be facing more suspicions. “Xu Jie’s group, thru off-shore companies, manufactured some false financial projections and marketed them to institutional investors” A US hedge fund representative told us.
“This type of RTO model has existed for a long time, the key is institutional investors accept and approve these Chinese companies.”
According to the service brochure of Shenzhen Huayin, Xu Jie’s group does not charge any listing fees. The key to profiting for them is to lift the client’s stock price, then sell at high prices.
“Obviously this needs some kind of support from investment intermediary institutions and auditors.”A New York-based lawyer involved in ONP’s class action lawsuit said.
The cost for fraud is not high. SEC does not have the means to check the Chinese companies’ daily operation. US judiciary also cannot summon to court Chinese company representatives. “But if one case of fraud is successful, it’s enough money to spend for half your life.” said a Canadian-based hedge fund representative who has in the past reveal many fraud cases on the Web.
Back in 2004, Xu’s INDI had already caught the attention of the SEC. But this only prevented Xu’s name to appear in SEC’s record again. This did not slow down “the people beside him” to expand their investment.
“Some investment banks are funny, seems they specifically underwrite for these problem companies” the above hedge fund rep said.
Xu and his group only need to search for more Chinese companies.
But the core people in Xu’s group must keep a low-profile.
At a most recent public event, Xu’s brother-in-law Yu Weijiang, thru his company’s name, appeared in a “Upgrade from the Copycat Industries”forum
CHFI owns shares of HSYT
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83250456
~ mrdarcy1 ... thanks for the report .
Sure wish these guys would take being a public company seriously ...
GLTUs
Just did a quick tally of shipment reports I received for 2012:
101 verified shipments for 2012.
I would estimate this number to be low by at least 50% and possibly upwards of 100% as it not only doesn't include any shipments made to destinations other than a US port, my experience with these reports are that they miss a whole lot due to minor changes in spelling or how the manifest is entered. Consignees also have the option of not having their shipment data publicly available (i.e. - Nike, Apple, etc).
Hell, even if it is _just_ 101 containers for 2012, that seems pretty good on it's own.
More shipments:
Today received shipment report:
10 shipments to LG Sourcing (Lowes)
1 - Costco
5 - Hunter fan
The only thing I can think of that they are sending to Costco is Whalen shelving products as they were (or are) a manufacturer for them. My local Costco has a bunch of Whalen products in it now including a nice garage workbench.
And has anyone tried emailing: oceanic@oceanic.cn?
Sent them an email a little while ago and appears to have gone through. Will wait and see if there is a response.
Has anyone tried talking to Eva Wang recently?
Thanks for all of your updates Mr. Darcy.
Called Eric Liu last night. Short conversation. He is still with HSYT but when I asked about investment related stuff who essentially said that it was not his department.
It's nice to know that this appears to be a true and legit company ...just wish they would file one day soon.
Going gangbusters....
Yesterday - 2 shipments to Costco, 3 shipments to LG Sourcing (Lowes)
Today -
3 to Costco
5 to LG Sourcing
1 to Hunter fans
~ Good to see the shipments , mrdarcy1 ...
As you say , some public info would be NICE !!!
GLTUs
More shipments -
Just received another shipment report:
Another 3 shipments to Costco, 3 to LG sourcing and 1 to Hunter Fan Co.
In case you don't know, LG sourcing is the distribution arm for Lowes.
Would be nice to know what they're shipping to Lowes and Costco this time of year.
Unlike their investors, it appears the company is doing well.
Hsyt Can move up a lot quicker...I also don't think that they had as many problems...IMO MAYBE XMAS IS COMING EARLY
Shipments:
In the past week I've received a bunch of shipment notices. In the past week alone they have shipped:
Sunway Fan Co. (1)
Costco Canada (8)
Home Depot US (1)
LG Sourcing (3)
Milwaukee Electric Tool (1)
Nao Enterprise Inc. (1)
Hunter Fan Co. (2)
That is 17 40' TEU.
Wonder what they're selling to Costco? Not the season for BBQ....
~ Will HSYT be filing next ???
They share the same auditing group , right ?
http://ih.advfn.com/p.php?pid=nmona&article=55086971&symbol=BFAR
GLTUs
Company that works with HSYT
On Friday I spoke with a company named First Light Inc. who according to their website works with with HSG/Weihe. http://www.firstlightinc.com/?view=products
I called First Light Inc. on Friday and found out that they indeed work with Home System Group.
If you are wondering how I found out about First Light Inc. I had done a google search and saw where a guy named Kevin Cody who is the president of First Light had worked for Home System Group: https://www.google.com/search?q=home+system+group&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a#q=home+system+group&hl=en&client=firefox-a&hs=7Qx&rls=org.mozilla:en-US:official&prmd=imvns&ei=jEZjUL73I4qs9ATeooCQCw&start=30&sa=N&bav=on.2,or.r_gc.r_pw.r_cp.r_qf.&fp=ae2e0ae9cac9fb81&biw=1252&bih=546
An Idea....
First off thanks for sharing this Mr. Darcy! I'm still sitting here hoping and waiting for those reports as well.
I mentioned back in one of my posts that I had made contact with an Eric Liu who said he works for Home Systems Group and spoke very good English. He told me to send him an email, however I have yet to get a reply, but I can tell that the email has in fact gone through to him.
I have not attempted to call him back...however I was thinking that maybe I can give him a call as well others like yourself who own stock in this company who want to see the files come through. Eric Liu's number is:8613590881628.
Further, I sent an email again not too long ago to the auditor to ask if they are still with HSYT and I was told that they still are.
Thanks mrdarcy1!!!!!!!Really if they could only show some interest for their shareholders, but somebody is accumulating imo.
Every post , mrdarcy1
Just waiting for these douchebags to act on their fiduciary responsibility !!!
Why become a public company and then act as though you are private one .
Oh well , maybe someday we will be rewarded for staying the course .
Thank you for your efforts on our behalf ...
Good luck to us all ...
( congrats on post # 1000 )
If anyone's still reading this forum....
Just got a shipment notice from Panjiva for Zhongshan Weihe and they now have Milwaukee electric tool as a customer, two shipments to them. Now if they'd only fricking report.....
Just a follow up to the old post I made about ZECCO and buying/selling penny shares (HSYT). I have continued buying HSYT whenever it bottoms out, and have not been hit with any additional fees.
Where did you get the information in this post DK?
Website:
It seems interesting that the website www.homesystemgroup.com is down again... yet these two web address http://www.weiheintel.com/ and http://www.weiheinternational.com/ will direct you to the same web page that www.homesystemgroup.com would direct you to.
Any thoughts?
I'm out-- tired of waiting for financials.
Hello Investors,
I `m also longtime in HSYT, but I cannot find the homepage...
Please help me!
Thx
Ouch! Tough day today! Must have been some people selling. Sure hope they start making some filings soon.
Shipping: It appears there have been some very recent shipments for Zhongshan Weihe electrical appliances: http://www.importgenius.com/cn/suppliers/zhong-shan-wei-he-electrical
Just hope they get financials out some day soon.
Good DD yet again Danman, thanks!
I've been more patient with this stock than any other in my life and I do believe this is going to pay off. Soon.
Your post was stickie worthy :)
Dan-
Thanks for the DD--- that's valuable information, and tells me that there is no reason to seel, as financials are probably on the way!
When they come out-- this will rocket!
It was a $2 stock before the financials stopped! And there is no reason to think that sales and earnings are any less now-- in fact, they likely have grown over the past year!
Auditor Response:
Contacted Goldman Kurland Mohidin LLP, to verify the info in the 8k to see if they are indeed working with Home System Group:
Mr. Mohidin,
My name is (blank) and I am an individual investor in stocks. I was wondering if you could verify for me whether or not your firm is in a working relationship with the companies Home System Group (HSYT) and Weikang Bio-Technology Group (WKBT).
Thank you for your time and consideration.
-(Blank)
And the response:
We no longer audit Weikang, I believe they have changed auditors twice after us. We are the auditors for Home System Group. (Bold added by me, Danman53)
Thanks
Ahmed
Great DD Danman!
There's no doubt that good news will come soon....
Keep up the good work :)
Spoke with Eric New!
Got in touch with Eric New and he validated that he was with Home System Group. (His English was very good.)I asked him about the status of the financials and he basically told me that as far as he knew they were in the process of updating them and working with the auditors and such, but that he didn't have much detail.
However, he gave me his email address and said that he would send the email on to others in the company that might be able to answer my questions (at least I think that's what he meant.)
I will continue to update the board on this development.
Called a number that I got from this website and got an answer: http://www.oceanic.cn/contact.html the number I dialed was 8676088488888
I then attempted to speak with them in English (unfortunately I can only say a few words (like Hello and Thank You etc) in Chinese). I was finally connected to someone who spoke some English and they did verify that I was speaking with Home System Group. Further they gave me the contact of a gentleman by the name of Eric New (I think) and the contact number is 8613590881628 I do believe.
Tried calling the number some and it did ring unfortunately I did not get an answer...at least yet. Will try again later.
The fact that I was able to speak with some people does prove to be a positive sign to me. It will be interesting to hear what this Eric New guy has to say if I (or anyone else) can reach him.
Good/Bad News:
I wrote an email to jiangmen city jinxinglong electrical appliances in regards to their relationship and so forth with HSYT. Here was the response:
Dear (Blank),
Home System Group wanted to acquired JXL, but it was not success, right now JXL is a independent company,
not belong to any body else.
Regards,
Niki
I guess the bad news is that HSYT was not able to make the acquisition (Though I guess the flip side is that they should still have the money or didn't incur the debt that they were going to use to purchase JXL.) The good news is that a real company named Home System Group wanted to acquire JXL. Guess that is one additional sub that will not be updated to the website. Will attempt to look into the other.
Thoughts?
Ended up calling Eva again.
It was rather interesting. She seemed to be unaware about the website domain name being updated. I expressed to her my desire for the company to actually update the website with the other subsidiaries. She may let them know, she may not. It seems as though she is not fully in the "know." However, it sounds as though she does believe that they will update the financials.
If anyone would like I would encourage you to give her a call and post your thoughts on the board. 347-624-5699 (Eva Wang)
Also I called (using Skype) the Chinese number: +86-760-88483838 from the website (granted it's probably not business hours in China right now) and got an audio recording. Anybody have a clue as to what it says?
I agree, that is a positive sign. If they were completely walking away from their stock they wouldn't have bothered to fix the website.
I also agree that it would have been nice to see them make some simple updates to the site.
Going to be some massive pent up demand when the financials finally hit. Looking forward to the fun sometime soon.
Looks like the website is up and running: http://www.homesystemgroup.com/
It appears that they updated it today: http://www.networksolutions.com/whois-search/homesystemgroup.com
Although I would have liked to have seen some changes and actual updates made to the site, overall I do consider this to be a positive development. I may call Eva Wang at the end of the week to see if they plan on making any actual changes/updates to the site.
Looks like they might be bringing their web site back up...
The message changed from a 400 error to Bad Request (Invalid Hostname)... Means something is going on in their internal servers...
Later on I'll probe a little more see what exactly is happening.
jiangmen city jinxinglong electrical appliances
Here's a link on Alibaba about one of HSYT's subsidiaries: http://jmjinxinglong.en.alibaba.com/trustpass_profile.html
Looks to be another piece of promising info.
All Great signs IMO. A nice press release and then filings and this is easily $2-$4 IMO.
Great information, Danman. Thanks for posting....
I am holding on to a small chunk, just in case!
Got an answer from the number on the 8k!
Called Saturday night. It was Eva Wang and I asked her about the website and she said that they were updating it. Also I mentioned the change in auditors on the 8k and she confirmed it. She also mentioned something about looking for a press release from the company about the release of the financials. Not sure when they will release but it sounds like things are moving in the right direction.
Also she concluded that if I call again and do not get an answer leave a voice mail and she will return my call.
Overall it seems to be a good sign.
Called the number on the 8k.
Didn't get an answer as to be expected (I called around 10pm) however there was a lady on the answering machine saying that the number I had called was Home System Group. Though I haven't spoke with anyone yet I certainly take this to be a positive sign. I will try and call again during business hours and see if I can talk with anyone.
Has anybody else been able to talk with anyone at HSYT recently?
Oceanic Website:
Although the Home System Group website is still down I see that the Oceanic International website is still up. http://www.oceanic.cn/video.html
Also in the link I posted is a video that although seems a little outdated should be nonetheless something interesting to look if you have not already done so.
Definitely. We are right on schedule for the next run up to dollar land. Check the 10 year chart, HSYT has seen this pattern before.
Agree. Been holding this for over 7 months now. I'm up quite a bit. Looks good!
~ Recent action kinda drives me wacko ...
Sad that I sold my IRA holdings at .09 ...
Very happy I am still holding a bunch in my cash acct. ..
GLTUs
Yeah it seems the price went up a little more today though the volume wasn't that much.
In regards to adding more I think that depends on whether you think they are going to file. Based on the fact that their subsidiaries are continuing to do business as well as their latest 8-k and NT 10-K (http://www.sec.gov/cgi-bin/browse-edgar?company=home+system+group&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany) it seems like there is a good chance of having a good return from these levels. I'm certainly not selling.
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http://www.homesystemgroup.com/
Home System Group ("HSYT") is a US listed company, whose China-based operating subsidiaries, Oceanic, Well Profit and Weihe, are primarily engaged in the production of a variety of household appliances, including stainless steel gas grills and ovens, ceiling and table fans, decorative lamps, LEDs, energy-saving lamps and skateboards. HSYT's products are primarily manufactured in Well Profit and Weihe's facilities and sold through distributors to retailers in China, America, Europe, Australia, Africa, and Southeast Asia.
In order to achieve its corporate vision of "providing the quality product service, pursuing to the perfect life", Home System Group has been continuously devoted on the consummate management system and perfecting the corporate operation. Furthermore, the company dedicates to strengthen the product quality inspection, to develop the international service and cooperation, expanding both domestic and oversea marketing network; Constructing the corporate culture, condensing the core competitive ability, leading further improvement on the management level and the business operation level.
==================================================================
Subsidiaries:
Oceanic International (Hong Kong) Limited
Hong Kong is well known for its central position in fields of global finance, trade, shipping, and information technologies.
Oceanic International (Hong Kong) Limited is registered in Hong Kong and located at the Pearl of Orientals in 2004. It is mainly dedicated in the distribution of laser printers, water pumps, barbecue stoves, fans, electrical heaters and other household appliance. The company has established the strong partnership with NEXGRILL, the international famous manufacturer of household gas BBQ stove, Oceanic International (Hong Kong) Limited is the largest partner of the well-known corporation -WHALEN which dedicates in hardware and household products. The products have been distributed to American, German, French, European, and Australian markets. At the same time, it will extend its popularity through E-business, exhibitions and other modern sale channels.
==================================================================
Oceanic Well Profit Inc.
Oceanic Well Profit Inc. specializes in designing and producing the gas grills, household water pumps, hardware cabinets, juicers and other green household electronics. The company is one of the most professional and largest manufacturers of the gas grills in China, with the maximum annual production capability: 650,000 units of BBQ Gas Grills, 1 million units of skateboards, 3 million units of water pumps and 2 million sets of hardware cabinests.
Manufacturing facilities operate efficiency while maintaining high workplace safety and environmental compliance standards. There are 500 regular full time employees and in peak season for home appliances buying, it usually hires another 300 employees.
Stainless Steel Coffee Pot Production Equipment
The main products for Stainless Steel Coffee Pot Production Equipment including coffee pots and other appliance coffee related.
The productivity is about 1.56 million sets parts of stainless steel coffee pot with productivity of over 10 million US dollars annually.
It has strong R&D technology ability, which includes 42 national patents. The main direction of R&D is the domains of the deep-processing of the sheet of stainless steel, new types of the heat preservation containers and the household electronic appliance.
==================================================================
Zhongshan City Weihe Appliances Co., Ltd.
Zhongshan City Weihe Appliances Co., Ltd. was established in Oct 1998, it's a company which dedicates on the processing and exportation for home appliance products which including European style decorative ceiling fans, decorative lamps, energy-saving lamps and so on, the company is an export oriented manufacturer. The total area of the company takes about 427000 square feet with the 8 modern plants shared 323000 square feet. The company equipped with over 300 sets of facilities and inspection equipments, several outstanding electrostatic spraying production lines, semi-automatic pipelines and high-speedy punching machines.
There are over 650 employees including over 48 engineers and administrative staff. The total annual production capacity is about 4 million ceiling fans, over 6 million sets of decorative lamps.
Management & Directors:
Management:
Lei Yu
CEO
Mr. Yu, age 46, graduated from Zhejiang University of Technology with a B.S. degree in Mechanical Engineering in 1983. In 2002, he received a MBA degree from Xiamen University. Since September, 2008, he has dedicated his time to completing the Ph.D program thesis at Wuhan University Law School where he will graduate in June, 2010. From September, 2007 to August, 2008, he was the Vice President of China Wallink Investment Group ("Wallink"), where he oversaw the operational and financial activities of Wallink's portfolio companies. From October, 2005 to August, 2007, Mr. Yu was a Senior Vice President of Ever Fortune International Holding Limited ("Ever Fortune") where he directed the company's transition to an infrastructure construction industry including road, harbor, and bridge construction. He also restructured Ever Fortune's capital structure. From January, 2001 to September, 2005, Mr. Yu was the director of the investment bank department of China Taisheng Investment Holding Limited ("Taisheng"), where he managed Taisheng's mergers and acquisitions activities. During the period from July, 2002 to June, 2003, he was appointed by Taisheng, to be the Chief Executive Officer of one of Taisheng's portfolio companies-Hebei Huda Technology & Education Development Co., Ltd. ("Huda"). In this role he lead the transformation of Huda's business from the hotel and retail industry to manufacturing and distributing electric wire & electric cable, restructured the company's capital structure, and significantly upgraded Huda's internal operating and control systems.
Jianming Xu
CFO/Director
Mr. Xu,age 34, has served as Special Assistant to the CEO of the Company since August 2008. Mr. Xu served as Chief Director of Audit of Stone Investment Group from October 2002 to July 2007. Prior to that, he was an Audit department manager at an international accounting firm (BDO members) from October 1998 to September 2002. From September 1996 to September1998, he was Finance Manager at China's Shaoxing City Textile Group.
Su Wen Jie
Senior Vice President
Mr. Su is the currently the Senior Vice President of Home System and joined the Company in 2005. Mr. Su brings to Home System years of expertise in employee training, overall corporate guidance, product design, production, and information exchange. His experience has been broad as Mr. Su is a published author in the field of international business and is a key asset to the Company in regards to understanding U.S. business and practices. Mr. Su also spearheads the Company's customer relations, marketing management, product research and development and quality control. Mr. Su is a graduate of Brigham Young University
Liu Jing
Secretary of the Board
Ms. Liu Jing is currently the Secretary of the Board for Home System and has been with the Company since 2004. Ms. Liu has extensive international business expertise and is critical in assisting the Company with their export business. From 1991 to 2004, Ms.Liu was the International Grading Manager of Zhong Shan City China Czechoslovakia Steel Pipe Group Limited. Ms. Liu received her degree from the Guangdong Foreign Language Institute in 1991 where she majored in International Trade Specialization.
Li Min Hong
General Manager
Ms. Li joined the Company in 2003 where she is currently the assistant to the CFO of Home System. Ms. Li utilizes her over 20 years of experience to facilitate the implementation of financial controls and accounting procedures. From 1986 to 1993, Ms. Li was the financial manager of Zhong Shan City factory. Prior to that Ms. Li was the financial manager of Zhong Shan City China Steed Steel Pipe Limited Company. Ms. Li is a graduate of Sunwen College with a degree in Financial management
Liu Dong Bing
Finance Manager
Ms. Liu joined Home System in 2003 where she currently serves as the Finance Manager responsible for internal accounting procedure. Ms. Liu has several years of finance, accounting and ERP related experience having served as the head of the finance department for Zhongshan Steel-Tube Group. Mrs. Liu is a graduate of Xiangtan University in 1989¡£
Li Wei Ming
Analyst
Mr. Li joined the Company in 2003 and currently serves as the Head of the Company's Tube Division. Mr. Li has several years experience in financial control while also teaching at local universities as it relates to accounting principles and international business.
Directors:
Weiqiu Li
Chairman
Mr. Li Wei Qiu, aged 49, graduated from Guangdong Radio & TV University with the Bachelor degree in Economics. Also, from 1993 to 1995, he studied in South China University of Technology and majored in Automation Control. Since 1998, Mr. Li Weiqiu has been the Chief Executive Officer of Zhongshan City Weihe Applicances, Co., Ltd. Mr. Li has over 20 years' experience in product design, research, development, manufacture, and company management area.
Kinwai Cheung
Director
Since June 2004, Mr. Cheung has also served as the Administrative Manager of our largest subsidiary, Oceanic International Company Limited. Prior to this time, Mr. Cheung served as the Chairman and Chief Executive Officer of Kang Teng Trading Company Limited in Zhongshan City, China, from May 1998 to May 2004. Mr. Cheung received a Bachelor degree in Business Administration from the Zhongshan City Shunwen College in 1989.
Xiao Yongzheng
Director
Mr. Xiao Yongzheng graduated from Hongkong University where he attained a MBA. Since June 2009, he has been with China US Venture Capital Group as vice president. From October 2006 to May 2009, he was General Manager of Investment Management of Shanghai Wanye Enterprises Co., Ltd. From August 2004 to October 2006 he was Vice President of Singapore TaiChen (Shanghai) Investment Management Co., Ltd.
Huafeng Chen
Independent Director
Mr. Huafeng Chen, 35, is a Chinese Certified Accountant-Medium Level. He graduated from Hunan University with a degree in Accounting in July 1997. Since September 2004, he has been the director of Internal Control department in China Nepstar Chain Drugstore Ltd., which is listed on NYSE. He is in charge of the management of overall accounting operations and internal system set up over the financial system. From June 2002 to February 2004, he was the director of Internal Control department and also the financial manager in accounting department in China Resources Vanguard Co., Ltd, where he provided leadership in internal control system and financial system management. From April 2000 to May 2002, he was a project manager in Huatian Hotel Co., Ltd, where he oversaw projects' cost management and analysis.
Yidong Xiao
Independent Director
Mr. Yidong Xiao, 34, is a Chinese Certified Public Accountant and Certified Tax Agent. He graduated from Hunan University with a degree in Accounting in July 1996. Since November 2006, he has been the director of the audit department in Shenzhen Yuanfeng Co., Ltd., a public accounting firm, where he works as an auditor responsible for audits and verification of client companies' financial statements. Shenzhen Yuanfeng Co., Ltd. does not provide any services to Home System Group. From November 2000 to November 2006, Mr. Xiao was a senior manager in accounting department of Hunan Yixin Chuanghui Co., Ltd. From September 1997 to October 2000, he worked as a staff accountant in Guangzhou Xinda Industrial Co., Ltd., where he was in charge of general accounting. From July 1996 to September 1997, he was an accountant in Hunan Hengyang Secondary Construction Engineering Company Limited
Yiming Zhu
Independent Director
Mr. Yiming Zhu, 47, is a Chinese Certified Accountant-Senior Level. He graduated from Hangzhou Dianzi University with a degree in Economics in July, 1986 and in 1996, he received a Master degree in Construction Management from the same school. Since 1988, he has been working in China Electronic Corporation ("CEC"). CEC is the largest state-owned information technology company in China, with over 60 subsidiaries around the world. In September 2008, he was appointed to be the President of Amoi Electronics Co., Ltd., one of the CEC's subsidiaries, where he provides executive leadership for the company's strategy and operations with full income responsibility. From April 2007 to September 2008, he was the Vice President of Panda Electronics Group Co., Ltd, one of the subsidiaries of CEC, where he oversaw the company's accounting department and streamlined the accounting and billing activities, improving efficiency and profitability. From 1988 to 2007, Mr. Zhu worked in various financial roles of increasing responsibility with CEC.
Share Structure:
67,490,166 O/S
200M A/S
62,477,949 Insider Holdings
5,012,217 Float
Transfer Agent:
Securities Transfer Corporation
2591 Dallas Parkway Suite 102
Frisco Texas 75034
Phone: 469-633-0101
Fax: 469-633-0088
Company IR:
Eva Wang
347-624-5699
vp@hsytgroup.com
Auditor/Accountant:
Acquavella, Chiarelli, Shuster, Berkower & Co. LLP
732.855.9600
http://acsbco.com/index.html
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