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Nothing yet T-1
CCME HALTED :)
CCME volume
rotfl!!!
a ban would help, or do they need to be repeat offenders?
AUTC, look at the 10 day chart. wowsa!
Chinese accounting scandals spur auditor upgrades 03/10 08:03 AM
* Companies pay up for Big Four stamp of approval
* Investors more skeptical of small, low-fee auditors
* Auditor upgrades boost battered shares
By Dena Aubin
NEW YORK, March 10 (Reuters) - Beaten up by accounting scandals, some Chinese companies that list shares on U.S. stock exchanges are dumping smaller auditors and hiring Big Four firms to convince investors their bookkeeping can be trusted.
Chinese companies have been on the defensive amid scrutiny of their accounting and a spike in shareholder lawsuits that allege securities fraud. Their auditors have been accused of missing fabricated contracts and inflated profits that triggered stock drops when they were revealed.
Investor fascination with China, whose economy is growing at the fastest pace in the industrialized world, has been part of the problem, experts say. Many investors overlooked the fact that companies used unknown auditors, normally a big red flag.
"Companies are under pressure from investors to get the best auditor they can," said Paul Gillis, an accounting professor at Peking University in Beijing.
More than 200 Chinese companies are listed on U.S. exchanges, and hundreds more trade on over-the-counter bulletin boards. In the last five months, at least 15 have upgraded to a Big Four auditor -- Deloitte, Ernst & Young, PricewaterhouseCoopers or KPMG -- from a smaller firm, according to an analysis from Audit Analytics.
China is not the only country whose companies have had accounting issues, and auditors of U.S. companies also face lawsuits contending they helped mask financial problems.
But Chinese companies face skepticism because many went public through mergers with shell U.S. companies, a procedure known as a reverse merger, bypassing the due diligence of an initial public offering. They still must get audited, but many have used small, unknown firms to save money.
INVESTORS DEMAND AUDITOR UPGRADES
An auditor's stamp of approval is key for investor confidence. But many investors have been more willing to speculate on Chinese stocks given the big potential for gains, said Kurt Schacht, head of standards and financial market integrity at the Certified Financial Analysts Institute.
Problems also stem from inexperience with U.S. accounting, experts say. Few Chinese companies listed on U.S exchanges were audited in a meaningful way before going public, Gillis said.
The Big Four are being cautious in taking on more China business, Gillis said. Their biggest advantage is their size, he said, with each having up to 10,000 employees in China, a market they have courted for years.
Investors have cheered auditor upgrades. China Valves Technology (CVVT:$6.31,00$-0.18,00-2.77%) shares jumped 18 percent on Jan. 18 when it said it planned to hire a Big Four auditor. The stock had been battered after a research firm questioned the accounting of a firm China Valves (CVVT:$6.31,00$-0.18,00-2.77%) had acquired. [ID:nSGE70H0BN].
Upgrading auditors is costly. A Big Four audit for a small Chinese company with less than $30 million in annual sales typically costs three or four times more than what a Hong Kong auditor would charge, said Nancy Mangold, an accounting professor at California State University in East Bay and a consultant to companies operating in China.
But the price of accounting failures can be high. Shares of Rino International Corp (RINO:$1.7000,$-0.0600,-3.41%) , a pollution control equipment maker, have tumbled almost 90 percent since research firm Muddy Waters questioned its accounting on Nov. 10.
Rino (RINO:$1.7000,$-0.0600,-3.41%) has since disclosed it did not enter into two of its previously reported contracts, and said its 2008 and 2009 financial statements were unreliable. Delisted by Nasdaq, Rino (RINO:$1.7000,$-0.0600,-3.41%) is a target of lawsuits and a U.S. regulatory probe.
The company, like many other smaller Chinese businesses, had used auditor Frazer Frost, a combination of Moore Stephens Wurth Frazer & Torbet LLP (MSWFT) and Frost Pllc. The auditor split back into two firms after the Rino (RINO:$1.7000,$-0.0600,-3.41%) controversy.
MSWFT was fined by the U.S. Securities and Exchange Commission in December over its work for China Energy Savings Technology, a reverse merger company that previously was fined for securities law violations. MSWFT did not exercise skepticism or catch mistakes that led to inflated revenue, the SEC contended.
Citing confidential relationships with clients, MSWFT managing partner Jeff Jones declined to comment on Rino (RINO:$1.7000,$-0.0600,-3.41%) . He said that in the China Energy case, the firm did not admit or deny the SEC's findings. "We are glad to have put that matter behind us" and continue to audit companies in China, he said.
Investors' heightened attention to auditors may be the best solution, Mangold said. "That trend is going to really strengthen the financial reporting for these Chinese companies," she said. (Reporting by Dena Aubin, editing by Dave Zimmerman)
DQ getting slammed, added a bit...and paltalk's up again
paltalk up!
Paltalk down?
Solars getting punished, I like DQ here
where do you get your futures quotes?
NIV - NIVS IntelliMedia Awarded AAA Credit Rating
NIVS Recognized in 2010 with Highest "AAA" Credit Rating by China Export & Credit Insurance Corp. (Sinosure) 03/09 03:30 AM
HUIZHOU, China, March 9, 2011 /PRNewswire-Asia-FirstCall/ -- NIVS IntelliMedia Technology Group, Inc. (NIV:$2.56,00$-0.06,00-2.29%) , a comprehensive consumer electronics company that designs, manufactures and sells intelligent audio and visual products and mobile phones, today announced that it has been awarded the highest "AAA" credit rating by China Export & Credit Insurance Corp. ("Sinosure").
The credit risk rating assessment by Sinosure takes place on an annual basis and this is the 5th straight year NIVS has maintained the "AAA" grade, which is the highest level awarded. Sinosure is the largest and only state backed insurer in China whose main purpose is to facilitate international, import and export businesses in the areas that are encouraged by the PRC. In NIVS' case, it falls into the high-tech electronic export business category.
In the Guangdong province there are 188 companies that have been granted "AAA," "AA" and "A" ratings by Sinosure, and among which only NIVS and 14 others have been endowed the highest "AAA" credit rating. The credit rating reflects a company's solid legal status, business scale, credit history, and business prospect, and the "AAA" rating recognizes an enterprise's excellence in business operation, credit worthiness, and internal risk management.
"We are pleased to announce the continuation of Sinosure's 'AAA' rating for NIVS since 2006," commented Mr. Tianfu Li, Chairman and CEO of NIVS. "This entitlement is a strong recognition of NIVS' risk management and internal control. As we proceed with our planned expansion of our electronics business, in particular our growing mobile phone business in both domestic and overseas markets, we are confident that our comprehensive risk management and highest credit rating will further strengthen NIVS' market position and brand awareness, while enhance our competitive advantages. With our highly-disciplined internal controls and risk management system in China's electronics industry, we are confident we will maintain our 'AAA' rating in the years to come."
Sinosure is the only policy-oriented Chinese insurance company specializing in export credit insurance, and its rating system employs a combination of qualitative and quantitative analysis of an entity's macro environment, management team, internal controls, financial strength, suppliers and customers. Sinosure's export risk management rating aims to strengthen export enterprises' risk management, internal control process, and ultimately overall risk management. Sinosure's mission is to support national enterprises and hi-tech corporations with innovative technologies and products to develop overseas markets.
Sinosure was established in late 2001, shortly after the China's accession to the World Trade Organization. It was formed from the merger of the export credit insurance arm of the China Export and Import Bank with the People's Insurance Company of China. Since its founding, Sinosure has been supporting and promoting the export of hi-tech products, through a series of services including short-term and long-term export credit insurance, domestic trade credit insurance and guarantee, international debt collection, credit rating and financing facilities under credit insurance, to guarantee export trade of hi-tech corporations all-around and build an insurance chain covering various credit risks for hi-tech corporations.
TXIC - Tongxin Extends Term of Outstanding Warrants to April 30, 2012 03/09 05:00 AM
CHANGSHA, CHINA -- (MARKET WIRE) -- 03/09/11 -- Tongxin International Ltd. (TXIC:$1.0500,$0.0000,0.00%) , (PINKSHEETS: TXIC), a China-based manufacturer of engineered vehicle body structures ("EVBS") and stamped parts for the commercial automotive industry, today announced that it has extended the expiration date of its outstanding warrants to April 30, 2012. The remaining terms of the outstanding warrants remain the same.
Warrant holders with questions regarding the extension of the expiration date of the Company's outstanding warrants should contact the Company at 1-800-625-2236, ext. 7770.
AJGH - American Jianye Greentech Holdings Receives Construction Application Approval for 200,000 Metric Ton Waste-to-Fuel Conversion Plant
New Plant Estimated to Generate Incremental Annual Revenue of US$120 Million and Net Income of US$30 Million at Full Capacity 03/09 05:00 AM
NEW YORK and HARBIN, China, March 9, 2011 (GLOBE NEWSWIRE) -- American Jianye Greentech Holdings, Ltd., a leading developer, manufacturer and distributor of alcohol-based automobile fuel and civil-use fuel in China, today announced that AJGH has received approval from the XiangZhou government for its application to construct a waste-to-fuel plant to convert municipal solid waste, sewage sludge and construction waste to produce an estimated 200,000 metric tons of environmentally friendly, alcohol-based ethanol fuel per year. In conjunction with the approval, AJGH was allocated 183,333 square meters of industrial land for construction of the plant. AJGH will joint venture with USA-based GeneSyst International, Inc. to construct the waste-to-fuel plant.
AJGH notes that the waste-to-fuel plant is expected to be completed by the end of 2012 and commence commercial operations in early 2013 with estimated annual revenue of US$120 million and net income of US$30 million when operating at full capacity.
Mr. Haipeng Wang, Chairman and President, commented, "We are very excited to partner with GeneSyst International in constructing this state-of-the-art waste-to-fuel plant in XiangZhou. This follows our recent announcement to construct a similar facility in Harbin. This XiangZhou facility will be able to produce nearly twice the ethanol fuel as our Harbin facility and will help to further establish our leadership in this growing market. Moreover, by producing our own ethanol, we can lower the input costs for our blended fuels, which combine ethanol and petroleum fuel, along with our proprietary fuel catalyst. Our blended fuels are gaining widespread acceptance across China, and these waste-to-fuel plants will allow us to meet the growing demand. With the partial completion of our XiangZhou renewable fuel plant in early 2012, we expect to generate additional annual revenue of US$100 million and net income of US$10 million in 2012 alone."
CEU - China Education Alliance Exclusively Designated to Develop 'China Future-Youth Elite Project' 03/09 04:00 AM
HARBIN, China, March 9, 2011 /PRNewswire-Asia/ -- China Education Alliance, Inc. (CEU:$1.9500,$0.0800,4.28%) , a China-based education resource and services company, today announced that the Company has been exclusively designated by both the "China Youth Talent Training Center" and "Occupation Authority of Vocational Education of China" to develop a nationwide "China Future-Youth Elite Project."
"China Youth Talent Training Center" is a national training organization established to cultivate youth. The "Occupation Authority of Vocational Education of China" is a leading institution with authority in vocational education in China.
Xigun Yu, Chairman and CEO of China Education Alliance (CEU:$1.9500,$0.0800,4.28%) said, "It is our honor and privilege to be selected to cooperate and represent 'China Youth Talent Training Center' and 'Occupation Authority of Vocational Education of China' to take on this significant project to raise elite youths for our nation. With the recognition and cooperation with these two organizations, we believe the Company has been correctly adhering to its strategy to promote vocational education. At the same time, it further proves that the Company has excellent teaching capacity and quality management. We also believe this project will increase our brand value, giving us opportunities to work with educational centers in the numerous provinces throughout China in the future."
"China Future -Youth Elite Project" is a prestigious talent training program to cultivate promising youths in the development of social responsibility and leadership. Only 30 elite youths in each province will have the opportunity to participate in the program. All teachers are top domestic education experts and the courses cover a wide range of subjects, including economics, culture and others. It is a three year program which will produce 1,000 graduates each year. The tuition will be 98,000 Yuan per student.
Do tell
added some 12.11
in DQ @ 12.17, blowout earnings
potato /potahto, i'm up .70 from my earlier buy :)
CCME breaking out
DQ beast mode on prelims
Wowjoint Holdings Limited Provides Preliminary Q4 2010 Financial Results; Increase From Initial Guidance; Including EPS of $0.14 - $0.17 03/07 06:00 AM
BEIJING, March 7, 2011 /PRNewswire-Asia/ -- Wowjoint Holdings Limited (BWOW:$2.88,00$0.00,000.00%) , China's Innovative Infrastructure Solutions Provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction, today is providing preliminary financial results for the fourth quarter of 2010. Results are currently unaudited and subject to change:
Revenue in the range of $10.0 - $12.0 million, an increase from the initial guidance of $9.2 - $9.5 million.
Gross profit of $2.5 - $3.2 million
Net income in the range of $1.0 - $1.3 million
Earnings per share of $0.14 - $0.17
BWOW - Wowjoint (BWOW:$2.88,00$0.00,000.00%) has continued to execute on its growth strategy by winning contracts with new and existing customers in China and securing International orders. Increased demand for the Company's products, supported by enhanced sales and marketing efforts, has enabled Wowjoint (BWOW:$2.88,00$0.00,000.00%) to dramatically improve its financial results for the second half of 2010. Key additions to its sales force has been instrumental in expanding the pipeline of new business, which management believes will translate to further growth in 2011. Wowjoint (BWOW:$2.88,00$0.00,000.00%) is well positioned to take advantage of the $1.1 trillion infrastructure spending that China has planned from 2009 to 2020, in addition to driving incremental growth through its International channels and through new vertical applications. .
Wowjoint (BWOW:$2.88,00$0.00,000.00%) expects to release its fourth quarter and fiscal year results by the end of March 2011, at time first quarter 2011 guidance will also be provided. Â Senior management will host a conference call and webcast to discuss the results and answer questions. The specific time of the conference call and dial-in details will be forthcoming.
DQ - Daqo New Energy Announces Fourth Quarter and Fiscal Year 2010 Results
Record Revenue and Record Earnings 03/07 02:00 AM
CHONGQING, China--(BUSINESS WIRE)-- Daqo New Energy Corp. (DQ:$12.1800,$0.0000,0.00%) ("Daqo New Energy" or the "Company"), a leading polysilicon manufacturer based in China, announced today its financial results for the fourth quarter and fiscal year 2010
Fourth Quarter 2010 Financial and Operating Highlights
Polysilicon shipments were approximately 966 metric tons, or MT. Photovoltaic (PV) module shipments were 3.5 Mega watts, or MW. The company also shipped approximately 20.5 MT polysilicon to toll into PV wafer.
Revenues were $81.9 million, an increase of 29.6% from the third quarter of 2010 and 158.2% from the fourth quarter of 2009.
Gross profit were $45.8 million, an increase of 70.2% from the third quarter of 2010 and 466.4% from the fourth quarter of 2009.
Gross margin was 55.9% in the fourth quarter of 2010, compared to 42.5% in the third quarter of 2010 and 25.5% in the fourth quarter of 2009.
Operating income were $41.3 million, an increase of 71.8% from the third quarter of 2010 and 379.5% from the fourth quarter of 2009.
Operating margin was 50.4%, compared to 38.0% in the third quarter of 2010 and 27.1% in the fourth quarter of 2009.
Net income attributable to Daqo New Energy Corp. (DQ:$12.1800,$0.0000,0.00%) shareholders was $32.8 million, an increase of 85.3% from the third quarter of 2010 and 229.3% from the fourth quarter of 2009
Earnings per fully diluted ADS were $0.95, compared to $0.64 in the third quarter of 2010, and $0.40 in the fourth quarter of 2009. Earnings per fully diluted ordinary share were $0.19, compared to $0.13 in the third quarter of 2010 and $0.08 in the fourth quarter of 2009.
Full Year 2010 Results Financial and Operating Highlights
Polysilicon shipments were 3,650 MT, an increase of 143.6% from 2009.
Revenues were $242.7 million, an increase of 118.3% from 2009.
Gross profit was $106.2 million, an increase of 153.2% from 2009
Gross margin was 43.8% for 2010, compared to 37.7% for 2009
Operating income was $92.5 million, compared to $36.4 million for 2009.
Net income was $69.1 million, compared to $29.9 million for 2009.
Net income attributable to Daqo New Energy Corp. (DQ:$12.1800,$0.0000,0.00%) shareholders for 2010 was $68.6 million, an increase of 122.4% from 2009
Earnings per fully-diluted ADS for 2010 were $2.32, compared to $1.45 in 2009.
"We are very pleased with our operating performance in the fourth quarter of 2010. We executed our business plan well, which resulted in a record quarter, based on the key metrics of revenue, gross profit, gross margin, operating margin and net income. We also successfully completed the Phase 1 polysilicon debottlenecking project, which will enable us to increase our name plate capacity from 3,300 MT to 4,300 MT,” said Dr. Gongda Yao, the chief executive officer of the company. “With the successful listing on the NYSE during the quarter, we now have a platform to grow the company into a leading global solar supply company. In 2011, we will focus on building our Phase 2 polysilicon production facility in Xinjiang, China. We will also commence our 250 MW solar wafer production, along with expanding our PV module capacity. In the beginning of 2011, we have continued to see strong demand from our customers for quality polysilicon, which should lay a strong foundation for a successful year for Daqo New Energy.”
Fourth Quarter 2010 Results
Revenues
Revenues in the fourth quarter of 2010 were $81.9 million, an increase of 29.6% from the third quarter of 2010 and a 158.2% increase from the fourth quarter of 2009. The increase was primarily attributable to an increase in revenues generated from sales of polysilicon. The Company sold approximately 966 MT of polysilicon,which contributed revenues of $73.4 million in the fourth quarter of 2010, compared to revenues of $55.2 million for 973 MT of polysilicon sold in the third quarter of 2010, and revenues of $31.7 million for 597 MT of polysilicon sold in the fourth quarter of 2009. The increase from the third quarter of 2010 in revenues was primarily due to a higher average selling price for the polysilicon product. The increase from the fourth quarter of 2009 in revenues was also primarily due to the higher average selling price of polysilicon product combined with the higher sales volume.
In the fourth quarter of 2010 the Company also generated $6.6 million and $1.9 million for the sales of PV modules and wafers respectively.
Gross profit and margin
Gross profit in the fourth quarter of 2010 was $45.8 million, compared to $26.9 million in the third quarter of 2010 and $8.1 million in the fourth quarter of 2009.
Gross margin was 55.9% in the fourth quarter of 2010, compared to 42.5% in the third quarter of 2010 and 25.5% in the fourth quarter of 2009. The increase from the third quarter of 2010 in gross profit and the gross margin was primarily due to a higher average selling price for the polysilicon product. The increase from the fourth quarter of 2009 in gross profit and the gross margin was also mainly due to higher average selling price of the polysilicon combined with lower production cost per kilogram for the polysilicon product.
Operating expenses
Total operating expenses in the fourth quarter of 2010 were $4.5 million, an increase of $1.6 million from the third quarter of 2010 and $5.0 million from the fourth quarter of 2009. The increase from the third quarter of 2010 was primarily due to $1.2 million expenses as a result of the shut-down period in December 2010. The increase from the fourth quarter of 2009 was primarily due to the decrease of government subsidy.
Operating income and margin
As a result of foregoing, operating income in the fourth quarter of 2010 was $41.3 million, compared to $24.0 million in the third quarter of 2010 and $8.6 million in the fourth quarter of 2009. Operating margin was 50.4%, compared to 38.0% in the third quarter of 2010 and 27.1% in the fourth quarter of 2009.
Net Interest expense
Net interest expense in the fourth quarter of 2010 was $1.8 million, compared to $2.3 million in the third quarter of 2010, and $1.7 million in the fourth quarter of 2009. The decrease from the third quarter of 2010 was primarily due to reduction in the Company’s average short-term and long-term borrowing and the interest capitalization in the fourth quarter of 2010.
Foreign exchange loss
The foreign exchange loss in the fourth quarter of 2010 was $0.5 million, compared to $0.7 million in the third quarter of 2010.
Income tax expense
Income tax expense in the fourth quarter of 2010 was $6.0 million, compared to $3 million in the third quarter of 2010 and income tax benefit of $3.2 million in the fourth quarter of 2009. The increase from the third quarter of 2010 was primarily due to the higher income before tax in the fourth quarter of 2010, while the year-over-year increase was primarily due to the lower R&D tax deduction and lower investment tax credit in the fourth quarter of 2010.
Net Income attributable to our shareholders, margin and earnings per share
Net income attributable to Daqo New Energy Corp. (DQ:$12.1800,$0.0000,0.00%) shareholders was $32.8 million in the fourth quarter of 2010, compared to a net income of $17.7 million in the third quarter of 2010 and $10.0 million in the fourth quarter of 2009.
Net margin attributable to Daqo New Energy Corp. (DQ:$12.1800,$0.0000,0.00%) shareholders was 40.1% in the fourth quarter of 2010, compared to 28.0% in the third quarter of 2010 and 31.4% in the fourth quarter of 2009.
Earnings per fully diluted ADS were $0.95, compared to $0.64 in the third quarter of 2010, and $0.40 in the fourth quarter of 2009. Earnings per fully diluted ordinary share were $0.19, compared to $0.13 in the third quarter of 2010 and $0.08 in the fourth quarter of 2009.
Full Year 2010 Results
Revenues
Revenues for 2010 were $242.7 million, compared to $111.2 million for 2009, an increase of 118.3% from the previous year. This increase was primarily due to the increase in revenues generated from the sale of polysilicon. The Company sold approximately 3650 MT of polysilicon during 2010, compared to 1498 MT of polysilicon during 2009.
Gross profit and margin
Gross profit for 2010 was $106.2 million, compared to $41.9 million for 2009 .Gross margin was 43.8% for 2010, compared to 37.7% for 2009.The increase in gross profit was primarily due to an increase of sales volume of polysilicon. The increase of profit margin was primarily due to the lower production cost per kilogram for polysilicon production cost marginally offset by lower average selling price of polyslicon.
Operating expenses
Total operating expenses for 2010 were $13.7 million, compared to $5.5 million for 2009. The increase in the operating expenses was primarily due to decrease in government subsidy of $3.2 million and a $2.7 million charges related to a withdrawn IPO during the first quarter of 2010.
Operating income and margin
As a result of foregoing, operating income for 2010 was $92.5 million, compared to $36.4 million for 2009. Operating margin for 2010 was 38.1% for 2010, compared to 32.8% for 2009.
Net Interest expense
Net interest expense for 2010 was $9.3 million, compared to $6.2 million for 2009. The increase of interest expenses in the full year 2010 was primarily due to higher interest capitalization amount in 2009.
Foreign exchange loss
There was a foreign exchange loss of $1.2 million for 2010 due to the continuing strengthening of Renminbi against the U.S. dollar during 2010..
Income tax expense
Income tax expense for 2010 was $12.8 million, compared to $0.2 million for 2009. The increase was primarily due to higher income before tax in 2010 combined with the lower R&D tax deduction and lower investment tax credit in 2010.
Net Income attributable to our shareholders, margin and earnings per share
Net income attributable to Daqo New Energy Corp. (DQ:$12.1800,$0.0000,0.00%) shareholders was $68.6 million for 2010, compared to a net income of $30.8 million for 2009. Net margin attributable to Daqo New Energy Corp. (DQ:$12.1800,$0.0000,0.00%) shareholders was 28.3% for 2010, compared to 27.7% for 2009.
Earnings per fully-diluted ADS for 2010 were $2.32, an increase of 60.4% compared to $1.45 per fully diluted ADS for 2009.
Financial Condition
As of December 31, 2010, Daqo New Energy Corp. (DQ:$12.1800,$0.0000,0.00%) had $203.7 million in cash and cash equivalents and restricted cash, compared with $75.2 million as of September 30, 2010. As of December 31, 2010, the accounts receivable balance was $10.7 million, compared to $31.3 million as of September 30, 2010. As of December 31, 2010, total bank borrowings were $154.6 million, of which $83.0 million were long-term borrowings, while total bank borrowings were $166.8 million, of which $106.9 million were long-term borrowings as of September 30, 2010.
Q1 2011 Outlook
For the first quarter of 2011, the company expects its total revenue to be in the range of $81.5 million to $83.5 millions. The company expects to ship between 1075 MT to 1100 MT of polysilicon and generate revenues from the sales of polysilicon in an amount between US$74 million to US$76 million in the first quarter of 2011. The Company also expects its revenue for the PV module sales to be approximately $7.5 million with the sales of approximately 4 MW PV modules under the company's own brand and sales of approximately 8 MW PV modules outsourcing for its customers.
CNBI - China BCT Announces Preliminary Results for the Fourth Quarter and Fiscal Year 2010 03/07 03:30 AM
LIUZHOU CITY, Guangxi, China, March 7, 2011 /PRNewswire-Asia-FirstCall/ -- China BCT Pharmacy Group, Inc. (CNBI:$2.40,00$0.00,000.00%) , , ("China BCT" or the "Company"), a leading pharmaceutical distributor, retail pharmacy, and manufacturer of pharmaceutical products in Guangxi Province, China, today announced selected estimated unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010.
For the fourth quarter ended December 31, 2010, the Company expects net revenue to be between $58 million and $64 million, or 58% to 75% higher than fourth quarter 2009 revenue of $36.6 million. Fourth quarter 2010 net income, excluding both the non-cash gain of $1.0 million related to change in the fair value of warrant liabilities and the non-cash charge of share based compensation stock of $0.6 million, is expected to be between $6.6 million and $8.1 million, or 61% to 98% higher than the prior year figure of $4.1 million.
For the year ended December 31, 2010, the Company expects net revenue to be between $192 million and $198 million, or 41% to 45% higher than full year 2009 revenue of $136.1 million. Full year 2010 net income, excluding both the non-cash gain of $0.6 million related to change in the fair value of warrant liabilities and non-cash charge of share based compensation stock of $1.3 million, is expected to be between $25.5 million to $27.5 million, or 31% to 41% higher than the prior year figure of $19.5 million.
These selected estimated results have not been audited or reviewed by the Company's independent registered public accounting firm and are subject to the Company's normal, annual and quarter-end closing procedures. The Company's actual results may differ from these selected estimated results..
"We are delighted to announce preliminary fourth quarter and full year 2010 results, highlighted by robust top- and bottom-line growth," said Mr. Huitian Tang, Chairman and CEO of China BCT Pharmacy (CNBI:$2.40,00$0.00,000.00%) . "We closed 2010 on a positive note and believe our momentum will continue in 2011 as we execute on our strategy to enhance our wholesale distribution network, rapidly grow our retail pharmacy chain within Guangxi province, and vertically integrate these businesses along with our manufacturing operations to improve overall profitability."
The Company expects to hold a conference call to discuss audited results for the fourth quarter and fiscal year 2010 at the end of March 2011. Prior to the call the Company will issue an earnings press release and provide dial in information for investors wishing to participate on the call.
love that bullion i bot @ $13
Asshat of the Week Award: Herb Greenberg
http://ibankcoin.com/flyblog/2011/03/03/asshat-of-the-week-award-herb-greenbergbrad-safalow/
Apple interested in making iPhone for China Mobile
* China Mobile says Shanghai listing is top priority in 2011
* No plans for yuan bond issue in Hong Kong
BEIJING, March 4 (Reuters) - Apple (AAPL.O) chief executive Steve Jobs has expressed interest in developing an iPhone based on China Mobile's (0941.HK) fourth-generation telecoms standard, the chairman of the Chinese telecoms operator said on Friday.
"Jobs has said he's very interested in developing an iPhone that will run on TD," China Mobile Chairman Wang Jianzhou said on the sidelines of the Chinese Communist Party's consultative meeting.
Apple officials were not immediately available for comment.
China Mobile, the world's largest mobile carrier by subscribers, is currently testing a fourth-generation network that runs on its homegrown TD standard, and is looking to smartphone operators to design phones that support the system.
The company has been talking to Apple for years to develop an iPhone that runs on its homegrown 3G TD-SCDMA standard, but rival China Unicom (0762.HK) remains the only operator to sell the phone as it runs on the global data standard.
The smartphone's exclusive availability through China Unicom has crimped sales of the device in China because of China Unicom's smaller subscriber pool, and number portability is not allowed in the country.
A Shanghai listing remains China Mobile's top priority this year, Wang said, so that Chinese investors who are unable to invest in its Hong Kong-listed stock due to the country's closed capital account will be able to do so.
"We are ready to list in Shanghai any time the authorities have decided on the kind of shape it will take," Wang said.
Other companies such as HSBC (0005.HK)(HSBA.L), Standard Chartered (2888.HK)(STAN.L) and Lenovo (0992.HK) have all said they want to list in Shanghai when its international board is ready, with the city having said it may launch it by this year. [ID:nTOE6B004D]
China Mobile also has no plans to issue yuan bonds in Hong Kong, Wang said, where growing demand for the Chinese currency at the nascent offshore market in the former British territory has pushed down yields.
The low cost of borrowing, with yields in Hong Kong about 100 basis points lower than comparable bonds in China, has already prompted a number of multinationals such as McDonalds (MCD.N) and Caterpillar (CAT.N) to issue offshore yuan bonds. (Reporting by Kelvin Soh; Editing by Will Waterman)
GFRE - Gulf Resources Provides Final Update on Internal Controls Assessment 03/04 05:30 AM
NEW YORK and SHANDONG, China, March 4, 2011 /PRNewswire-Asia-FirstCall/ -- Gulf Resources, Inc. (GFRE:$9.01,00$-0.15,00-1.64%) , a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced that the Company's internal control consultant Deloitte Touche Tohmatsu ("Deloitte") has issued a final report regarding the internal control assessment performed.
The objective of Deloitte's engagement was to assist the Company to perform an independent internal controls assessment. The independent assessment covers the areas of the Company's Corporate Controls, Anti-Fraud Program, Financial Reporting and Disclosure Controls. Deloitte commenced its field work in September 2010 and an interim report was issued with recommendations for improvement of identified areas. A follow up assessment was conducted in February 2011, based on which the Company has put in place measures to improve its internal controls in relation to the improvement areas identified by Deloitte.
The management believes that the Company's internal control is improved after implementing the recommendations made by Deloitte.
"As a NASDAQ-listed company, it has always been our goal to continuously improve our internal controls and corporate governance. The engagement of Deloitte is a testament of the management's commitment to strict internal control and proper financial reporting. It helped us to embrace good corporate governance and ensure better compliance with the requirements of the Sarbanes-Oxley Act," said Mr. Xiaobin Liu, Chief Executive Officer of Gulf Resources (GFRE:$9.01,00$-0.15,00-1.64%) . "We believe the final report by Deloitte will enhance shareholder confidence in Gulf Resources (GFRE:$9.01,00$-0.15,00-1.64%) as we continue to commit to best practices in corporate governance."
CSGH - China Sun Group High-Tech Co. Provides Operational Update, Reaffirms Guidance 03/04 04:00 AM
DALIAN, China, March 4, 2011 /PRNewswire-Asia-FirstCall/ -- China Sun Group High-Tech Co. (CSGH:$0.85,00$0.024,02.91%) ("China Sun Group" or the "Company"), a vertically integrated supplier of raw materials for rechargeable Lithium–ion (Li-ion) batteries in China, today provided an operational update and reaffirmed its guidance for its fiscal year ending May 31, 2011.
Operations
The Company has a strong position in the production of cobaltosic oxide, an important material used in the production of lithium ion batteries that power such devices as laptop computers and cellphones. The Company believes it has now established itself as a quality leader in the production of Lithium Iron Phosphate (LIP). This product is a key material for the anode component of lithium ion batteries used in hybrid and electric vehicles. The Company's new "Senkun," brand of Lithium Iron Phosphate, was awarded the "National Quality Trustworthy Products" designation by Nation High Tech Quality Supervising Committee in October, 2010.
The Company began LIP production in Oct 2009 and now has 500 tons per annum of production capacity in place from 3 production lines. The Company has provided samples of LIP to approximately 32 Lithium Ion battery manufacturers and has received one major contract to date from Henan Huanyu Sai Er New Energy Technology Co., Ltd. for approximately 470 tons per annum and 7 smaller contracts from additional customers.
The Company is in the process of adding two more lines that will increase LIP capacity to more than 1000 tons per annum in December 2011 and the Company anticipates that the first line will be in set up phase in March, testing and initial production phase in April and fully operational before the end of May 2011.
In the context of further demand for lithium ion batteries and their components driven by China's goal of building one million electric vehicles by 2015, the Company is targeting eventual LIP capacity expansion to 4,000 tons per annum and is also planning to launch its own production of electric-car batteries by 2013.
Production
The Company is experiencing strong interest and increasing demand from battery manufacturers. The preliminary estimate of tons of LIP shipped for the third fiscal quarter ending February 28, 2011 is 205 tons, bringing tons shipped of LIP for the first 9 months of fiscal 2011 to 518 tons. The preliminary estimate of tons shipped for the Company's established cobaltosic oxide product for the third fiscal quarter of 2011 is 304 tons compared to 267 tons for the same period a year ago, bringing tons shipped of cobaltosic oxide for the first 9 months of fiscal 2011 to 889 tons.
Financial Outlook
The Company reiterates its previous guidance of 2011 fiscal year revenues in the range of $56 million to $58 million, and non-GAAP adjusted net income to be in the range between $10 million and $11 million, excluding the cost of share-based consultancy fees.
On the basis of the Company's current cash balances and outlook for the upcoming calendar year, the Company believes it has sufficient cash resources to fund the expansion of its LIP lines to 1,000 tons per annum as detailed above.
Funding for additional expansion and vertical integration beyond 1,000 tons of LIP, may, depending on timing, require additional capital for acquisitions and/or capital expenditures.
"Looking back for the past three quarters of fiscal year 2011, the new product – LIP has brought the Company a greater profit and contribution, and we are very encouraged by the prospects for our business, given our leading market positions, technological resources and levels of customer demand," said the Company's Chief Executive Officer, Mr. Guosheng Fu. "With our excellent management and operations, we believe we can continue to target ambitious growth as we increase China Sun Group's production capacity to meet market demand. At the same time we are dedicated to pursuing the highest standards of responsibility as a public company to prepare for upgrading to a major stock exchange in the future."
CGA - China Green Agriculture Subsidiary Ranked 17th Overall and the First Agricultural Company Among 2011 Forbes China Best SMEs
Turkcell Downgraded to Underperform from Outperform at Credit Suisse; Shares Up in Pre-market by 2.11% ROTFL
TSTC - one to watch this morning, gapper imo
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7454798
TSTC Shareholder Letter
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7454798
GMX Resources 4Q Loss/Shr $5.27 >GMXR
HEAT - SmartHeat Inc. Completes Acquisition of Gustrower Warmepumpen GmbH 03/03 03:55 AM
NEW YORK, March 3, 2011 /PRNewswire-Asia/ -- SmartHeat Inc. (HEAT:$4.25,00$-0.07,00-1.62%) , a market leader in China's clean technology energy savings industry, announced today that it closed the acquisition Gustrower Warmepumpen GmbH (GWP), a designer and manufacturer of high efficiency heat pumps, from Conergy AG. This acquisition extends SmartHeat (HEAT:$4.25,00$-0.07,00-1.62%) 's clean technology heating solutions into the rapidly growing heat pump markets in Europe and China, enabling SmartHeat (HEAT:$4.25,00$-0.07,00-1.62%) 's customers to purchase technologically advanced heat pump technology at competitive prices.
Heat pump systems provide heating, cooling and hot water for residential and commercial buildings and process heat for industrial applications using small amounts of electricity. Heat pumps are replacing conventional energy sources such as oil, gas and coal by using the solar energy stored in water, soil and air or recovering heat from wastewater or exhaust air. The various advantages of heat pumps in terms of energy efficiency, operating cost, Carbon Dioxide (CO2) emission reduction and their ability to provide heating and cooling in one machine, has made them the leading energy source for new buildings in Germany and Austria, and has replaced conventional fossil fuel based technology in these countries to a large degree.
Mr. James Wang, Chairman and Chief Executive Officer of SmartHeat (HEAT:$4.25,00$-0.07,00-1.62%) , commented: "We are excited to add GWP to our portfolio of clean technology heating and cooling solutions for industries and residences. Our acquisition of GWP gives us rapid access to proven, advanced clean technology heat pumps which we will produce for the China domestic and European markets in 2011."
From March 15 through March 19, 2011, SmartHeat (HEAT:$4.25,00$-0.07,00-1.62%) will feature GWP heat pumps at the Frankfurt ISH trade show, the world's biggest showcase for energy efficient heating and air-conditioning technology and renewable energy.