China BioPharma Corp (fka CHBO)

[sweet crude]

CBPC downgraded

Ludlow China Downgrades CBPC to C Rating


NEW YORK--May 16, 2007--Ludlow China downgraded China BioPharma (OTC:CBPC), one of China's largest non-governmental human vaccine production companies, from a B to C rating.

COVERAGE SUMMARY

Ludlow China has downgraded CBPC from a B to C rating based on the most recent 10Q earnings report. With a total of $150,000 in revenues for Q1 2007, and the recent note offering, CBPC has not met up to their projected performance, and may find itself in a dilution mode with the recent note. Ludlow China is recommending CBPC as a 'speculative high risk' equity.

http://www.ludlowchina.com/reports/cbpc.htm