China Growth Stocks

[Rames]

CSHEF ($0.06) - China Enterprises

Has anyone ever heard of this company? I just stumbled upon their earnings release...

Don't ask me to understand this, but this company claims $4.15 EPS (FY09) - if true the current price of $0.06 might be a tad low ;)

Financial Highlights 
 --------------------                             
 Year ended December 31, 2009 
                                                
 Revenue                                 Nil 
 Operating loss                          RMB (2.8M) 
 Profit before income tax and equity     RMB 17.3M 
  earning from affiliate                                
 Net income                              RMB 247M 
 Net earning per common share            RMB 27.39

The net income for the fiscal year 2009 consisted mainly of unrealized gain recognized on trading securities amounted to Rmb15.5 million, investment income of Rmb6 million, interest income of Rmb3.3 million, interest expenses of Rmb4.5 million, income tax expense of Rmb25.5 million and the Company’s share of net profit of Hangzhou in an amount of Rmb255.1 million.

http://www.sec.gov/Archives/edgar/data/908256/000095012311022631/c13759e6vk.htm