China Growth Stocks

[palindromy]

Their auditor has been Deloitte for the last decade.
Net income for 2010 alone is about 27m, no idea where you pulled your 11m number from. Even for 2009, while income was just 5m, operating cash flow was 33m or so.
Cash flow vs net income is much higher due to inventories and depreciation.
The last time they raised capital was in 2005 during their IPO (abt 90m). I am definitely not worried about fraud wrt CNTF. The only thing to worry about is the perennial reluctance of even good Chinese companies to take concrete action for shareholders.