MARKET MOVES
BORN IPO’s on NYSE in June
Shouguang-based China New Borun Corp. began trading on the NYSE in June under the ticker “BORN”. The company is a producer and distributor of corn-based edible alcohol in China.The company offered 5.725 ADSs, priced at $7.00 per share. The gross proceeds of the sale grossed approximately $40 million. Borun intends to use the net proceeds to complete construction of Phase III of its Daqing facility and generally support expansion of its production capacity. Piper Jaffray served as the sole book running manager of the offering, while Cowen & Co., Oppenheimer & Co. and Newbridge Securities Corporation are acting as co-managers. Since its debut, the stock’s high was $7.59, low $5.29. It’s trading up today at $5.75.
Weikang Bio Files to Trade on the Nasdaq
Harbin-based Weikang Bio-Technology (OTC BB: WKBT) announced June 22, it had filed an application to list its common stock on the Nasdaq. The company is a manufacturer of traditional Chinese medicine as well as health and nutritional supplements in China. The company is also expanding its business scope to develop, manufacture and distribute Chinese herbal extract products and GMP certified western prescription and OTC pharmaceuticals through its acquisition of Tianfang.
Mr. Yin Wang serves as Chairman and CEO.
NEWS & DEALS
China Fire & Security Lands $10M Contract
Beijing-based China Fire & Security Group Inc. (Nasdaq: CFSG) has been awarded a contract for “Fire Detection Systems” from the China Nuclear Power Engineering Co. (CNPEC) worth approximately $10 million. CNPEC’s parent company China Guangdong Nuclear Power Group (CGNPG) is in the process of constructing five new power-generating projects.
Yongye Increases Production
Beijing-based Yongye International (Nasdaq: YONG) announced that the company has successfully increased the annual production capacity of its existing plant nutrient production line from 10,000 tons to 15,000 tons. Yongye is also in the process of completing the acquisition of the distribution network in Hebei province, which is comprised of a customer list of all county-level distributors who sell the Company’s Shengmingsu plant and animal nutrient products to over 2,700 independently-owned Yongye branded stores located in the province.
PEOPLE
Nutrifruit’s CEO Steps Down
Jinglin Shi, chief executive officer, of Daquing-based Nutrifruit Group Ltd. (NYSE Amex: CNGL), has stepped down. A press release issued by the company cited personal and health reasons for Shi’s departure. Company chairman Changjun Yu will step into the role of CEO. Yu is the founder of China Nutrifruit’s wholly owned subsidiary, Daqing Longheda Food Company Ltd. He has served as the chairman of Nutrifruit since August 14, 2008. Mr. Yu has been the chairman of Longheda since its formation in 2004. Yu has also served as the vice president of sales of Haerbin Shengjinlai Economic and Technology Development Co. Ltd. He will continue in his position as Chairman of the Board. The company also appointed Jizeng Zhang as a director. Zhang joined China Nutrifruit in 2004 as the administration supervisor and was subsequently promoted to be the administrative officer in 2005. He is responsible for the Company’s daily administrative duties. Mr. Zhang has over 24 years of experience as a police officer in Inner Mongolia where his most recent position was the Head of Police Department at Da Yang Shu County, Inner Mongolia.
Jiangbo Pharma Appoints New CEO
Laiyang-based Jiangbo Pharmaceuticals Inc. (Nasdaq: JGBO) announced the appointment of Mr. Linxian Jin as Chief Executive Officer effective July 1, 2010. Mr. Jin will take over the role of CEO from the company’s Chairman, Mr. Wubo Cao, who resigned on June 29, 2010. Cao will continue his role as Chairman of the company’s board. Mr. Jin joined Laiyang Jiangbo Pharmaceuticals, Inc., the wholly owned subsidiary of the Company, as Deputy General Manager of Production Technology in April 2008. Previously, he had been the General Manager of Shandong Luxi Pharmacy Co., Ltd and Deputy General Manager of Shandong Quancheng Pharmaceutical Co., Ltd. From October 2000 to June 2006, Mr. Jin served as Deputy General Manager with Zibo Hualong Pharmaceutical Co., Ltd. and Linuo Group Jinan Yongning Pharmaceutical Co., Ltd. He began his career in 1990 with Shandong Zaozhuang First Pharmaceutical Factory, where he held positions of increasing responsibility including as the Head of Quality Inspection Department, Production Manager, Marketing Manager, and Assistant to General Manager during his ten-year tenure. Mr. Jin holds a bachelor degree with a major in Chemical Pharmaceutical from East China University of Science and Technology.
Sino Green Makes Board Appointments, Meets Requirement of Major Listings
Guangzhou-based Sino Green Land Corp. (OTC BB: SGLA) has made two independent board appointments, Mr. Chan Kin Hang (Danvil) and Ms. Karen Tse. This brings the board to five, with a total of three independent directors, meeting the requirements for the company to be listed on a senior U.S. stock exchange. Mr. Chan Kin Hang is the founder of K.H. Chan & Co., a Certified Public Accounting firm. He is also a Managing Director of Honest Joy Accounting Service Co Limited and Honest Joy Secretarial Co Limited. In addition, he serves as a Director and Chairman of the Audit Committee for China Medical and Bio Science Limited, a public company listed on the Hong Kong Stock Exchange. Ms. Tse currently serves as a Director for APAC Regional Investment & Integration Management at The Royal Bank of Scotland (RBS). Recently, she completed the execution of the sale of RBS’ Taiwan branch to the Australian & New Zealand Banking Group Limited, the third largest bank in Australia. Prior to joining RBS, Ms. Tse worked in the investment banking department of JPMorgan Securities for over 12 years. While at JPMorgan Securities, she held a number of senior positions, including Vice President and Regional Business Manager for JPMorgan covering M&A advisory and capital markets origination across the Asia Pacific region. Ms. Tse holds a BBA in Finance & Economics from the University of Iowa.
IN BRIEF…
- HiSoft Technology International Ltd. [Nasdaq: HSFT] rang the Opening Bell of the Nasdaq Stock Market, July 7, 2010, in celebration of its public June 30th, public offering. The stock was trading at $10.47, mid-day.
- RINO International Corp. has engaged Brunswick Group LLP as for its investor and financial public relations. RINO is a provider of clean technology solutions to China’s iron and steel industry.
- Xiong Luo, executive director of Sino Green Land Corp. (OTC BB: SGLA), has been appointed to the China Green Food Association for the third round congress. The China Green Food Association was established to link the government and more than 6,000 green food producers across China whose more than 17,000 products meet the strict standards set by China Green Food Development Center, which is responsible for regulating, supervising and certifying natural and organic agricultural products.
