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Week in Review–Sept. 23, 2011

MARKET MOVES

Offerings

Wowjoint Holdings Ltd. (Nasdaq: BWOW), ChinaCache International Holdings Ltd. (Nasdaq: CCIH) and Tsingda eEDU Corp. (private) have all filed share offerings with the SEC.

Golden Meditech Divests FunTalk Stock
Hong Kong-based Golden Meditech Holdings Ltd., a healthcare company, announced the disposal of 2.0 percent interest in FunTalk China Holdings Ltd. for U.S. $15 million. Upon completion, the company’s effective interest in FunTalk China will be reduced 19.8 percent. The Group will realize an unaudited gain of approximately HK $36 million based on the net proceeds from the disposal less the book value of the shares disposed at HK $73 million and related expenses amounting to HK $8 million.

Shandong Xiangwu to Enter the Market via a Reverse Merger
Jinxiang-based Shandong Xiangwu Environmental Technology Company Ltd. announced it is in negotiations to merge with a New York-based corporation traded on the OTC BB by year end. According to a company press release, the company is currently operating profitably and generating revenues of more than $10 million per anum and anticipates that its revenues will increase substantially as its new plant becomes fully equipped and initiates its anticipated acquisitions. Shandong Xiangwu was founded in 2006 by Xiangwu Cheng to develop innovative methods of utilizing agricultural waste products such as wheat straw, rice straw, cotton and corn stalks to produce paper pulp with zero emissions.

Origin CEO Resigns
Beijing-based Origin Agritech Ltd. (Nasdaq: SEED) announced its CEO, President and Director, Mr. Liang Yuan, President, has informed the company that he will resign as President and CEO for personal reasons effective immediately. Liang was a key founder of the company. Dr. Gengchen Han, Chairman of Origin, will assume the role of acting CEO. Founded in 1997, Origin specializes in the research, development, production, sale and distribution of hybrid corn, rice, cotton and canola in China and has a network of approximately 3,800 first-level distributors and 65,000 second-level distributors and retailers. The company is trading in the mid-$2.00 after having a 52-week-high of $11.86.

CEO of China Electric Motor Resigns
Mr. Yue Wang has resigned his positions as President and Chief Executive Officer and as a member of the Board of Directors of Shenzhen-based China Electric Motor Inc. (OTC PINK: CELM). The board has appointed Mr. Xiaohui Li to serve as President and CEO and Chairman of the Board, effective immediately. Li, age 36, has no prior affiliation with the company. He has served as Vice President of Changsha Electronic Inc., an electronics manufacturing company in China, since March 2006, and as an administration manager of Hengfu Property, a real estate development company in China. The board has also Ms. Xiaoying Zhou to its board. has served as Senior Financial Management Advisor of Ping An Insurance Company of China Ltd. since March 2005 and served as that company’s Customer Relations Manager from March 2000 to March 2005. Zhou will lead a newly formed Special Litigation Committee to investigate the claims in the shareholder derivative suit recently brought against certain of the company’s former and current officers and directors and make a recommendation as to whether it is in the best interests of the company to pursue, dismiss or consensually resolve the claims.

A-Power Appoint BDO Deajoo as Independent Accountant
Shenyang-based A-Power (Nasdaq: APWR) has appointed Korean-based BDO Daejoo as its independent registered public accounting firm for the year ended Dec. 31, 2010. The engagement of BDO Daejoo LLC follows the resignation of the company’s former independent registered public accounting firm, MSCM LLP, effective June 26, 2011. As previously reported, MSCM LLP stated that it had resigned because the company had not retained a qualified independent forensic accounting firm to evaluate certain business transactions that MSCM stated was necessary for MSCM to complete its audit of the company’s financial statements for the year ended Dec. 31, 2010 on a timely basis.

RESULTS OF ANNUAL BOARD MEETINGS

3SBio Inc.
Shenyang-based 3SBio Inc. (Nasdaq: SSRX) hosted its annual shareholders’ meeting on Sept. 20, 2011. The shareholders re-elected Mr. Lawrence S. Wizel and Mr. Mingde Yu to serve as members of the Board of Directors and ratified the appointment of Ernst & Young Hua Ming to serve as the company’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2011.

China Education Alliance Inc.
Harbin-based China Education Alliance Inc. (NYSE: CEU) hosted its Annual Meeting of Shareholders on Sept. 18, 2011, in Beijing. At the meeting shareholders elected three directors to serve until the 2013 annual meeting, including Xiaohua Gu, Liansheng Zhang, and Yizhao Zhang; ratified the unanimous resolution of the Board of Directors on July 29, 2011, to effect a three-to-one reverse stock split of the company’s issued and outstanding shares; ratified of the appointment of Sherb & Co. LLP, as the company’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2011, and approved compensation for its executive officers.

L&L Energy Inc.
Guizhou -based L&L Energy Inc. (Nasdaq: LLEN) has re-elected all its seven directors during its Sept. 15th, annual shareholders meeting.

LinkTone Ltd.
Linktone Ltd. (Nasdaq: LTON) hosted its annual shareholders’ meeting on Sept. 15, 2011, in Beijing, China. Stockholders re-elected Mr. Billy Hsieh to serve as a director until the company’s 2014 annual meeting, or until his successor is elected and duly qualified. Additionally, Linktone shareholders ratified the appointment of Ernst & Young LLP, Singapore, as the company’s independent registered public accountants for the fiscal year ending Dec. 31, 2011.

Universal Travel Group Inc.
Shenzhen-based Universal Travel Group Inc. (NYSE: UTA) hosted its annual shareholders’ meeting on Sept. 19, 2011, in Shenzhen. Shareholders elected Huijie Gao, Jiduan Yuan, and Wenbin An as directors. appointment of EFP Rotenberg & Co., LLP as the company’s independent registered public accounting firm for our fiscal year ending Dec. 31, 2011.

Qihoo 360 Technology Co.
Beijing-based Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) has launched a suite of mobile browsers supporting iPads and Android-based tablets and smart phones. The browers allows for gesture browsing, bookmarking to the Cloud, Multi-tab browsing, smart & integrated address and search bar, and a built in Web-based app store.