Wie geht's weiter mit Duoyuan Global Water - 500 Beiträge pro Seite

[stardealer]

Nach dem Absturz im Sep 2010 und Jan 2011 scheint sich ein gewisser Boden herauszubilden. Dies habe ich zum Anlass genommen die SEC-Filings, Firmenpräsentation, etc. zu studieren.

Soweit ich das verstanden habe:

Absturz September: Am 13.09.2010 wird im Unternehmen Duoyuan Printing wird der Wirtschaftsprüfer Deloitte abberufen und das Top-Management umstrukturiert. Begründung - desire to resolve open issues and file the 10-K on a timely basis
Diverse Kanzleien - filed a class action lawsuit against Duoyuan Printing, Inc. and certain of its top officials - wg. Unregelmäßigkeiten in der Zeit vom 09.11.2009 (public offering) bis 13.09.2010. Anscheinend vorsorglich auch gegen Duoyuan Global Water.

In der Folge bricht der Kurs nicht bei Duoyuan Printing und Duoyuan Global Water.

Absturz Januar: Kein von mir erkennbarer Bezug zu einer Meldung, ausser dass Duoyuan Printing seit Mai (Q1/2010) keine Zahlen mehr liefern konnte und bisher auch keinen Termin genannt hat. Bei Duoyuan Global Water gibt es keine Verzögerungen und die Zahlen sehen gut aus. Zahlen Gesamtjahr 2010 angekündigt für 23.03.2011.

Die letzten Zahlen (Q3/2010) weisen einen NetProfit per ADS von $1.19 für Q1-Q3/2010 aus. Aufs Jahr hochgerechnet könnte das etwa $1.50 bedeuten. Die Cash-Position scheint stark (Infos Jahresabschluß 2009 + Firmenpräsentation [Cash: 211 Mill.$ im März 2010] + abgeleitete CashFlows Q1-Q3/2010), die Verschuldung niedrig bis nicht existent.

Die Kapitalerhöhung im Feb.2010 wurde zu $28,5 gezeichnet und hat ca $74Mill. zugeführt.

Mit dem dicken Daumen gerechnet könnte der Buchwert bei ca. $300Mill. liegen, macht per ADS ca. 12$.

Welche angemessenene Bewertung 12$ Buchwert, $1.50 NetProfit und mehrjährige Wachstumsrate 25-30% unter normalen Umständen ergibt, kann sich jeder selbst ausrechnen.

Ist also nur die Frage: Wurde hier eine saubere Buchhaltung geführt?

Wenn das Vertrauen durch einen testierten Abschluss 2010 und positive Ergebnisse der SEC-Untersuchung in den Wert zurückkehrt, sollte hier einiges drin sein.

Würde mich über eine Diskussion freuen.

[MrRipley]

Wenn das ein chinesischer Nasdaq Wert ist, die sind ja alle unter Generalverdacht wg. Bilanzmanipulation

[MrRipley]

Highest Short Interest
(CCME)

China MediaExpress

3.1 days

47.30%
(CHBT)

China-Biotics

10.0 days

33.04%
(CAGC)

China Agritech

6.8 days

32.89%
(DGW)

Duoyuan Global Water

15.2 days

31.99%
(CBPO)

China Biologic Products

18.4 days

27.18%
(TSTC)

Telestone Technologies

1.6 days

26.31%
(BORN)

China New Borun

2.4 days

26.21%
(HRBN)

Harbin Electric

13.8 days

26.17%
(CBEH)

China Integrated Energy

3.9 days

26.09%
(GFRE)

Gulf Resources

14.2 days

22.71%
Source: Trading China

Also the concern in US-listed stocks over discrepancies found sometimes in the financial statements between certain Chinese companies' State Administration for Industry and Commerce (SAIC) filings in China and their U.S. SEC filings contributes to short selling.
Investors often quickly conclude that the underlying China operating entities must be fraudulent in inflating sales and earnings figures, and that their public SEC filings in the U.S. may not be relied upon for accuracy.

On the contrary, it is highly unusual and it should cause real concerns to investors if SAIC filings do match a public company's SEC filings, according to Mr. Benjamin Wey, President of New York Global Group. The concerns over SAIC and SEC filing mismatches are overblown and unnecessary. The reason is simple: investors lack basic understanding of China's corporate registration processes and are comparing very different items. It is important to understand what these documents are, what they are not, and why it would be incorrect and ignorant to allege companies as frauds based on SAIC documents.

Also the release of questionable reports of boutiques like Citron Research, Bronte Capital etc. causes heavy volatility in the US-China space. One of the companies that is again under fire is China MediaExpress Holdings (CCME). I think it is a legitimate company but wrongly understood, but who am I?

The fight between longs and shorts will go on. The longs have the upper hand on the fundamentals and ask themselves when US-listed China stocks are going to fuel. The shorts are guessing what to do and in the worst case bring controversial rumors/reports in the market to defend their position.

http://seekingalpha.com/article/250267-shorting-china-stocks…

[stardealer]

Antwort auf Beitrag Nr.: 41.046.126 von MrRipley am 15.02.11 21:28:04

Interessante Darstellung die darlegt, dass es fast zwangsläufig zu Abweichungen und daraus vermuteten Unregelmäßigkeiten aufgrund unterschiedlicher Rechnungslegungsvorschriften kommen muss. Aber es gibt ja genügend chines. Unternehmen, die dies entweder besser kommunizieren können, oder weniger große Abweichungen zwischen SAIC- und SEC-Filings hinbekommen.

Und ja, ich gehöre zu den Fundamentalisten, die sich fragen wann diese "Mißverständnisse" ausgeräumt sind und die Märkte eine angemessene Bewertung wiederspiegeln.

Das ich nicht der einzige bin zeigt evtl. auch das aufstocken durch "SAM Sustainable Asset Management AG / Schweiz" auf etwa 10% (Habe keine vorangegangenen Zahlen gefunden, deswegen geh ich vom aufstocken aus).

Dagegen sprechen dürfte, dass sich der Venture Capital Geber (Global Environment Fund) von ehemals 19,3% auf 9% zurückgezogen hat.

Wer wird wohl am Ende richtig liegen?

Übrigens: Ich glaube kaum, dass es grundsätzliche Abweichungen zum Thema Cash in den Rechnungslegungswerken gibt. Und wenn Cash zunimmt (Kapitalerhöhung rausgerechnet)ohne dass ein entsprechender Verbindlichkeitsposten entsteht oder andere Aktiva verscherbelt wurden, dann weist dies zumindest auf eine geweisse Profitabilität hin. Wenn dieser Zuwachs auch noch in etwa mit den anderen Zahlen korrespondiert, dann sollten diese nicht allzu falsch sein.

Bilanzfälschung ist ein ganz anderes Thema. Wenn man also von ENRONischen Verhältnissen ausgeht muß man derartige Werte konsequent meiden.

[Mr.Boombastic]

Duoyuan Global Water Inc. Reports Fourth Quarter and Full Year 2010 Financial Results
BEIJING, March 23, 2011 /PRNewswire-Asia/ -- Duoyuan Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"), a leading China-based domestic water treatment equipment supplier, today announced unaudited financial results for the fourth quarter and full year of 2010. The Company will hold a conference call at 8:00 am ET tomorrow, March 23, 2011. Dial-in details may be found at the end of the release.

Third Party Review Update

As previously disclosed in September 2010, the Audit Committee retained advisors and commenced an internal review into whether the Company's internal controls and processes met the standards required of a NYSE-listed company. Provided that the Audit Committee and its advisors receive complete access to requested documents, the review can be concluded by the end of the second quarter of 2011. Accordingly, the Board of Directors is not in a position to approve or otherwise ratify the Company's presentation of the unaudited results for the fourth quarter and fiscal year ended December 31, 2010 at this time. The Company's unaudited results for the fourth quarter and fiscal year ended December 31, 2010 are subject to change pending the completion of the audit and the internal review.

Fourth Quarter 2010 Financial Highlights

* Revenue increased 13.7% to RMB220.4 million ($33.4 million)(1) from RMB193.8 million in the prior year period.

* Gross profit increased 0.9% to RMB92.6 million ($14.0 million) from RMB91.7 million in the prior year period.

* Gross margin was 42.0% compared to 47.3% in the prior year period.

* Diluted earnings per ADS was $0.30. Each ADS represents two of the Company's ordinary shares.

Mr. Wenhua Guo, the Company's Chairman and Chief Executive Officer, stated, "We are pleased to have achieved full year 2010 revenue of over one billion RMB. This landmark achievement demonstrates our ability to deliver sustained growth and our continued strong presence in China's water treatment industry. We recognize that our fourth quarter performance reflects expected seasonality as well as the shift in timing of revenue that we mentioned last quarter. At the same time, we continue to be confident in our ability to drive long-term growth through our comprehensive and high-quality product offerings, low-cost manufacturing base, extensive distribution network and focus on continually developing new products."

1. This press release contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars for the quarter ended December 31, 2010, were made at a rate of RMB6.600 to USD1.00, the noon buying rate in effect on December 31, 2010 in the City of New York for cable transfers in Renminbi per US dollar as certified for customs purposes by the Federal Reserve Bank of New York. Duoyuan Global Water makes no representation that the Renminbi or US dollar amounts referred to in this press release could have been or could be converted into US dollars or Renminbi, at any particular rate or at all.

Fourth Quarter 2010 Financial Performance

Fourth quarter 2010 revenue increased by 13.7% to RMB220.4 million ($33.4 million) from RMB193.8 million in the comparable period of 2009. Revenues were calculated net of sales rebates and local sales taxes, which were RMB1.6 million ($0.2 million) and RMB0.6 million ($0.1 million), respectively, in the fourth quarter of 2010. As of December 1, 2010, all foreign investment enterprises became subject to local taxes, which are recorded as a contra revenue account in accordance with industry standards.

Revenue from water purification equipment increased by 14.0% to RMB50.7 million ($7.7 million) in the fourth quarter of 2010 from RMB44.5 million in the prior year period, due to strong market demand for the Company's central water purifiers, UV water purifiers and industry pure water equipment.

Revenue from water conservation equipment, which includes circulating water treatment equipment, increased by 11.2% to RMB75.3 million ($11.4 million) in the fourth quarter of 2010 from RMB67.7 million in the fourth quarter of 2009, driven by continued demand for the Company's fully automatic filters, electronic water conditioners and water softeners.

Revenue from water reuse equipment, which includes wastewater treatment equipment, increased by 10.7% to RMB87.0 million ($13.2 million) in the fourth quarter of 2010 from RMB78.6 million in the fourth quarter of 2009, due to increased demand for the Company's online testing equipment, aerators, UV shelving disinfection systems and belt filter press machines.

Revenue from spare parts increased by 102.7% to RMB9.6 million ($1.5 million) in the fourth quarter of 2010, from RMB4.7 million in the fourth quarter of 2009.

For the fourth quarter of 2010, gross profit increased by 0.9% to RMB92.6 million ($14.0 million) from RMB91.7 million in the prior year period. Gross margin for the fourth quarter of 2010 was 42.0%, compared to 47.3% in the fourth quarter of 2009 and 46.1% in the third quarter of 2010. The sequential decline in gross margin is primarily due to seasonality in the fourth quarter, which led to a lower revenue base and thus less cost savings from economies of scale than in other quarters. On a year-over-year basis, the gross margin decline also reflects the raw material price increases that the Company experienced throughout 2010, as well as margin pressures from the increasingly competitive landscape of the wastewater equipment market.

[Mr.Boombastic]

Antwort auf Beitrag Nr.: 41.257.327 von Mr.Boombastic am 24.03.11 08:03:37

oh, sehe grade es geht weiter...

Operating income increased by 19.7% to RMB65.8 million ($10.0 million) in the fourth quarter of 2010 compared to RMB55.0 million in the comparable period of 2009.

Selling expenses decreased 69.5% year-over-year to RMB8.3 million ($1.3 million), primarily due to the Company's decision to discontinue certain advertising activities in the third quarter of 2010. Research and development expenses increased 46.2% to RMB6.9 million ($1.0 million) from RMB4.7 million in the prior year period, reflecting the Company's continued efforts to drive growth through product innovation. General and administrative expenses increased to RMB11.6 million ($1.8 million) from RMB4.7 million in the prior year period, reflecting increased expenses associated with being a U.S. publicly-listed company as well as salary increases commensurate with business growth. Total operating expenses decreased 27.1% from the prior year period and decreased sequentially by 21.6% from the third quarter of 2010.

Provision for income taxes in the fourth quarter of 2010 increased to RMB18.0 million ($2.7 million), an effective tax rate of 27.1%, from RMB15.4 million in the prior year period.

Net income increased 21.4% to RMB48.3 million ($7.3 million) compared to RMB39.8 million in the prior year period. Diluted earnings per share was RMB0.98 ($0.15) in the fourth quarter of 2010, compared to RMB0.91 in the fourth quarter of 2009. Diluted earnings per ADS was RMB1.96 ($0.30) in the fourth quarter of 2010, compared to RMB1.81 per ADS in the prior year period.

During the fourth quarter of 2010, the Company recorded non-cash, share-based compensation expense of approximately RMB0.9 million ($0.1 million). Excluding these expenses, non-GAAP net income increased by 24.7% to RMB49.3 million ($7.5 million) in the fourth quarter of 2010 from RMB39.5 million in the fourth quarter of 2009. Non-GAAP diluted earnings per share was RMB1.00 ($0.15) in the fourth quarter of 2010, compared to RMB0.90 in the fourth quarter of 2009. Non-GAAP diluted earnings per ADS was RMB2.00 ($0.30) in the fourth quarter of 2010, compared to RMB1.80 in the prior year period. Please refer to the non-GAAP presentation provided below for a period-to-period comparison excluding non-cash, share-based compensation expense.

The Company had approximately 49.2 million weighted average diluted shares outstanding for the quarter ended December 31, 2010, compared to approximately 43.9 million weighted average diluted shares outstanding for the quarter ended December 31, 2009.

Mr. Stephen C. Park, Chief Financial Officer, commented, "We would like to highlight two new items related to our financials this quarter. First, as stated in our revenue discussion, as of December 2010, all foreign investment enterprises will now be assessed local taxes from which we were previously exempt. These taxes consist of a mandatory city maintenance and construction tax and a local education tax. These charges will be ongoing and standard across the industry."

Mr. Park continued, "Second, we would also like to note that our balance sheet reflects pending tax payments owed to the tax authorities for restricted share grants from our IPO. We are in the process of resolving this matter with the tax authorities. We would like to emphasize though that these are payments that are not related to our core business and, on a net basis, do not affect our operating results."

Full Year 2010 Financial Performance

For the full year ended December 31, 2010, revenue increased by 30.1% to RMB1.0 billion ($154.4 million) from RMB783.4 million for the full year ended December 31, 2009. During this same period, gross profit increased by 23.7% to RMB466.7 million ($70.7 million) from RMB377.2 million in the prior year period. Operating income increased by 74.5% to RMB328.3 million ($49.7 million) from RMB188.1 million in the prior year period. Net income was RMB241.3 million ($36.6 million) compared to RMB117.0 million in the prior year period. Diluted earnings per share was RMB4.95 ($0.75) in the full year ended December 31, 2010, compared to RMB3.16 in the full year ended December 31, 2009. Diluted earnings per ADS was RMB9.90 ($1.50) in the full year ended December 31, 2010, compared to RMB6.31 per ADS in the prior year period.

For the full year ended December 31, 2010, the Company recorded non-cash, share-based compensation expense of approximately RMB3.7 million ($0.6 million), or approximately $0.01 per ADS, compared to RMB91.3 million in the prior year period. Excluding these expenses, non-GAAP net income increased by 17.7% to RMB245.1 million ($37.1 million) from RMB208.3 million in the prior year period. Non-GAAP diluted earnings per share was RMB5.02 ($0.76) for the full year of 2010, compared to RMB5.62 in the prior year period. Non-GAAP diluted earnings per ADS was RMB10.05 ($1.52) for the full year of 2010, compared to RMB11.24 in the prior year period. Please refer to the non-GAAP presentation provided below for a period-to-period comparison excluding non-cash, share-based compensation expense. Weighted average diluted shares outstanding was approximately 48.8 million for the full year ended December 31, 2010, up from 37.1 million in the prior year period.

As of December 31, 2010, the Company had cash and restricted cash of RMB992.1 million ($150.3 million), compared to RMB918.7 million as of December 31, 2009. Cash flows provided by operating activities for the full year ended December 31, 2010 were approximately RMB232.6 million ($35.2 million). Depreciation and amortization expense was RMB18.6 million ($2.8 million) for the full year ended December 31, 2010. Cash flows used in investing activities were RMB682.8 million ($103.5 million) for the full year of 2010, reflecting the Company's progress on its new capital expenditures plan begun during the fourth quarter of 2009. Cash flows provided by financing activities were approximately RMB504.3 million ($76.4 million) for the full year of 2010, reflecting RMB524.3 million ($79.4 million) raised in a follow-on offering of the Company's ADSs as well as RMB20.0 million ($3.0 million) of debt repaid during the first quarter of 2010.

Financial Outlook

Mr. Stephen C. Park, Chief Financial Officer, stated, "As we move into 2011, our competitive position remains strong and we are poised for future growth supported by our trusted brand name and extensive distribution network. With this in mind, we expect to generate revenue of approximately RMB195 million in the first quarter of 2011

[stardealer]

Antwort auf Beitrag Nr.: 41.257.333 von Mr.Boombastic am 24.03.11 08:06:10

Tja, sieht eigentlich nicht schlecht aus.
Umsatzsteigerung 30%, Gewinn verdoppelt, Gewinn pro Aktie um 50% gesteigert, 3$ Cash pro Aktie und wo steht der Kurs - bei einem viertel des Kurses vor einem Jahr.
Sind jetzt bei etwas über 7$, einem KGV von 5 und weiter fallend.
Solange die Vorwürfe der Bilanzierungsunregelmäßigkeiten nicht ausgeräumt sind wird es wohl nicht nach Norden drehen.

[XTrack]

Duoyuan Printing wird von der NYSE delisted. Daher heute nochmal Druck auch auf DGW. Habe gerade nochmal nachgekauft. Ich denke, dass hier bereits mögliche Korrekturen von Geschäftsberichten eingepreist sind. Andernfalls wäre der Kursrutsch kaum zu verstehen...

[Vivian664]

Antwort auf Beitrag Nr.: 41.284.932 von XTrack am 29.03.11 20:09:01

Duoyuan Global Water jetzt bei 5,49 USD... KGV von etwa 4.

Da macht man nix falsch auf Sicht der naechsten Jahre!

Zukaufen und entspannt zuruecklehnen.

[Mr.Boombastic]

Heute schon wieder kräftig im Minus. Also da stimmt doch was nicht

[Vivian664]

Antwort auf Beitrag Nr.: 41.314.733 von Mr.Boombastic am 04.04.11 16:11:36

Ich habe heute in New York nachgekauft zu 4,70 USD.

Gruss aus China

[Mr.Boombastic]

Antwort auf Beitrag Nr.: 41.314.751 von Vivian664 am 04.04.11 16:13:17

hab auch heute nachgekauft, leider schon in Deutschland zu 3,90 Euro.....
naja, jetzt warten wir halt mal ab!!!
Viel Glück!

[Vivian664]

Antwort auf Beitrag Nr.: 41.314.759 von Mr.Boombastic am 04.04.11 16:14:43

Aktuell fast 22% Minus in New York...

[stardealer]

Duoyuan Global Water Inc. Announces Pending Management Transition
CFO Departure Announced BEIJING, April 4, 2011 /PRNewswire via COMTEX/ --

Duoyuan Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"), a leading China-based domestic water treatment equipment supplier, today announced a pending executive management transition. The Company's Chief Financial Officer, Stephen C. Park, announced his intention to leave the Company to pursue another professional opportunity. In order to assist with the transition, Mr. Park intends to remain with Duoyuan until the completion of the third party review or June 30, 2011, whichever is earlier. The Company is in the process of engaging a professional international search firm to assist in appointing a successor.


Mr. Wenhua Guo, the Company's Chairman and Chief Executive Officer, stated, "Steve's expertise and leadership during the IPO and subsequent public company reporting periods has been invaluable to us. We are actively initiating the new hire recruitment process, and some of the key qualities we seek include knowledge of the U.S. capital markets, a strong accounting background and experience in communicating with a diversified shareholder base.

"On behalf of the Board of Directors and the management team, I would like to thank Steve for his contributions to the Company and wish him the best in his future endeavor," concluded Guo.


Also verläßt nun der Buchhalter das ?sinkende? Schiff

[MrRipley]

Wenn der CFO geht, ist immer etwas im Argen.

Hatte gestern gekauft und heute morgen in Frankfurt noch mit leichtem Verlust verkaufen können.

[xta_fan]

Anscheinend gibt es jetzt auch keinen Kurs mehr. Na toll.
Hatte auch bei DGW investiert. Ist aber wohl nur ne chin. Seifenblase.
Tja, ohne Wasser gibts auch keine Seifenblasen. Galgenhumor


Hat jemand ne Vorstellung welche Auswirkung die folgende Meldung bzw. Untersuchungsankündigung haben könnte.

Expands 3rd Party Review into Investigation

BEIJING, April 6, 2011 /PRNewswire-Asia-FirstCall/ -- The Board of Directors of Duoyuan Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"), today announced that it has passed the following resolutions in response to shareholder concerns:

* The Board has broadened the third party review, which was authorized by the Board on September 14, 2010 and is led by Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates ("Skadden"), into a more thorough and exhaustive third party investigation. In doing so, the Board authorizes Skadden to investigate the Company's business practices including but not limited to finances, accounting, operations and internal controls. Skadden will continue to be assisted by an independent accounting firm in the investigation.
* The Board has established a Special Investigation Committee ("the Committee") to oversee the third party investigation. The Committee includes independent directors Joan Larrea, Ping Wei, Charles Firlotte, David Nickols and Frank Miu.
* The Board has appointed Joan Larrea as the Chair of the Committee. As the Chair, Ms. Larrea intends to devote fifty percent of her time to overseeing the investigation. The Board selected Ms. Larrea to head the Committee due to her independence and unique skill set, which includes fluency in Mandarin and extensive business experience in China.


About Duoyuan Global Water Inc.

Duoyuan Global Water Inc. is a leading China-based domestic water treatment equipment supplier. Duoyuan's product offerings address key steps in the water treatment process, such as filtration, water softening, water-sediment separation, aeration, disinfection and reverse osmosis. Duoyuan offers a comprehensive set of complementary products across three product categories: water conservation, including circulating water treatment; water purification; and water reuse treatment, including wastewater treatment. The Company has an extensive local distribution network, which provides proximity to end-user customers and responsiveness to local market demand. Learn more at www.duoyuan-hq.com .

[stardealer]

Letztlich ist es Änderung des Auftrags an Skadden. Wenn ich die Meldung aus September richtig verstanden habe, dann handelte es sich bisher um einen Beratungsauftrag.
Mit dieser Meldung wird es ein Prüfungsauftrag (investigation).

Der Kurssturz der letzten Tage wurde ausgelöst durch einen Bericht eines Börsenbriefs MuddyWaters in dem der Vorwurf erhoben wird, DGW sei ein einziges Lügengebilde bei dem weder Umsatz noch irgendwelche anderen Zahlen irgendetwas mit der Realität zu tun hätten. Schätzung des Unternehmenswertes auf weniger als 1$/share.

Dagegen sprechen die testierten Jahresabschlüsse einschließlich 2009. Auch wenn Skadden seit Sep2010 beratend tätig ist wird ein jetzt erteilter Prüfungsauftrag wohl einige Wochen brauchen (eher 2-3 Monate) bis vollständige Ergebnisse vorliegen.

Das einzige auf das Investoren hoffen können ist, das kurzfristig die Bestätigung von einzelnen Eckdaten erfolgt, z.B. Bestätigung des Cash-Bestands.

Ob die Kursaussetzung durch die Aufsichtsbehörde SEC oder durch DGW veranlasst wurde und wie lange diese ausgedehnt werden kann ohne ein DeListing vorzunehmen konnte ich nicht herausfinden.

[Mr.Boombastic]

Heute mal eine kräftige Gegenbewegung!!! Mal schauen ob es nur eine technische Reaktion ist oder mehr dahintersteckt - es bleibt jedenfalls spannend!!!

[Lucky72]

April 08, 2011 07:23 PM Eastern Daylight Time
Robbins Umeda LLP Announces an Investigation of Duoyuan Global Water Inc. for Shareholders

SAN DIEGO--(BUSINESS WIRE)--Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Duoyuan Global Water Inc. (NYSE: DGW). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Duoyuan between June 24, 2009 and April 4, 2011. Duoyuan, through its subsidiaries, manufactures and distributes water environment protection equipment and water treatment products in the People's Republic of China. The company was founded in 1992, is headquartered in Beijing, China and is incorporated in Delaware.

If you are a Duoyuan shareholder and would like more information about your rights, please contact Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on our website.

Robbins Umeda's investigation focuses on whether the directors and officers of Duoyuan harmed the company by engaging in self-dealing and issuing false and misleading statements about the company's financial results. On April 4, 2011, analyst firm Muddy Waters issued a report suggesting that Duoyuan had overstated its revenues, fabricated its audit reports, and engaged in improper, undisclosed related-party transactions that transferred money to its chairman. To support its claims, Muddy Waters purportedly conducted extensive surveillance, but observed minimal production and virtually no shipments in and out of the factory. Further, Duoyuan's Chief Financial Officer, Stephen C. Park, announced his resignation.

Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/duoyuan-global-water-inc/

Attorney Advertising. Past results do not guarantee a similar outcome.

Contacts

Robbins Umeda LLP
Gregory E. Del Gaizo, 800-350-6003


http://www.businesswire.com/news/home/20110408006052/en/Robb…

[Lucky72]

[Mr.Boombastic]

Geht hier noch was? Kurs ausgesetzt

[Lucky72]

Duoyuan Global Water Inc. Announces Resignation of Four Directors, and Appoints New Members to the Board of Directors, New Board Committees and New Members to the Special Investigation Committee

BEIJING, May 4, 2011 /PRNewswire via COMTEX/ --

Duoyuan Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"), a leading China-based domestic water treatment equipment supplier, today announced that on April 20, 2011, four of the Company's six independent directors resigned and that on April 21, 2011, the Company's board of directors ("Board of Directors") appointed four new directors. The directors resigning from the Company were Charles Firlotte, Joan M. Larrea, David Nickols and Ping Wei, three of whom were members of one or more of the Company's audit committee, compensation committee and nominating and corporate governance committee. The resigning directors provided a letter to the Company raising concerns regarding management's level of cooperation in the ongoing independent review of the Company's internal controls and the ongoing independent investigation of the Company's business practices.

The Board of Directors met on April 21, 2011 and appointed Mr. David Shing Yim Chau, Mr. Junjie Liu, Mr. Ronglin Qiao and Mr. Paul Yanlei Wu to the Board of Directors. The Company has concluded that Messrs. Chau and Wu are independent directors under the rules of the United States Securities and Exchange Commission ("SEC") and the New York Stock Exchange. Messrs. Liu and Qiao are not independent directors as they hold executive positions with the Company.

Effective April 21, 2011, Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates ("Skadden") withdrew as special counsel to the Audit Committee and Special Investigation Committee performing the review initiated in September 2010 as well as the recently initiated investigation.

The Board of Directors also appointed Mr. David Chau, Mr. Frank H. Miu (an existing independent director) and Mr. Paul Wu as members of the Company's audit committee. Mr. David Chau will serve as the chairman of the audit committee and qualifies as an audit committee financial expert. The Board of Directors also appointed Mr. Frank Miu, Mr. Paul Wu and Mr. Yuefeng Yu (an existing independent director) as members of the compensation committee. Mr. Paul Wu will serve as chairman of the compensation committee. The Board of Directors also appointed Mr. David Chau, Mr. Frank Miu and Mr. Yuefeng Yu as members of the nominating and corporate governance committee. Mr. Yuefeng Yu will serve as chairman of the nominating and corporate governance committee. As of a result of these appointments, the Company is in compliance with the New York Stock Exchange's requirements with respect to the composition of the Board of Directors and the independence of board and committee members.

The newly constituted Board of Directors voted to continue the ongoing independent investigation of the Company's business practices, including but not limited to a review of the Company's finances, accounting, operations and internal controls by a special investigation committee ("Special Investigation Committee"). The Special Investigation Committee will consist of Mr. David Chau, Mr. Paul Wu, Mr. Yuefeng Yu and Mr. Frank Miu. Mr. David Chau will serve as chairman of the Special Investigation Committee.

On May 3, 2011, the Special Investigation Committee engaged the international law firm of Baker & McKenzie to serve as its special counsel in connection with the investigation. Baker & McKenzie will retain an international accounting firm to assist in the conduct of the investigation and in the assessment and review of finance and accounting matters. The team of Baker & McKenzie and the international accounting firm will advise and assist the Special Investigation Committee with its investigation all as previously disclosed in prior press releases.

Mr. David Chau has over 20 years' experience in corporate finance, working on projects ranging from initial public offerings to restructuring of enterprises for cross-border and domestic takeovers in the People's Republic of China ("China"). He was formerly a partner in the Hong Kong office of one of the Big Four accounting firms, heading merger and acquisition and corporate advisory services. Mr. David Chau is a member of the Hong Kong Securities Institute, the Institute of Chartered Accountants of England and Wales ("ICAEW") with the Corporate Finance Qualification granted by ICAEW, and the Hong Kong Institute of Certified Public Accountants ("HKICPA"). Mr. Chau was formerly a committee member of the Disciplinary Panel of HKICPA. He is an executive director of Up Energy Development Group Limited and a non-executive director of Shandong Molong Petroleum Machinery Company Limited, Lee & Man Paper Manufacturing Limited, Varitronix International Limited, Evergrande Real Estate Group Limited and Man Wah Holdings Limited, all of which are listed on the main board of the Stock Exchange of Hong Kong Limited. In addition, he is the chief executive officer of Fortune Investment Fund.

Mr. Paul Wu is the senior partner and managing partner of Shu Jin Law Firm's Shanghai office. As the founding member of the firm, which is one of the largest law firms in Southern China, he helped establish the Washington, D.C. office under the directive of the Department of Justice of China and was instrumental in setting up the Shanghai office. The firm now has 100 lawyers, including 23 lawyers in the Shanghai office. The major focus of Mr. Wu's practice includes corporate law, securities law, foreign direct investments ("FDI") and FDI dispute resolutions. Major dispute resolution cases include representing Kimberly Clark (Asia Pacific) to convert a joint venture in Shanghai into a wholly foreign owned enterprise and resolving six other joint venture investment disputes in other parts of the country; American Standard's investment disputes with Jiangsu Shuang Liang Air-conditioning Co. (intellectual property disputes and buyout disputes); and representing the International Financial Corporation, a branch of the World Bank to dissolve several investment projects in South China, including Zhong Hua Bicycles, which went bankrupt under the court supervision. In addition, Mr. Wu represented the State of Hawaii in setting up its tourism representative offices in China, and in advisory contract negotiations for the 2008 Summer Olympic Games. Mr. Wu is also the chairman and chief executive officer of Shanghai FS Investment Consulting Co. Ltd., an e-commerce investment consulting company. Mr. Wu is a member of the China Advisory Council for Bunge Ltd., a New York Stock Exchange listed company. Mr. Paul Wu is a member of the bar in both China and the District of Columbia.

Mr. Ronglin Qiao has been the Company's chief operating officer since April 2008. Since January 2008, Mr. Qiao has also served as the general manager of Duoyuan Beijing. Since 1994, Mr. Qiao held various positions at Duoyuan Beijing, including sales representative, manager, deputy sales director, vice president and general manager. From July 1989 to September 1994, Mr. Qiao was a teacher and a product designer at Beijing Mechanical & Electrical Poly-technique School. Mr. Qiao obtained a bachelor of science degree in mechanical engineering from Tianjin Normal University in 1989 and a master's degree in environmental engineering from the Chinese Academy of Sciences in 2005.

Mr. Junjie Liu has been the Company's executive president since December 2008, and also served as the general manager of Duoyuan Langfang. Mr. Liu has been with the Company or its affiliates since July 1997 and has held various positions, including engineer, planning manager, logistics manager and assistant finance director. Mr. Liu holds a degree in mechanical engineering process and equipment from Ningxia Institute of Technology that he received in 1995.

Mr. Wenhua Guo, the chairman of the Board of Directors, stated, "I believe that the two new independent directors will bring the Company a fresh perspective as we move forward, and I am confident that Messrs. Qiao and Liu will be significant contributors to the board as well. In addition, I believe that the proven experience in finance, accounting and law of our two new independent directors will help with the conduct of the special investigation. It is my hope that our new independent directors will take an active role and work closely with management to oversee the planning and execution of a wide range of strategies designed to meet long-term growth objectives, including establishing and maintaining relationships focused on creating sustainable revenue, profit, and shareholder value. We are optimistic that the newly appointed Special Investigation Committee will be able to work quickly towards a thorough and an early completion of their investigation."

About Duoyuan Global Water Inc.

Duoyuan Global Water Inc. is a leading China-based domestic water treatment equipment supplier. Duoyuan's product offerings address key steps in the water treatment process, such as filtration, water softening, water-sediment separation, aeration, disinfection and reverse osmosis. Duoyuan offers a comprehensive set of complementary products across three product categories: water conservation, including circulating water treatment; water purification; and water reuse treatment, including wastewater treatment. The Company has an extensive local distribution network, which provides proximity to end-user customers and responsiveness to local market demand. Learn more at www.duoyuan-hq.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends" and "future" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Item 3. Key Information--Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2009, filed with the Securities and Exchange Commission on June 18, 2010, and in documents subsequently filed.

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SOURCE Duoyuan Global Water Inc.
http://ir.duoyuan-hq.com/phoenix.zhtml?c=230632&p=irol-newsA…

[Mr.Boombastic]

Noch jemand da
Hmmm, bestimmt, verkaufen geht ja nicht grad
Aber keine News wohl. Abwarten und Teetrinken, bleibt nichts anderes übrig.....