Harbin Electric, Inc. designs, develops and manufactures linear motors and special electric motors. With proprietary technology and core patents, the Company builds a wide array of customized linear motors and other special motor for a variety of applications and industries. The Company currently designs and supplies its motor products and systems to numerous end users throughout the Chinese domestic market, as well as, to other industrial OEM customers overseas. Industry applications for linear motors include oil field services, conveyor systems, factory automation, packaging equipment, as well as mass transportation systems. The Company is based in Harbin, China along with its wholly owned subsidiaries.
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whitetiger 23-Sep-2011 10:12 AM
Post Type:
Public
Jam.. $HRBN did admit their fraud,, the same way $YUII did. Agree that a halt m (#12016)
In Response to original message: #12003 posted by Jam on 22-Sep-2011 02:14 PM
Jam.. Harbin Electric (NASDAQ:HRBN) did admit their fraud,, the same way Yuhe Intl (OOTC:YUII) did. Agree that a halt may be hard to come by. The bigger issue is how CDB bank will eventually react to
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a company that has 100% lied about top customers
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SERIOUS internal control problems regarding recent acquisition.
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Admission they did not buy land in question after saying they just a few days ago.
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An weakening economy that is impacting growth rates.
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they need to raise more money
They key issues
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the financing negotiations are being carried out at the local branch where there is likely collusion. Final approval will have to come from the Beijing branch...
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the bank will have to consider ABAX/HRBN ability to pay back loan given that it is likely a fraud.
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You can bet that short sellers will be putting pressure on Beijing. With all this China RTO fraud going on, I am not sure they want to be part of the problem.
Risk Analysis
Tracking 1053 U.S. listed China Stocks and Counting...
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