Lihua International (LIWA), the Chinese maker of copper-clad aluminum wire and recycled scrap copper wire (the cheaper version of pure copper wire) used in consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries, came to the market at just $4 a share. But since Lihua International's IPO on September 8, the stock has soared 165.5% to close at $10.62 on Jan. 4.
In November, the company announced that it swung to a loss of $1.3 million, or 8 cents a share, in its third quarter, although its sales nearly tripled.
Most of the loss was the result of a non-cash charge for the change in the fair value of warrants issued to investors in conjunction with the company's issuance of convertible preferred stock in October 2008. Excluding the charge, Lihua actually earned $6.7 million, or 39 cents a share.Sales grew to $40.9 million from $14.3 million in the year prior.