Nov. 4, 2011
/PRNewswire/ -- New York Global Group, Inc., a leading
focused private equity and corporate advisory firm congratulates one of its portfolio companies, Harbin Electric, Inc. (NASDAQ: HRBN) on its successful
merger acquisition with Tech Full Electric at
per share. Public shareholders of Harbin Electric, Inc. were paid
per share in cash, which is the largest "going private" transaction for
based companies in the U.S. in 2011.
based Harbin Electric, Inc. became a U.S. listed public company via a
in 2005 at
per share. At the
acquisition price, it represents a 1200% gain for Harbin Electric's primarily U.S. based initial investors since it became a public company on the OTCBB.
New York Global Group has been an advisor to Harbin Electric, Inc. in connection with its initial going public process. Advisors for the
acquisition included Goldman Sachs, Morgan Stanley and Lazard Freres, as well as law firms Skadden Arps,
James N. Baxter, Esq
, Chairman of New York Global Group commented: "We are proud of our role in
's success story. Our corporate finance and due diligence team in
, led by our President Mr.
, initially identified
as an outstanding
-based business worthy of entering the U.S. capital markets. As one of our portfolio companies, we are pleased with the extraordinary investor returns
has generated for its U.S. public shareholders."
, New York Global Group's Director of Corporate Communications commented: "Harbin Electric's historical success in a negative market environment towards
based U.S. listed companies reflects New York Global Group's continued belief that well managed
based companies represent a tremendous value proposition for U.S. investors. We anticipate more
based companies leaving the U.S. stock exchanges for much higher valued markets in
New York Global Group wishes
continued success in its potential re-listing on the
stock exchanges at likely higher valuations in the future.
About Harbin Electric, Inc.
:Harbin Electric, Inc., a leading
based developer and manufacturer of a wide array of electric motors with a focus on innovative and value-added products.