New York Global Group Congratulates Harbin Electric, Inc. On The Completion Of Its US$800 Million Merger Acquisition, Returning 1200% To U.S. Investors
NEW YORK, Nov. 4, 2011 /PRNewswire/ -- New York Global Group, Inc., a leading Asia focused private equity and corporate advisory firm congratulates one of its portfolio companies, Harbin Electric, Inc. (NASDAQ: HRBN) on its successful US$800 million merger acquisition with Tech Full Electric at US$24 per share. Public shareholders of Harbin Electric, Inc. were paid US$24 per share in cash, which is the largest "going private" transaction for China based companies in the U.S. in 2011.
China based Harbin Electric, Inc. became a U.S. listed public company via a reverse merger in 2005 at $2 per share. At the $24 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 $800 million acquisition included Goldman Sachs, Morgan Stanley and Lazard Freres, as well as law firms Skadden Arps, Davis Polk and others.James N. Baxter, Esq, Chairman of New York Global Group commented: "We are proud of our role in Harbin's success story. Our corporate finance and due diligence team in New York and Beijing, led by our President Mr. Benjamin Wey, initially identified Harbin as an outstanding China-based business worthy of entering the U.S. capital markets. As one of our portfolio companies, we are pleased with the extraordinary investor returns Harbin has generated for its U.S. public shareholders." Jennifer Wolf, New York Global Group's Director of Corporate Communications commented: "Harbin Electric's historical success in a negative market environment towards China based U.S. listed companies reflects New York Global Group's continued belief that well managed China based companies represent a tremendous value proposition for U.S. investors. We anticipate more China based companies leaving the U.S. stock exchanges for much higher valued markets in China and Hong Kong." New York Global Group wishes Harbin continued success in its potential re-listing on the Hong Kong or China stock exchanges at likely higher valuations in the future. About Harbin Electric, Inc.:Harbin Electric, Inc., a leading China based developer and manufacturer of a wide array of electric motors with a focus on innovative and value-added products. Website: www.harbinelectric.com
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