New York Global Group Congratulates China Fire & Security Group, Inc. On The Completion Of US$265 Million Merger Acquisition, Returning 227% To U.S. Investors
NEW YORK, Nov. 10, 2011 /PRNewswire/ -- New York Global Group, Inc., a leading Asia focused private equity and corporate advisory firm congratulates China Fire & Security Group, Inc. (NASDAQ: CFSG) on its successful US$265 million merger acquisition at US$9 per share led by Bain Capital, a global private equity firm.
China based China Fire & Security Group, Inc. became a U.S. listed public company via a reverse merger in 2006 at $3.25 per share. The $9 acquisition price represents a 227% gain for China Fire & Security Group's initial U.S. investors.
Recently another NASDAQ listed China based company, Harbin Electric, Inc., (NASDAQ: HRBN) was acquired for $24 per share, representing a 1200% gain for Harbin's initial U.S. investors since it became a public company through a reverse merger.James N. Baxter, Esq., Chairman of New York Global Group commented: "Like our portfolio company Harbin Electric, China Fire & Security's successful merger acquisition and its extraordinary investment returns to investors again reinforces New York Global Group's belief that well managed China based companies represent a tremendous value proposition for U.S. investors." Mr. Baxter continued: "As an increasing number of China based companies voluntarily delist from U.S. stock exchanges for more friendly listing venues in Asia, we are concerned that the U.S. capital market is losing competitiveness in attracting global companies." New York Global Group wishes China Fire & Security Group continued success in its potential re-listing on the Hong Kong or China stock exchanges at likely higher valuations in future. About China Fire & Security Group, Inc. China Fire & Security Group, Inc. (NASDAQ: CFSG) is a solution provider of industrial fire protection systems in China. The Company owns a comprehensive portfolio of patents and a solid client base including major companies throughout China. About New York Global Group:
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