Forbes Names Longwei Petroleum To Its List Of "Asia's 200 Best Under A Billion"
TAIYUAN CITY, China, Aug. 13, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced it was named to Forbes Asia's annual list of " Asia's 200 Best Under a Billion."
Companies considered for the Forbes list of " Asia's 200 Best Under a Billion" must have annual revenues between US $5 million and $1 billion, have positive net income, and have been publicly traded for at least one year. This year, 900 companies met the criteria from a universe of 15,000 companies. Forbes ranked the 900 companies based on sales growth, earnings growth and return on equity in the past 12 months and over three years. Longwei's three-year track record is 45% sales growth, 28% earnings per share growth and 28% return on equity.
The Forbes article, " Asia's 200 Best Under a Billion," by Christina Settimi, July 25, 2012, can be found in the magazine's August 2012 print edition or online at: http://www.forbes.com/sites/christinasettimi/2012/07/25/asias-200-best-under-a-billion/"We are honored to be recognized by Forbes as one of the best companies in Asia. Our inclusion reflects the hard work of our team," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "We have taken a long-term view to build a strong company and create value for our shareholders." "Against the backdrop of a fragile global economy, the makeup of our Best Under a Billion demonstrates why small and medium sized enterprises ("SMEs") are considered essential to Asia Pacific," states the Forbes article. "Sales of this year's 200 SMEs from 15 countries on our list grew an average 48% last year and generated $47 billion in revenue while employing over 370,000 people. Comparatively, the Asian Pacific outfits on our Global 2000, the list of the biggest public companies in the world, grew an average 13 percent in the last year." "But despite their size and rapid ascent, these are not flash-in-the-pan businesses. The average age of our candidates is 24 years -- been publicly traded for 9 years," states the Forbes article. "The growth of listed entities in China has been fastest in the world in the years since the financial crisis. Our combined China- Hong Kong set of companies numbers 72, up from 65 last year. On average sales were up 49% and 36% over one-year and three-years while earnings per share have increased 49% and return on equity by 22%." The complete Forbes list of 200 companies can be found online at http://www.forbes.com/asia200/list.
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