Nov. 28, 2012
/PRNewswire-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 that it has retained the Weitian Group LLC ("Weitian") for investor relations and corporate communications to augment its current services with RedChip Companies and to expand its outreach with institutional investors and analysts.
Weitian is uniquely positioned based on its knowledge of the U.S. capital markets and Chinese corporate culture. Weitian has bilingual professionals to provide around-the-clock investor relations services to clients and investors with its offices in
and Beijing. Weitian's founder,
, CFA, was formerly an Executive Director and Senior Research Analyst covering China Industrials at Oppenheimer & Co. Prior to joining Oppenheimer, Mr. Tian was a Vice President and Senior Research Analyst at Ladenburg Thalmann & Co. and spearheaded the company's
equity research effort.
"We are pleased to work with Tony and his team at Weitian," said Cai Yongjun, Chairman and Chief Executive Officer of Longwei. "We have added Weitian as a resource to reach out to institutional investors and analysts as we try to raise our profile in the public marketplace."
Longwei has filed its Definitive Proxy Statement, Schedule 14A, with the SEC for its annual shareholder meeting, which will be held on
Thursday, December 20, 2012
local time at the Company's offices, located at No. 30 Dajingyu Street, Xiaojingyu Xiang, Wan Bailin District, Taiyuan City 030024. Longwei separately plans to host an "investor and analyst day" next quarter to invite shareholders and interested parties to tour its facilities. The Company has received strong interest from institutional and private investors in visiting its facilities, including the new Huajie facility. Once plans are finalized, the Company will release additional details.
Longwei recently announced its product revenue increased 32.8% to
for the month ended
October 31, 2012
, compared to
for the month ended
, 2011. Longwei's product sales volume increased 20.2% year-over-year to 41,811.4 metric tons ("mt"), compared to 34,780.0mt for the month ended
, 2011. The increase in revenues was primarily attributable to the increase in the average sales price of petroleum and the volume growth of the new Huajie facility, which contributed
in product revenues during its first month in operation.
Bloomberg News (
November 27, 2012
) reported that profits at PRC industrial companies jumped 20.5% year-over-year in October to
), with growth accelerating from a 7.8% rise in September and providing further evidence that the economy is rebounding. "The improved industrial profitability further confirms that the Chinese economy is stabilizing and gaining growth momentum," said Ding Shuang, senior economist for the PRC at Citigroup Inc. in
, who previously worked at the country's central bank. Citigroup raised its 2013 GDP growth forecast for
to 7.8 percent from a previous estimate of 7.6 percent, according to a research report released
November 26, 2012
Longwei expects year-over-year revenue growth of approximately 26.6% to
, and net income growth of approximately 24.2% to
, adjusted for the warrant derivative liability, for the fiscal year ending
June 30, 2013
. This growth rate does not account for any external financing for inventory, which could accelerate growth. The growth is driven primarily by the ramp-up of the Huajie facility and organic growth at the Company's two existing facilities.
Longwei recently reported revenues of US
and non-GAAP net income of
per share, adjusted for the non-cash warrant derivative liability charge, for the first fiscal quarter ended
, 2012. The Company's product sales volume increased 17.8% year-over-year to 110,587 metric tons during the quarter. As of
September 30, 2012
, the Company reported total assets of US
and book value per share of
About Longwei Petroleum Investment Holding Limited