Duoyuan Global Water With a shortage of clean water in China, there is significant demand in Beijing-based water-treatment-and-processing company Duoyuan Global Water ( DGW). The proof of this investor interest came right after the company began trading on the New York Stock Exchange on June 24. Priced at $16 a share, topping its expected range between $13 and $15, it soared nearly 40% in its first day on the market. That energy hasn't waned. Over the course of the half year since its debut, Duoyuan Global Water has spiked 134% to close at $37.49 on Jan. 4. The China Association of Environmental Protection Industry estimates that circulating water treatment, purification and wastewater treatment equipment will become an $18 billion industry by 2010. With sales of only $87 million in 2008, Duoyuan has substantial room to grow, according to Morningstar. "Because China lagged developed countries in water-treatment needs, Duoyuan was able to offer products that meet domestic demand, but might be too low-end for multinational companies to have a technological edge on," Morningstar said in a note. Water-treatment giants like General Electric ( GE) have been unsuccessful at penetrating the Chinese market.