DONGGUAN and GUANGDONG, China, April 16, 2010 (GLOBE NEWSWIRE) -- China Vesting reconstituted its family of U.S. listed Chinese public company indexes on April 16 by adding China Shandong Industries (OTCBB:CSNH) to the China Dragon Undervalued Index. China Shandong Industries is a leading producer and marketer of straw wicker products, wooden crafts and wood furniture. The company sells 20,000 different products via 300 distributors and retailers in more than 30 countries. Their products are carried by Wal-Mart, IKEA and other mass market retailers.
On Thursday April 15th, China Shandong Industries filed their 10K annual report. Revenue for the fiscal year ended December 31, 2009 was approximately $60 million, increasing by approximately $18 million, or 41%, from approximately $42 million for the comparable period in 2008. Net income for fiscal 2009 was approximately $10.0 million, an increase of $4.24 million, or 73.6% as compared to $5.76 million in 2008.
China Shandong Industries currently has 25,725,000 shares outstanding and based on Thursday's closing price of $2.72 per share the market capitalization is $69,972,000. The company's current 2009 trailing Price to Earnings Ratio (P/E) is 6.99.
Additionally, China Vesting announces the removal of Songzai International Holding Group Inc. (OTCBB:SGZH) from the China Dragon Undervalued Index. Within the last month, Yvonne Zhang, the company's CFO, announced his resignation and yesterday the company reported 2009 fourth quarter revenues decreased 24.1% and net income plunged 77.5% year-over-year. China Vesting no longer considers the company to meet the requirements of its China Dragon Undervalued Index.
China Vesting determines membership for its indexes primarily by objective, market-capitalization rankings and style attributes.
Total returns data for the China 100 Index and other China Vesting Indexes are available at http://www.chinavesting.com
About China Vesting:
China Vesting researches 500 of the top U.S. Listed Chinese Public Companies and tracks the best 100 with state-of-the-art performance benchmarks. China Vesting is based in Dongguan China, an industrial city located in the Pearl River Delta. Dongguan borders the provincial capital of Guangzhou to the north, Huizhou to the northeast, Shenzhen to the south, and the Pearl River to the west. Our network consists of Chinese officials, investment bankers, venture capitalists, scholars, academics and most importantly entrepreneurs that track China Stocks.