Forbes Magazine Names Harbin Electric a Top SME
HARBIN, 大发体育娱乐在线China, Jan. 22 /Xinhua-PRNewswire-FirstCall/ -- Harbin Electric, Inc. (or "the Company", Nasdaq: HRBN), a market leader in customized linear motors, motor/controller automation systems, automobile specialty micro-motors, and other special motors, today announced that it has been ranked number three by Forbes (China) magazine among the Most Promising Small and Medium-sized Enterprises (SMEs) in China.
Harbin Electric Chairman and Chief Executive Officer Tianfu Yang welcomed the publication of the Forbes list. He said: “We are honored to be ranked No. 3 among the 200 best small and medium-sized enterprises in China. “This is a prestigious list. Private SMEs are the dynamos of China’s economy, and the 200 companies on the list represent the fastest growing group in the Chinese corporate sector. Harbin Electric is a terrific example of this dynamism. Between 2004 and 2006, we had average sales growth of 168%, profit growth of 160% and a return on total assets of 33%. We have great products and great employees. I am very proud to be recognized by Forbes China as one of the top three in this outstanding group of enterprises.”
In compiling the list, Forbes China reviewed some 10,000 private sector enterprises with 2006 revenues between RMB 5 million (US$680,000) and RMB 1 billion (US$135 million) whose principal operations are within Chinese territory. It then selected 200 companies based on their financial performance between 2004 and 2006, and conducted an on-site review to determine the actual ranking. Among other measures, Forbes China looked at revenue and profit growth, return on total and net assets, and profit margin in 2004 to 2006. The magazine also took into account the 2007 performance of companies on the list.
Harbin Electric’s Chairman Yang participated in the SME Investment and Development Forum as an invited speaker at a panel discussion, as well as in an award ceremony organized by Forbes China in Shanghai on Jan. 17.
The list of 200 China’s Most Promising Small and Medium-sized Enterprises appears in the January issue of Forbes China, http://www.forbeschina.com/inc1/2008sme.htm .
About Harbin Electric, Inc.:
Harbin Electric, headquartered in Harbin, China, is a market leader in linear motors, motor/controller automation systems, automobile specialty micro-motors, and other special motors. It is the first and currently, to our knowledge, the only Chinese company to provide product development and integrated production tailored to customer applications in this industry. The Company takes pride in its environmental and social policies. It provides customers with energy efficient products and its employees with a family-friendly working environment, based on competitive compensation and humane work schedules.
A strong focus of Harbin Electric is its emphasis on high technology, innovation and creativity, based on a strong research and development (R&D) capability. It recruits talent worldwide and through collaboration with top scientific institutions. Its ISO certified manufacturing facility is equipped with state-of-the-art production lines and quality control systems to ensure product quality.
Harbin Electric uses its close customer relationships, its understanding of local markets and customer needs, and low production costs to outperform its international and domestic peers. It has steadily improved its competitive position in the domestic market for linear motors.
China’s rapidly expanding economy and government policy supporting the industry have provided a strong growth platform for Harbin Electric. The Company has a multifaceted growth strategy that it is successfully executing. It produces high quality, energy efficient products for customers and has delivered high annual growth in revenues and earnings to shareholders. To learn more about Harbin Electric, visit http://www.harbinelectric.com .
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