NEW YORK, Nov. 4, 2011 /PRNewswire/ -- New York Global
Group, Inc., a leading Asia
focused private equity and corporate advisory firm
congratulates one of its portfolio companies, Harbin Electric, Inc.
(NASDAQ: HRBN) on its successful US$800
million merger acquisition with Tech Full Electric at
US$24 per share. Public shareholders
of Harbin Electric, Inc. were paid US$24 per share in cash, which is the largest
"going private" transaction for China based companies in the U.S. in 2011.
(Logo: http://photos.prnewswire.com/prnh/20100915/NY65608LOGO)
China based Harbin Electric,
Inc. became a U.S. listed public company via a reverse merger in
2005 at $2 per share. At the
$24 acquisition price, it represents
a 1200% gain for Harbin Electric's primarily U.S. based initial
investors since it became a public company on the OTCBB.
New York Global Group has been an advisor to Harbin Electric,
Inc. in connection with its initial going public process. Advisors
for the $800 million acquisition
included Goldman Sachs, Morgan Stanley and Lazard Freres, as well
as law firms Skadden Arps, Davis
Polk and others.
James N. Baxter, Esq, Chairman of
New York Global Group commented: "We are proud of our role in
Harbin's success story. Our
corporate finance and due diligence team in New York and Beijing, led by our President Mr. Benjamin Wey, initially identified Harbin as an outstanding China-based business worthy of entering the
U.S. capital markets. As one of our portfolio companies, we are
pleased with the extraordinary investor returns Harbin has generated for its U.S. public
shareholders."
Jennifer Wolf, New York Global
Group's Director of Corporate Communications commented: "Harbin
Electric's historical success in a negative market environment
towards China based U.S. listed
companies reflects New York Global Group's continued belief that
well managed China based companies
represent a tremendous value proposition for U.S. investors. We
anticipate more China based
companies leaving the U.S. stock exchanges for much higher valued
markets in China and Hong Kong."
New York Global Group wishes Harbin continued success in its potential
re-listing on the Hong Kong or
China stock exchanges at likely
higher valuations in the future.
About Harbin Electric, Inc.:
Harbin Electric, Inc., a leading China based developer and manufacturer of a
wide array of electric motors with a focus on innovative and
value-added products.
Website: www.harbinelectric.com
About New York Global Group:
New York Global Group ("NYGG") is a leading middle market
focused private equity and corporate advisory firm specialized in
Asian related projects. For over a decade, NYGG has executed more
than 200 Asian related transactions in the areas of corporate
finance, direct investments, market entry assistance and due
diligence assignments. With offices in Beijing China and on Wall Street in
New York City, NYGG serves growth
oriented private sector businesses as well as public companies
listed on global stock exchanges.
Website: www.nyggroup.com
SOURCE New York Global Group, Inc.