Electronic Cover.ai 5/12/2009 4:07:04 PM · PDF fileChina GrenTech Corp. Ltd. GRRF Kun Tao, CFA Technology China Housing and Land Development, Inc. CHLN Kun Tao, CFA Real Estate China

Electronic Cover.ai 5/12/2009 4:07:04 PM

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

May 8, 2009

ROTH CHINA SOURCE – May 2009

The ROTH CHINA SOURCE is a reference publication focused on providing investors with key information on publicly-traded Chinese companies. This fourth edition includes profiles on 177 companies within a variety of sectors, including 48 companies that are covered by our Research Department. This report is another chapter in ROTH's growing commitment to China. ROTH maintains 15 professionals in Shanghai, plus a complementary China team in the U.S. Our in-depth, feet-on-the-ground approach has built an industry leading knowledge of the overall U.S.-listed China sector, with analysts conducting site visits to over 100 companies in the past 12 months. Over the past two years ROTH has taken U.S. investors to more than 40 company facilities in mainland China and hosted close to 350 China company presentations at its U.S. and China conferences. It has completed over 40 transactions totaling more than $2 billion for U.S. listed Chinese companies.

Roth Covered Companies Mentioned in this Report:

Company Name Ticker Rating Company Name Ticker Rating

3SBio Inc. SSRX Buy Giant Interactive Group, Inc. GA Hold

American Dairy Inc. ADY Buy GigaMedia Ltd. GIGM Buy

American Oriental Bioengineering Inc. AOB Buy Global Sources Ltd. GSOL Hold

A-Power Energy Generation Systems, Ltd. APWR Hold Harbin Electric, Inc. HRBN Buy

AsiaInfo Holdings Inc. ASIA Buy HLS Systems International, Ltd. HOLI Buy

BMP Sunstone Corporation BJGP Hold HQ Sustainable Maritime Industries Inc. HQS Buy

China Agritech Inc. CAGC Buy LJ International Inc. JADE Hold

China BAK Battery, Inc. CBAK Hold Netease.com Inc. NTES Hold

China Cablecom Holdings Ltd. CABL Buy Perfect World Co., Ltd. PWRD Buy

China Fire & Security Group, Inc. CFSG Buy Shanda Interactive Entertainment Ltd. SNDA Sell

China GengSheng Minerals, Inc CHGS Buy ShengdaTech, Inc. SDTH Hold

China Green Agriculture, Inc. CGA Buy Shiner International, Inc. BEST Buy

China Housing and Land Development, Inc. CHLN Buy Simcere Pharmaceutical Group. SCR Buy

China Information Security Technology, Inc. CPBY Buy Solar Power, Inc. SOPW Buy

China Nepstar Chain Drugstore Ltd. NPD Hold Sunway Global, Inc. SUWG Hold

China Pharma Holdings Inc. CPHI Buy Sutor Technology Group, Ltd. SUTR Buy

China Precision Steel, Inc. CPSL Hold The9 Limited NCTY Hold

China Ritar Power Corp CRTP Buy Winner Medical Group Inc. WMDG Hold

China Security & Surveillance Technology, Inc. CSR Buy Wonder Auto Technology, Inc. WATG Buy

ChinaCast Education Corporation CAST Buy Xinyuan Real Estate Company Ltd. XIN Hold

Focus Media Holding Ltd. FMCN Buy Yongye Biotechnology International, Inc. YGYB Buy

Fuqi International, Inc. FUQI Buy Yucheng Technologies Limited YTEC Buy

Fushi Copperweld, Inc. FSIN Buy Yuhe International, Inc. YUII Buy

General Steel Holdings, Inc. GSI Hold Zhongpin, Inc. HOGS Buy

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Companies – Alphabetical

Full Name Ticker ROTH Analyst ROTH Industry

3SBio Inc. SSRX James Jiayuan Tong, M.D., Ph.D Healthcare

51job Inc. JOBS Richard Ingrassia Advertising, Media & Internet

Acorn International, Inc. ATV John Ma, CFA Advertising, Media & Internet

Actions Semiconductor Co. Ltd. ACTS Arnab Chanda Technology

AgFeed Industries, Inc. FEED Kun Tao, CFA Agricultural Products

AirMedia Group Inc. AMCN Richard Ingrassia Advertising, Media & Internet

Alyst Acquisition Corp. AYA Richard Ingrassia Advertising, Media & Internet

American Dairy Inc. ADY Howard Zhou Consumer Products & Retail

American Lorain Corporation ALRC Kun Tao, CFA Consumer Products & Retail

American Metal & Technology, Inc. AMGY Kun Tao, CFA Metals and Mining

American Oriental Bioengineering Inc. AOB James Jiayuan Tong, M.D., Ph.D Healthcare

A-Power Energy Generation Systems, Ltd. APWR Mark Tobin Energy

AsiaInfo Holdings Inc. ASIA Kun Tao, CFA Software

ATA, Inc. ATAI Howard Zhou Education

BMP Sunstone Corporation BJGP James Jiayuan Tong, M.D., Ph.D Healthcare

Canadian Solar Inc. CSIQ Brian Kremer Energy

Changyou.com Ltd CYOU Adam Krejcik Gaming & Leisure

Chardan 2008 China Acquisition Corp. CACA Sean Jiang, CFA SPAC

China Advanced Construction Materials Group, Inc. CADC Howard Zhou Construction

China Agritech Inc. CAGC Howard Zhou Agricultural Products

China Aoxing Pharmaceutical Co., Inc. CAXG James Jiayuan Tong, M.D., Ph.D Healthcare

China Architectural Engineering, Inc. CAEI Howard Zhou Construction

China Automotive Systems Inc. CAAS John Ma, CFA Industrials

China BAK Battery, Inc. CBAK Mark Tobin Energy

China Bio Energy Holding Co., Ltd. CBEH Sean Jiang, CFA Energy

China Biologic Products, Inc. CBPO James Jiayuan Tong, M.D., Ph.D Healthcare

China Broadband, Inc. CBBD Richard Ingrassia Advertising, Media & Internet

China Cablecom Holdings Ltd. CABL Richard Ingrassia Advertising, Media & Internet

China Carbon Graphite Group, Inc. CHGI Kun Tao, CFA Industrials

China Clean Energy, Inc. CCGY Sean Jiang, CFA Energy

China Digital TV Holding Co., Ltd. STV Kun Tao, CFA Technology

China Direct, Inc. CDII John Ma, CFA Natural Resources

China Distance Education Holdings Limited DL Howard Zhou Education

China Education Alliance Inc. CEUA Howard Zhou Education

China Energy Recovery, Inc. CGYV Sean Jiang, CFA Energy

China Finance Online Co. Ltd. JRJC Richard Ingrassia Advertising, Media & Internet

China Fire & Security Group, Inc. CFSG John Ma, CFA Industrials

China GengSheng Minerals, Inc CHGS Kun Tao, CFA Industrials

China Green Agriculture, Inc. CGA Howard Zhou Agricultural Products

China GrenTech Corp. Ltd. GRRF Kun Tao, CFA Technology

China Housing and Land Development, Inc. CHLN Kun Tao, CFA Real Estate

China Industrial Waste Management, Inc. CIWT Sean Jiang, CFA Industrials

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Full Name Ticker ROTH Analyst ROTH Industry

China Information Security Technology, Inc. CPBY Kun Tao, CFA Technology

China Infrastructure Investment Corp. CIIC Howard Zhou Construction

China Marine Food Group Limited CMFO Howard Zhou Consumer Products & Retail

China Mass Media International Advertising Corp. CMM Richard Ingrassia Advertising, Media & Internet

China Medical Technologies Inc. CMED James Jiayuan Tong, M.D., Ph.D Healthcare

China Medicine Corporation CHME James Jiayuan Tong, M.D., Ph.D Healthcare

China Natural Gas, Inc. CHNG Sean Jiang, CFA Energy

China Natural Resources Inc. CHNR Kun Tao, CFA Natural Resources

China Nepstar Chain Drugstore Ltd. NPD James Jiayuan Tong, M.D., Ph.D Healthcare

China North East Petroleum Holdings Ltd. CNEH Sean Jiang, CFA Energy

China Nutrifruit Group Limited CNGL Howard Zhou Consumer Products & Retail

China Pharma Holdings Inc. CPHI James Jiayuan Tong, M.D., Ph.D Healthcare

China Precision Steel, Inc. CPSL Kun Tao, CFA Metals and Mining

China Recycling Energy Corp CREG Mark Tobin Energy

China Ritar Power Corp CRTP Mark Tobin Energy

China RuiTai International Holdings Co., Ltd. CRUI Sean Jiang, CFA Chemicals

China Runji Cement Inc. CRJI Howard Zhou Chemicals

China Security & Surveillance Technology, Inc. CSR Kun Tao, CFA Technology

China Shen Zhou Mining & Resources, Inc. SHZ Kun Tao, CFA Natural Resources

China Shenghuo Pharmaceutical Holdings, Inc. KUN James Jiayuan Tong, M.D., Ph.D Healthcare

China Sky One Medical, Inc. CSKI James Jiayuan Tong, M.D., Ph.D Healthcare

China Solar & Clean Energy Solutions, Inc. CSOL Brian Kremer Energy

China Sunergy Co. Ltd. CSUN Brian Kremer Energy

China Techfaith Wireless Communication Tech Ltd. CNTF Kun Tao, CFA Technology

China TransInfo Technology Corp. CTFO Kun Tao, CFA Software

China Valves Technology, Inc. CVVT Mark Tobin Industrials

China Wind Systems, Inc. CWSI Mark Tobin Energy

China XD Plastics Company Ltd. CXDC John Ma, CFA Industrials

ChinaCast Education Corporation CAST Howard Zhou Education

ChinaEdu Corporation CEDU Howard Zhou Education

ChinaGrowth North Acquisition Corp. CGNY.F Sean Jiang, CFA SPAC

Chindex International Inc. CHDX James Jiayuan Tong, M.D., Ph.D Healthcare

City Telecom HK Ltd. CTEL Richard Ingrassia Advertising, Media & Internet

Clear Media Ltd. SEHK:100 Richard Ingrassia Advertising, Media & Internet

Cninsure Inc. CISG Sean Jiang, CFA Financials

Cogo Group, Inc. COGO Mark Tobin Technology

CS China Acquisition Corp CSAQ.F Sean Jiang, CFA SPAC

Ctrip.com International Ltd. CTRP John Ma, CFA Advertising, Media & Internet

Diguang International Development Co. Ltd. DGNG Kun Tao, CFA Technology

Duoyuan Printer NA John Ma, CFA Industrials

e-Future Information Technology Inc. EFUT Kun Tao, CFA Software

E-House (China) Holdings Limited EJ Kun Tao, CFA Real Estate

eLong Inc. LONG John Ma, CFA Gaming & Leisure

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Full Name Ticker ROTH Analyst ROTH Industry

Emerald Dairy, Inc. EMDY Howard Zhou Consumer Products & Retail

Ever-Glory International Group, Inc. EVK Elizabeth Pierce, CFA Consumer Products & Retail

Far East Energy Corp. FEEC Sean Jiang, CFA Energy

Focus Media Holding Ltd. FMCN Richard Ingrassia Advertising, Media & Internet

Fuda Faucet Works, Inc. FUFW Howard Zhou Construction

Fuqi International, Inc. FUQI Elizabeth Pierce, CFA Consumer Products & Retail

Fushi Copperweld, Inc. FSIN John Ma, CFA Industrials

General Steel Holdings, Inc. GSI Kun Tao, CFA Metals and Mining

Genesis Pharmaceuticals Enterprises, Inc GNPH James Jiayuan Tong, M.D., Ph.D Healthcare

Giant Interactive Group, Inc. GA Adam Krejcik Gaming & Leisure

GigaMedia Ltd. GIGM Todd Eilers Gaming & Leisure

GLG Life Tech Corporation GLG Anton Brenner Consumer Products & Retail

Global Sources Ltd. GSOL John Ma, CFA Advertising, Media & Internet

Gulf Resources, Inc. GFRE Sean Jiang, CFA Chemicals

Gushan Environmental Energy Limited GU Sean Jiang, CFA Energy

Harbin Electric, Inc. HRBN John Ma, CFA Industrials

HLS Systems International, Ltd. HOLI Mark Tobin Industrials

Home Inns & Hotels Management Inc. HMIN John Ma, CFA Real Estate

Hong Kong Highpower Technology, Inc. HPJ Mark Tobin Energy

HQ Sustainable Maritime Industries Inc. HQS Anton Brenner Consumer Products & Retail

Hurray! Holding Co. Ltd. HRAY Richard Ingrassia Advertising, Media & Internet

InterAmerican Acquisition Group Inc. IAQG Howard Zhou Construction

JA Solar Holdings Co., Ltd. JASO Brian Kremer Energy

Jingwei International Limited JNGW Kun Tao, CFA Software

Jinpan International Ltd. JST Mark Tobin Industrials

Kongzhong Corp. KONG Richard Ingrassia Advertising, Media & Internet

LDK Solar Co.Ltd. LDK Brian Kremer Energy

Linktone Ltd. LTON Richard Ingrassia Advertising, Media & Internet

LJ International Inc. JADE Elizabeth Pierce, CFA Consumer Products & Retail

Longtop Financial Technologies Limited LFT Kun Tao, CFA Software

Mindray Medical International Ltd. MR James Jiayuan Tong, M.D., Ph.D Healthcare

Nam Tai Electronics Inc. NTE Kun Tao, CFA Technology

Netease.com Inc. NTES Adam Krejcik Gaming & Leisure

New Dragon Asia Corp. NWD Howard Zhou Consumer Products & Retail

New Oriental Education & Technology Group EDU Howard Zhou Education

New Oriental Energy & Chemical Corp NOEC Sean Jiang, CFA Chemicals

Ninetowns Internet Technology Group Co. Limited NINE John Ma, CFA Advertising, Media & Internet

Noah Education Holdings, Ltd. NED Howard Zhou Education

OmniaLuo, Inc. OLOU Elizabeth Pierce, CFA Consumer Products & Retail

One Media Group Ltd. SEHK:426 Richard Ingrassia Advertising, Media & Internet

Origin Agritech Limited SEED Howard Zhou Agricultural Products

Perfect World Co., Ltd. PWRD Adam Krejcik Gaming & Leisure

Puda Coal Inc. PUDC Sean Jiang, CFA Natural Resources

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Full Name Ticker ROTH Analyst ROTH Industry

Qin Jia Yuan Media Services Co. Ltd. SEHK:2366 Richard Ingrassia Advertising, Media & Internet

QKL Stores Inc. QKLS Howard Zhou Consumer Products & Retail

ReneSola Ltd. SOL Brian Kremer Energy

RINO International Corporation RINO Sean Jiang, CFA Industrials

Semiconductor Manufacturing International SMI Arnab Chanda Technology

Shanda Interactive Entertainment Ltd. SNDA Adam Krejcik Gaming & Leisure

ShengdaTech, Inc. SDTH John Ma, CFA Chemicals

Shengkai Innovations, Inc. SKII Mark Tobin Industrials

Shiner International, Inc. BEST Howard Zhou Chemicals

Simcere Pharmaceutical Group. SCR James Jiayuan Tong, M.D., Ph.D Healthcare

Sina Corp. SINA John Ma, CFA Advertising, Media & Internet

Sino Shipping Holdings Inc. SSHZ John Ma, CFA Transportation

Sinoenergy Corporation SNEN Sean Jiang, CFA Energy

SinoHub, Inc. SIHI Kun Tao, CFA Technology

Sinovac Biotech Ltd. SVA James Jiayuan Tong, M.D., Ph.D Healthcare

Sohu.com Inc. SOHU John Ma, CFA Advertising, Media & Internet

SOKO Fitness & Spa Group, Inc SOKF Kun Tao, CFA Consumer Products & Retail

Solar Power, Inc. SOPW Mark Tobin Energy

Solarfun Power Holdings Co. Ltd. SOLF Brian Kremer Energy

SORL Auto Parts, Inc. SORL John Ma, CFA Industrials

Spreadtrum Communications Inc. SPRD Arnab Chanda Technology

Suntech Power Holdings Co. Ltd. STP Brian Kremer Energy

Sunway Global, Inc. SUWG James Jiayuan Tong, M.D., Ph.D Healthcare

Sutor Technology Group, Ltd. SUTR Kun Tao, CFA Metals and Mining

Synthesis Energy Systems, Inc. SYMX Sean Jiang, CFA Energy

Synutra International Inc. SYUT Howard Zhou Consumer Products & Retail

Telestone Technologies Corp. TSTC Kun Tao, CFA Technology

The9 Limited NCTY Adam Krejcik Gaming & Leisure

Tianyin Pharmaceutical Co., Inc. TPI James Jiayuan Tong, M.D., Ph.D Healthcare

Tongjitang Chinese Medicines Co. TCM James Jiayuan Tong, M.D., Ph.D Healthcare

Tongxin International, Ltd. TXIC John Ma, CFA Industrials

Trina Solar Ltd. TSL Brian Kremer Energy

Universal Travel Group UTVL John Ma, CFA Gaming & Leisure

VanceInfo Technologies Inc. VIT Kun Tao, CFA Technology

Vimicro International Corp. VIMC Arnab Chanda Technology

VisionChina Media Inc. VISN Richard Ingrassia Advertising, Media & Internet

Winner Medical Group Inc. WMDG John Ma, CFA Healthcare

Wonder Auto Technology, Inc. WATG John Ma, CFA Industrials

WSP Holdings Ltd. WH Mark Tobin Industrials

Wuhan General Group WUHN Sean Jiang, CFA Industrials

WuXi PharmaTech (Cayman) Inc. WX James Jiayuan Tong, M.D., Ph D

Healthcare

Xinhua Sports & Entertainment Ltd. XSEL Richard Ingrassia Advertising, Media & Internet

Xinyuan Real Estate Company Ltd. XIN Kun Tao, CFA Real Estate

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Full Name Ticker ROTH Analyst ROTH Industry

Yanglin Soybean, Inc. YSYB Howard Zhou Consumer Products & Retail

Yingli Green Energy Holding Co. Ltd. YGE Brian Kremer Energy

Yongye Biotechnology International, Inc. YGYB Howard Zhou Agricultural Products

Yucheng Technologies Limited YTEC Kun Tao, CFA Software

Yuhe International, Inc. YUII Kun Tao, CFA Consumer Products & Retail

Zhongpin, Inc. HOGS Kun Tao, CFA Consumer Products & Retail

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Companies – Sector

Full Name Ticker ROTH Analyst ROTH Industry

51job Inc. JOBS Richard Ingrassia Advertising, Media & Internet

Acorn International, Inc. ATV John Ma, CFA Advertising, Media & Internet

AirMedia Group Inc. AMCN Richard Ingrassia Advertising, Media & Internet

Alyst Acquisition Corp. AYA Richard Ingrassia Advertising, Media & Internet

China Broadband, Inc. CBBD Richard Ingrassia Advertising, Media & Internet

China Cablecom Holdings Ltd. CABL Richard Ingrassia Advertising, Media & Internet

China Finance Online Co. Ltd. JRJC Richard Ingrassia Advertising, Media & Internet

China Mass Media International Advertising Corp. CMM Richard Ingrassia Advertising, Media & Internet

City Telecom HK Ltd. CTEL Richard Ingrassia Advertising, Media & Internet

Clear Media Ltd. SEHK:100 Richard Ingrassia Advertising, Media & Internet

Ctrip.com International Ltd. CTRP John Ma, CFA Advertising, Media & Internet

Focus Media Holding Ltd. FMCN Richard Ingrassia Advertising, Media & Internet

Global Sources Ltd. GSOL John Ma, CFA Advertising, Media & Internet

Hurray! Holding Co. Ltd. HRAY Richard Ingrassia Advertising, Media & Internet

Kongzhong Corp. KONG Richard Ingrassia Advertising, Media & Internet

Linktone Ltd. LTON Richard Ingrassia Advertising, Media & Internet

Ninetowns Internet Technology Group Co. Limited NINE John Ma, CFA Advertising, Media & Internet

One Media Group Ltd. SEHK:426 Richard Ingrassia Advertising, Media & Internet

Qin Jia Yuan Media Services Co. Ltd. SEHK:2366 Richard Ingrassia Advertising, Media & Internet

Sina Corp. SINA John Ma, CFA Advertising, Media & Internet

Sohu.com Inc. SOHU John Ma, CFA Advertising, Media & Internet

VisionChina Media Inc. VISN Richard Ingrassia Advertising, Media & Internet

Xinhua Sports & Entertainment Ltd. XSEL Richard Ingrassia Advertising, Media & Internet

AgFeed Industries, Inc. FEED Kun Tao, CFA Agricultural Products

China Agritech Inc. CAGC Howard Zhou Agricultural Products

China Green Agriculture, Inc. CGA Howard Zhou Agricultural Products

Origin Agritech Limited SEED Howard Zhou Agricultural Products

Yongye Biotechnology International, Inc. YGYB Howard Zhou Agricultural Products

China RuiTai International Holdings Co., Ltd. CRUI Sean Jiang, CFA Chemicals

China Runji Cement Inc. CRJI Howard Zhou Chemicals

Gulf Resources, Inc. GFRE Sean Jiang, CFA Chemicals

New Oriental Energy & Chemical Corp NOEC Sean Jiang, CFA Chemicals

ShengdaTech, Inc. SDTH John Ma, CFA Chemicals

Shiner International, Inc. BEST Howard Zhou Chemicals

China Advanced Construction Materials Group, Inc. CADC Howard Zhou Construction

China Architectural Engineering, Inc. CAEI Howard Zhou Construction

China Infrastructure Investment Corp. CIIC Howard Zhou Construction

Fuda Faucet Works, Inc. FUFW Howard Zhou Construction

InterAmerican Acquisition Group Inc. IAQG Howard Zhou Construction

American Dairy Inc. ADY Howard Zhou Consumer Products & Retail

American Lorain Corporation ALRC Kun Tao, CFA Consumer Products & Retail

China Marine Food Group Limited CMFO Howard Zhou Consumer Products & Retail

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Full Name Ticker ROTH Analyst ROTH Industry

China Nutrifruit Group Limited CNGL Howard Zhou Consumer Products & Retail

Emerald Dairy, Inc. EMDY Howard Zhou Consumer Products & Retail

Ever-Glory International Group, Inc. EVK Elizabeth Pierce, CFA Consumer Products & Retail

Fuqi International, Inc. FUQI Elizabeth Pierce, CFA Consumer Products & Retail

GLG Life Tech Corporation GLG Anton Brenner Consumer Products & Retail

HQ Sustainable Maritime Industries Inc. HQS Anton Brenner Consumer Products & Retail

LJ International Inc. JADE Elizabeth Pierce, CFA Consumer Products & Retail

New Dragon Asia Corp. NWD Howard Zhou Consumer Products & Retail

OmniaLuo, Inc. OLOU Elizabeth Pierce, CFA Consumer Products & Retail

QKL Stores Inc. QKLS Howard Zhou Consumer Products & Retail

SOKO Fitness & Spa Group, Inc SOKF Kun Tao, CFA Consumer Products & Retail

Synutra International Inc. SYUT Howard Zhou Consumer Products & Retail

Yanglin Soybean, Inc. YSYB Howard Zhou Consumer Products & Retail

Yuhe International, Inc. YUII Kun Tao, CFA Consumer Products & Retail

Zhongpin, Inc. HOGS Kun Tao, CFA Consumer Products & Retail

ATA, Inc. ATAI Howard Zhou Education

China Distance Education Holdings Limited DL Howard Zhou Education

China Education Alliance Inc. CEUA Howard Zhou Education

ChinaCast Education Corporation CAST Howard Zhou Education

ChinaEdu Corporation CEDU Howard Zhou Education

New Oriental Education & Technology Group EDU Howard Zhou Education

Noah Education Holdings, Ltd. NED Howard Zhou Education

A-Power Energy Generation Systems, Ltd. APWR Mark Tobin Energy

Canadian Solar Inc. CSIQ Brian Kremer Energy

China BAK Battery, Inc. CBAK Mark Tobin Energy

China Bio Energy Holding Co., Ltd. CBEH Sean Jiang, CFA Energy

China Clean Energy, Inc. CCGY Sean Jiang, CFA Energy

China Energy Recovery, Inc. CGYV Sean Jiang, CFA Energy

China Natural Gas, Inc. CHNG Sean Jiang, CFA Energy

China North East Petroleum Holdings Ltd. CNEH Sean Jiang, CFA Energy

China Recycling Energy Corp CREG Mark Tobin Energy

China Ritar Power Corp CRTP Mark Tobin Energy

China Solar & Clean Energy Solutions, Inc. CSOL Brian Kremer Energy

China Sunergy Co. Ltd. CSUN Brian Kremer Energy

China Wind Systems, Inc. CWSI Mark Tobin Energy

Far East Energy Corp. FEEC Sean Jiang, CFA Energy

Gushan Environmental Energy Limited GU Sean Jiang, CFA Energy

Hong Kong Highpower Technology, Inc. HPJ Mark Tobin Energy

JA Solar Holdings Co., Ltd. JASO Brian Kremer Energy

LDK Solar Co.Ltd. LDK Brian Kremer Energy

ReneSola Ltd. SOL Brian Kremer Energy

Sinoenergy Corporation SNEN Sean Jiang, CFA Energy

Solar Power, Inc. SOPW Mark Tobin Energy

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Full Name Ticker ROTH Analyst ROTH Industry

Solarfun Power Holdings Co. Ltd. SOLF Brian Kremer Energy

Suntech Power Holdings Co. Ltd. STP Brian Kremer Energy

Synthesis Energy Systems, Inc. SYMX Sean Jiang, CFA Energy

Trina Solar Ltd. TSL Brian Kremer Energy

Yingli Green Energy Holding Co. Ltd. YGE Brian Kremer Energy

Cninsure Inc. CISG Sean Jiang, CFA Financials

Changyou.com Ltd CYOU Adam Krejcik Gaming & Leisure

eLong Inc. LONG John Ma, CFA Gaming & Leisure

Giant Interactive Group, Inc. GA Adam Krejcik Gaming & Leisure

GigaMedia Ltd. GIGM Todd Eilers Gaming & Leisure

Netease.com Inc. NTES Adam Krejcik Gaming & Leisure

Perfect World Co., Ltd. PWRD Adam Krejcik Gaming & Leisure

Shanda Interactive Entertainment Ltd. SNDA Adam Krejcik Gaming & Leisure

The9 Limited NCTY Adam Krejcik Gaming & Leisure

Universal Travel Group UTVL John Ma, CFA Gaming & Leisure

3SBio Inc. SSRX James Jiayuan Tong, M.D., Ph.D Healthcare

American Oriental Bioengineering Inc. AOB James Jiayuan Tong, M.D., Ph.D Healthcare

BMP Sunstone Corporation BJGP James Jiayuan Tong, M.D., Ph.D Healthcare

China Aoxing Pharmaceutical Co., Inc. CAXG James Jiayuan Tong, M.D., Ph.D Healthcare

China Biologic Products, Inc. CBPO James Jiayuan Tong, M.D., Ph.D Healthcare

China Medical Technologies Inc. CMED James Jiayuan Tong, M.D., Ph.D Healthcare

China Medicine Corporation CHME James Jiayuan Tong, M.D., Ph.D Healthcare

China Nepstar Chain Drugstore Ltd. NPD James Jiayuan Tong, M.D., Ph.D Healthcare

China Pharma Holdings Inc. CPHI James Jiayuan Tong, M.D., Ph.D Healthcare

China Shenghuo Pharmaceutical Holdings, Inc. KUN James Jiayuan Tong, M.D., Ph.D Healthcare

China Sky One Medical, Inc. CSKI James Jiayuan Tong, M.D., Ph.D Healthcare

Chindex International Inc. CHDX James Jiayuan Tong, M.D., Ph.D Healthcare

Genesis Pharmaceuticals Enterprises, Inc GNPH James Jiayuan Tong, M.D., Ph.D Healthcare

Mindray Medical International Ltd. MR James Jiayuan Tong, M.D., Ph.D Healthcare

Simcere Pharmaceutical Group. SCR James Jiayuan Tong, M.D., Ph.D Healthcare

Sinovac Biotech Ltd. SVA James Jiayuan Tong, M.D., Ph.D Healthcare

Sunway Global, Inc. SUWG James Jiayuan Tong, M.D., Ph.D Healthcare

Tianyin Pharmaceutical Co., Inc. TPI James Jiayuan Tong, M.D., Ph.D Healthcare

Tongjitang Chinese Medicines Co. TCM James Jiayuan Tong, M.D., Ph.D Healthcare

Winner Medical Group Inc. WMDG John Ma, CFA Healthcare

WuXi PharmaTech (Cayman) Inc. WX James Jiayuan Tong, M.D., Ph.D Healthcare

China Automotive Systems Inc. CAAS John Ma, CFA Industrials

China Carbon Graphite Group, Inc. CHGI Kun Tao, CFA Industrials

China Fire & Security Group, Inc. CFSG John Ma, CFA Industrials

China GengSheng Minerals, Inc CHGS Kun Tao, CFA Industrials

China Industrial Waste Management, Inc. CIWT Sean Jiang, CFA Industrials

China Valves Technology, Inc. CVVT Mark Tobin Industrials

China XD Plastics Company Ltd. CXDC John Ma, CFA Industrials

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Full Name Ticker ROTH Analyst ROTH Industry

Duoyuan Printer NA John Ma, CFA Industrials

Fushi Copperweld, Inc. FSIN John Ma, CFA Industrials

Harbin Electric, Inc. HRBN John Ma, CFA Industrials

HLS Systems International, Ltd. HOLI Mark Tobin Industrials

Jinpan International Ltd. JST Mark Tobin Industrials

RINO International Corporation RINO Sean Jiang, CFA Industrials

Shengkai Innovations, Inc. SKII Mark Tobin Industrials

SORL Auto Parts, Inc. SORL John Ma, CFA Industrials

Tongxin International, Ltd. TXIC John Ma, CFA Industrials

Wonder Auto Technology, Inc. WATG John Ma, CFA Industrials

WSP Holdings Ltd. WH Mark Tobin Industrials

Wuhan General Group WUHN Sean Jiang, CFA Industrials

American Metal & Technology, Inc. AMGY Kun Tao, CFA Metals and Mining

China Precision Steel, Inc. CPSL Kun Tao, CFA Metals and Mining

General Steel Holdings, Inc. GSI Kun Tao, CFA Metals and Mining

Sutor Technology Group, Ltd. SUTR Kun Tao, CFA Metals and Mining

China Direct, Inc. CDII John Ma, CFA Natural Resources

China Natural Resources Inc. CHNR Kun Tao, CFA Natural Resources

China Shen Zhou Mining & Resources, Inc. SHZ Kun Tao, CFA Natural Resources

Puda Coal Inc. PUDC Sean Jiang, CFA Natural Resources

China Housing and Land Development, Inc. CHLN Kun Tao, CFA Real Estate

E-House (China) Holdings Limited EJ Kun Tao, CFA Real Estate

Home Inns & Hotels Management Inc. HMIN John Ma, CFA Real Estate

Xinyuan Real Estate Company Ltd. XIN Kun Tao, CFA Real Estate

AsiaInfo Holdings Inc. ASIA Kun Tao, CFA Software

China TransInfo Technology Corp. CTFO Kun Tao, CFA Software

e-Future Information Technology Inc. EFUT Kun Tao, CFA Software

Jingwei International Limited JNGW Kun Tao, CFA Software

Longtop Financial Technologies Limited LFT Kun Tao, CFA Software

Yucheng Technologies Limited YTEC Kun Tao, CFA Software

Chardan 2008 China Acquisition Corp. CACA Sean Jiang, CFA SPAC

ChinaGrowth North Acquisition Corp. CGNY.F Sean Jiang, CFA SPAC

CS China Acquisition Corp CSAQ.F Sean Jiang, CFA SPAC

Actions Semiconductor Co. Ltd. ACTS Arnab Chanda Technology

China Digital TV Holding Co., Ltd. STV Kun Tao, CFA Technology

China GrenTech Corp. Ltd. GRRF Kun Tao, CFA Technology

China Information Security Technology, Inc. CPBY Kun Tao, CFA Technology

China Security & Surveillance Technology, Inc. CSR Kun Tao, CFA Technology

China Techfaith Wireless Communication Tech Ltd. CNTF Kun Tao, CFA Technology

Cogo Group, Inc. COGO Mark Tobin Technology

Diguang International Development Co. Ltd. DGNG Kun Tao, CFA Technology

Nam Tai Electronics Inc. NTE Kun Tao, CFA Technology

Semiconductor Manufacturing International SMI Arnab Chanda Technology

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Full Name Ticker ROTH Analyst ROTH Industry

SinoHub, Inc. SIHI Kun Tao, CFA Technology

Spreadtrum Communications Inc. SPRD Arnab Chanda Technology

Telestone Technologies Corp. TSTC Kun Tao, CFA Technology

VanceInfo Technologies Inc. VIT Kun Tao, CFA Technology

Vimicro International Corp. VIMC Arnab Chanda Technology

Sino Shipping Holdings Inc. SSHZ John Ma, CFA Transportation

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Market Data for Company Profiles as of Market Close on 5/6/09 The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC (“ROTH”) and its affiliates, are from sources believed to be reliable but are in no way guaranteed to be complete or accurate. These Company Specific Profiles should not be used as a complete analysis of the company, industry or security discussed in these profiles. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2009. Member: FINRA/SIPC. Disclosures Please refer to important disclosure information on the bottom of each company profile. ROTH Capital Partners, LLC ("ROTH") expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of the profile for each ROTH covered company in this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. For important disclosure information regarding the ROTH covered companies in this report, please contact: The Director of Research at (800) 678-9147 or write to, ROTH Capital Partners, LLC, Attention: Director of Research, 24 Corporate Plaza, Newport Beach, CA 92660.

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

Disclosure Legend (a) Within the last twelve months, ROTH has received compensation for investment banking

services from this company. This research contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Act of 1995.

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(e*) A Research Analyst and/or a member of the Analyst’s household own(s) equity options.

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Distribution of IB Services Firmwide

IB Serv./Past 12 Mos.as of 05/06/09

Rating Count Percent Count Percent

BUY [B] 123 65.4 7 5.7HOLD [H] 61 32.4 3 4.9SELL [S] 3 1.6 0 0NOT RATED [NR] 1 0.5 0 0

Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions - ROTH employs a rating system based on the following: Buy: A security, which at the time the rating is instituted and or reiterated, indicates an expectation of a total return of at least 10% over the next 12 months. Hold: A security, which at the time the rating is instituted and or reiterated, indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A security, which at the time the rating is instituted and or reiterated, indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Not Rated: A security which at the time the rating is instituted and or reiterated, indicates that we have no opinion or expectations as to the price of the security over the next 12 months. Not Covered (NC): ROTH does not publish research or have an opinion about this security.

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. (NYSE:CSR)13/F Shenzhen Special Zone Press Tower, Shennan Road Futian, Shenzhen, Guangdong Province, 518034, China l Phone #: 86 755 8351 0888 I Website: www.csstf.com

Price/Volume Chart Stock Data (5/6/2009)

Current Price $8.47

52 Wk. Low-High $2.47 - $21.78 Shares Outstanding (mil) 50.5 Market Cap (mil) $427.7 3-Month Avg. Vol. 750,664

Cash (mil) $47.8 Total Debt (mil) $163.1

Financials FYE Dec 2007 2008 2009E 2010E Revenue ($ millions) 240.2 427.4 610.7 801.2 Net Income ($ millions) 35.3 32.6 102.8 126.5 EPS ($) 0.91 0.72 2.01 2.31

Company Description

China Security & Surveillance Technology, Inc., through its subsidiaries, engages in the manufacture, distribution, installation, and maintenance of security and surveillance systems, and the development and integration of related software in China. Products include standalone embedded, and mobile digital video recorders. The company sells its products to government agencies, airports, customs agencies, hotels, real estate developments, banks, mines, railways, supermarkets, and entertainment enterprises through its distribution network. The company is headquartered in Shenzhen, China.

Business Update

For 4Q08, revenue was $143.5 mm, up 70.5% Y/Y. Net income decreased to $11.2 mm from $14.8 mm a year ago. EPS was $0.23 per share, compared with $0.35 of 4Q07. For FY09, the Company reaffirmed its guidance with revenue of $600 to $630 mm, net income of $108-$113 mm, or $2.16-$2.26 per share. The company estimates that non-cash interest expense on redemption accrual, employee stock compensation expense, and depreciation and amortization will be approximately $22.7 mm, $18.5 mm, and $12 mm, respectively. For 1Q09, the company reported revenue of $96.4mm and pro forma EPS of $0.30. We note the short term overhangs still exist and we believe additional A/R financing is critical for the company’s operating cash flow.

Auditor

GHP Horwath, P.C.

Legal Counsel

Pillsbury Winthrop Shaw Pittman LLP

IR Contact

Kewa Luo , 1-212-984-0688 , [email protected] ICR Inc., Bill Zima, (203) 682-8200, [email protected]

Due Diligence

A ROTH analyst has visited the company's principal operations in the past 12 months. ROTH provides research coverage.

ROTH Contact: Kun Tao, CFA, [email protected], (949) 720-7149

Source: ROTH estimates, Bloomberg, Thomson, SEC filings

Disclosures: b, g

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

CHINACAST EDUCATION CORPORATION (NASDAQGM:CAST) 15th Floor Ruoy Chai International Building, No 8 Yong An Dong Li Jian Guo Men Wai Avenue, Beijing, 100022, China l Phone #: 86 10 6566 7788 I Website: www.chinacasteducation.com

Price/Volume Chart Stock Data (5/6/2009)

Current Price $4.97 52 Wk. Low-High $1.59 - $4.96

Shares Outstanding (mil) 35.7 Market Cap (mil) $177.2 3-Month Avg. Vol. 76,272

Cash (mil) $86.6 Total Debt (mil) $12.4

Financials FYE Dec 2007 2008 2009E 2010E Revenue ($ millions) 25.7 41.9 48.2 53.8

Net Income ($ millions) 8.0 6.3 12.9 17.6 EPS ($) 0.29 0.20 0.36 0.49

Company Description

Established in 1999, ChinaCast is one of the PRC's leading publicly listed for-profit, post-secondary education and e-learning services providers. With over 1,200 employees, ChinaCast serves 128,000 students over its e-learning network and more than 10,400 students in traditional education settings. The Company provides undergraduate degree programs through its 80% ownership in the Foreign Trade and Business College (FTBC) of Chongqing Normal University, and provides its e-learning education services via its nationwide satellite broadband network to leading post-secondary educational institutions, K-12 schools, government agencies and corporate enterprises.

Business Update

4Q08 revenue increased 37.1% yoy to $12.1MM. Excluding a total of $3.4MM one-time impairment charge, non-GAAP EPS were $0.05, compared with $0.03 a year ago. Management guided for 2009 revenue of $49MM-$51MM and adjusted net income of $14MM-$16MM, excluding stock-based compensation and impairment charges. On April 13, the company announced it has signed an agreement to acquire its second private university located in Southwestern China. The deal is expected to close within 90 days. We estimate the acquisition will be approx. $0.12 accretive to EPS (excluding amortization expense of related intangibles for the 2009 academic year).

Auditor

Deloitte Touche Tohmatsu CPA Ltd.

Legal Counsel

Loeb & Loeb LLP

IR Contact

ChinaCast Education, Michael Santos, Chief Marketing Officer, (347) 482-1588, [email protected]; HC International, Inc.,Ted Haberfield, Executive VP, (760) 755-2716, [email protected]

Due Diligence

A ROTH analyst has visited the company's principal operations in the past 12 months. ROTH provides research coverage.

ROTH Contact: Howard Zhou, [email protected], (949) 720-5736

Source: ROTH estimates, Bloomberg, Thomson, SEC filings

Disclosures: a, b, c, i

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

HARBIN ELECTRIC, INC. (NASDAQGM:HRBN) No 9 Ha Ping Xi Lu Ha Ping Lu Ji Zhong Qu, Harbin Kai Fa Qu, Harbin, Heilongjiang Province, 150060, China l Phone #: 86 451 8611 6757 I Website: www.harbinelectric.com

Price/Volume Chart Stock Data (5/6/2009)

Current Price $10.81

52 Wk. Low-High $4.25 - $19.25 Shares Outstanding (mil) 22.1 Market Cap (mil) $238.9 3-Month Avg. Vol. 61,051

Cash (mil) $48.4 Total Debt (mil) $38.8

Financials FYE Dec 2007 2008 2009E 2010E Revenue ($ millions) 65.4 120.8 164.4 218.5 Net Income ($ millions) 16.9 25.4 29.6 44.2 EPS ($) 0.91 1.19 1.27 1.81

Company Description

Harbin Electric, Inc. develops, engineers, manufactures, and sells customized linear motors, motor/controller automation systems, automotive specialty micro-motors and other special motors. The company develops products based on specific design specifications for customers and differentiates itself as a low-cost provider that meets specific technology applications unique to each customer, with particular strength in the linear motor and automobile specialty micro-motors markets. The company supplies its motor products and systems to end users in China and to other industrial original equipment manufacturing customers internationally. The company is headquartered in Harbin, China.

Business Update

Q4'08 revenue rose 80% to $34.7M with net income of $6.0M or $0.27 per share. FY08 revenue rose 85% to $120.8M with net income of $25.4M or $1.19 per share. Management does not provide guidance.

Auditor

Moore Stephens Frazer & Torbet LLP

Legal Counsel

Reed Smith LLP

IR Contact

Christy Shue, EVP of Finance, (631) 812-3612

Due Diligence

A ROTH analyst has visited the company's principal operations in the past 12 months. ROTH provides research coverage.

ROTH Contact: John Ma, CFA, [email protected], (949) 720-5738

Source: ROTH estimates, Bloomberg, Thomson, SEC filings

Disclosures: a, b

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

HLS SYSTEMS INTERNATIONAL, LTD. (NASDAQGS:HOLI) 10 Jiancaicheng Middle Road, Xisanqi, Haidian District, Beijing, 100096,China l Phone #: 86 10 5898 1386 I Website: www.hollysys.com

Price/Volume Chart Stock Data (5/6/2009)

Current Price $4.98

52 Wk. Low-High $2.00 - $7.90 Shares Outstanding (mil) 43.9 Market Cap (mil) $218.8 3-Month Avg. Vol. 48,400

Cash (mil) $86.4 Total Debt (mil) $24.9

Financials FYE Jun 2007 2008 2009E 2010E Revenue ($ millions) 101.9 121.5 163.4 194.6 Net Income ($ millions) 13.1 (1.7) 6.7 28.3 EPS ($) 0.85 0.50 0.53 0.61

Company Description

HLS Systems International Limited engages in the research, development, production, sale, and distribution of industrial automation and control systems for the industrial, rail, and nuclear power sectors in the People’s Republic of China. The company is headquartered in Beijing, China.

Business Update

Q2 FY09 (Dec 08) revenue increased 22.2% yoy to $52.5 million. Net income increased 114.0% to $11.1 million, or $0.25 per share. The company ended 2Q09 with a backlog of $164.2 million, compared to $200.7 million at 1Q09 and $121.4 million at 2Q08. Backlog consisted of $52.7 million of industrial automation and control, $51.5 million of subway, $56.0 million for rail and $4.0 million for nuclear. Management reiterated its 2009 guidance calling for revenue between $150 million and $165 million and gross margins between 30% to 35%. We continue to view HOLI's outlook as positive and believe HOLI provides investors with exposure to China's rapidly growing rail and nuclear sectors.

Auditor

BDO McCabe Lo Ltd.

Legal Counsel

Pillsbury Winthrop Shaw Pittman LLP

IR Contact

Jennifer Zhang, 86 10 5898 1386

Due Diligence

A ROTH analyst has visited the company's principal operations in the past 12 months. ROTH provides research coverage.

ROTH Contact: Mark Tobin, [email protected], (949) 720-5775

Source: ROTH estimates, Bloomberg, Thomson, SEC filings

Disclosures: b

China ROTH China Source – May 2009

This material is part of the ROTH China Source May 2009 report. Please find analyst certification and important disclosure information at the end of the company profile section.

ZHONGPIN, INC. (NASDAQGS:HOGS) No 21 Changshe Road, Changge, Henan Province, 461500, China l Phone #: 86 374 6216633 I Website: www.zpfood.com

Price/Volume Chart Stock Data (5/6/2009)

Current Price $9.95

52 Wk. Low-High $6.50 - $13.65 Shares Outstanding (mil) 27.6 Market Cap (mil) $274.3 3-Month Avg. Vol. 174,103

Cash (mil) $41.9 Total Debt (mil) $109.0

Financials FYE Dec 2007 2008 2009E 2010E Revenue ($ millions) 291.4 539.8 743.4 909.5 Net Income ($ millions) 18.5 31.4 45.3 56.8 EPS ($) 0.80 1.05 1.50 1.85

Company Description

Zhongpin, Inc. engages in the meat and food processing operations in the People's Republic of China. It primarily offers chilled and frozen pork products as well as prepared meats, such as sausages, hams, and Chinese cured hams. The company also offers fruits and vegetable produces, including asparagus, sweet corn, broccoli, mushrooms, lima beans, strawberries, and capsicum. Zhongpin sells directly to retail outlets, including supermarkets and distributors. Its customers primarily include fast food companies, processing factories, school cafeterias, factory canteens, and national departments. The company is based in Changge City, Henan Province, China.

Business Update

For 4Q08, revenue increased 39% Y/Y to $139.8. Net income increased 9% to $5.5 mm or $0.18 per share. Management reiterated its FY09 guidance of $780-$810 mm for revenue, gross margin of approximately 12% and $46.05-$50.04mm net income or $1.50-$1.63 per share, assuming 30.7 mm shares outstanding. In Apr 2009, the Company commenced the construction of a pork production facility in Tianjin City, a prepared meat facility in Changge City Henan Province, and began production of fruits and vegetables at its new Changge facility, which will raise its prepared meat capacity by 133%, chilled and frozen pork capacity by 9%, fruit and vegetable capacity by 14%.

Auditor

BDO McCabe Lo Ltd.

Legal Counsel

Pryor Cashman Sherman & Flynn LLP

IR Contact

CCG Investor Relations Inc., Crocker Coulson, (646) 213-1915, [email protected]

Due Diligence

A ROTH analyst has visited the company's principal operations in the past 12 months. ROTH provides research coverage.

ROTH Contact: Kun Tao, CFA, [email protected], (949) 720-7149

Source: ROTH estimates, Bloomberg, Thomson, SEC filings

Disclosures: b, c