Sweet relief. Late in Friday’s trading session Harbin Electric (HRBN) issued perhaps the most important press release in its existence as a public company:
HARBIN, China, May 27, 2011 /PRNewswire-Asia-FirstCall/ — Harbin Electric, Inc., (“Harbin Electric” or the “Company”; Nasdaq: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People’s Republic of China, has received telephone calls and emails from a number of investment professionals inquiring about rumors concerning its Chairman and Chief Executive Officer, Mr. Tianfu Yang (“Mr. Yang”) and its Chief Financial Officer, Mr. Zedong Xu (“Mr. Xu”), including that Mr. Yang and Mr. Xu have gone missing.
The Company, Mr. Tianfu Yang and Mr. Zedong Xu categorically deny such rumors. The Company is happy to report that the entire management team of the Company including Mr. Yang and Mr. Xu have been and are at work and are fully performing their respective corporate duties.
Harbin, as some readers may recall, is one of a long line of Ping Luo promoted Chinese reverse mergers, and one of an interesting group of Chinese reverse mergers with seemingly nonsensical buyout offers swirling around them (Fushi Copperweld (FSIN) a firm that has many odd connections with HRBN is another of this group). Harbin‘s too-good-to-be-true financials have been ripped to shreds by Roddy Boyd at The Financial Investigator. Read Roddy’s excellent exposes here and see a tour of HRBN‘s facilities prepared by The Financial Investigator here. At least investors can sleep well this long holiday weekend knowing that whatever it is that HRBN‘s fine management team are up to, they are, apparently, still at it.