Harbin Electric Chairman Elected as Deputy to the 11th National People's Congress
HARBIN, China, Feb. 15, 2008 /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 Mr. Tianfu Yang, Chairman of the Board and CEO, has been elected as a Deputy representing Heilongjiang Province to the 11th National People's Congress (NPC).
The National People's Congress is the highest state and sole legislative body in the People's Republic of China. Mr. Yang is one of very few entrepreneurs, Chairman of non-state owned companies, and non-party members to be elected. His election to the NPC is a highly distinguished recognition from the community for his exceptional contributions to Society and his outstanding leadership that has led Harbin Electric to become one of the top Small and Medium-Sized Enterprises in China as ranked by Forbes (China) magazine within a few years.
"I am honored to have been elected by the people of Heilongjiang to the National People's Congress," said Harbin Electric Chairman and Chief Executive Officer Tianfu Yang. "This honor and the trust placed in me by the community recognize not only the leading position of Harbin Electric in technology and manufacturing but also the company's focus on the environment and social responsibility in China. I am very pleased that our contributions and efforts are being recognized by the local community and the government."
Chairman Yang and Harbin Electric are confident that the Company has the necessary depth of management to ensure that Chairman Yang's new duties at the national level will not negatively impact the development and performance of Harbin Electric.
Chairman Yang added, "Over the past year, we have substantially reinforced our senior management team with the appointment of a number of highly talented and experienced executives with diverse expertise. The Board and I are totally confident in our ability to continue to innovate, build our advanced technological expertise and create additional value for our shareholders. We believe that this prominent recognition will positively impact the visibility of Harbin Electric and its brand name in the markets. "
About National People's Congress
The People's Republic of China practices the system of people's congress. The National People's Congress (NPC) is the highest organ of state power in China. Deputies to the NPC are elected by the provinces, autonomous regions and municipalities directly under the Central Government, and by the armed forces. Candidates for deputies to the people's congress at various levels are nominated on the basis of electoral districts or electoral units. The political parties and various organizations may either jointly or separately recommend candidates for deputies. The number of delegates to the National People's Congress shall be decided in accordance with the proportion of the population in each electoral district. At the same time, the allocation should make sure that there is appropriate representation of all ethnic groups, people from all walks of life and all political parties within the NPC.
The NPC is elected for a term of five years. It meets in session during the first quarter each year in Beijing and is convened by the NPC Standing Committee. The 11th NPC starts in 2008 and the deputies meet in March this year.
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/ .
For investor and media inquiries, please contact: Harbin Electric, Inc. In China Tel: +86-451-8611-6757 Email: MainlandIR@Tech-full.com In the U.S. Christy Shue Executive VP, Finance & Investor Relations Tel: +1-631-312-8612 Email: cshue@HarbinElectric.com