HARBIN, China, July 13 /PRNewswire-Asia/ -- 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, today announced that Merrill Lynch has confirmed to the Company that it does not have in place any general restrictions to prevent Merrill Lynch clients from buying the Company's stock.
Over the past few trading days, several investors have reported to the Company that they could not execute buy transactions online in the Company's shares through Merrill Lynch. The Company contacted Merrill Lynch regarding these reports. After investigating these reports, Harbin Electric said that Merrill Lynch informed the Company that it does not have in place, nor did it have in place at any point in time, any general restriction on the purchase of the Company's shares by any of its clients. Merrill has also confirmed to the Company that any restrictions attributable to the ability of particular investors to purchase shares of the Company's stock are in no way attributable to Harbin Electric or its performance.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer and manufacturer of a wide array of electric motors with a focus on innovative, customized, and value-added products. Its major product lines include industrial rotary motors, linear motors, and specialty micro-motors. The Company's products are purchased by a broad range of domestic and international customers, including those involved in the energy industry, factory automation, food processing, packaging, transportation, automobile, medical devices, machinery and tool manufacturing, chemical, petrochemical, as well as in the metallurgical and mining industries. The Company operates four manufacturing facilities in China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin Electric has built a strong research and development capability by recruiting talent worldwide and through collaborations with top scientific institutions. The Company owns numerous patents in China and has developed award-winning products for its customers. Relying on its own proprietary technology, the Company developed an energy efficient linear motor driven oil pump, the first of its kind in the world, for the largest oil filed in China. Its self-developed linear motor propulsion system is powering China's first domestically made linear motor driven metro train. As China continues to grow its industrial base, Harbin Electric aspires to be a leader in the industrialization and technology transformation of the Chinese manufacturing sector. To learn more about Harbin Electric, visit http://www.harbinelectric.com .
For investor and media inquiries, please contact:
Christy Shue
Harbin Electric, Inc.
Executive VP, Finance & Investor Relations
Tel: +1-631-312-8612
Email: IR@HarbinElectric.com
Kathy Li
Christensen Investor Relations
Tel: +1-212-618-1978
Email: kli@christensenir.com
