NEW YORK – Loeb & Loeb advised its client Harbin Electric, Inc., a Chinese manufacturer of industrial motors, in an underwritten public offering of 6,250,000 shares of its common stock at $16.00 per share. The deal closed August 4th and the net proceeds of this transaction, estimated at $93.6 million, will be used to fund expansion and development of the company.
With three facilities in the People’s Republic of China, Harbin Electric manufactures electric motors used in a wide array of production and industries including oil services, factory automation, food processing, packaging, transportation, automobile, medical devices, machinery and tool manufacturing, petrochemical, metallurgy and mining.
This transaction comes on the eve of Loeb’s opening of a representative office in Beijing. By the end of 2009, the firm plans to have the office up and running to better serve Asian clients like Harbin Electric. Widely recognized as a leader in representing issuers and underwriters in initial and secondary public offerings, the firm has paved the way for some of the first private Chinese companies to be listed on US stock exchanges, including the first reverse merger company listed on the New York Stock Exchange and the first Chinese company listed on the American Stock Exchange.