Harbin Electric Prices $100 Million Public Offering of Common Stock

HARBIN, China, July 30 /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, today announced that it has priced a public offering of 6,250,000
shares of its common stock, at $16.00 per share. The shares are being sold
under the Company's previously filed shelf registration statement, which was
declared effective by the Securities and Exchange Commission on June 9, 2009.
Net proceeds, after underwriting discounts and commissions and expenses,
will be approximately $93,600,000. Harbin Electric has granted the
underwriters option to purchase up to an additional 937,500 shares to cover
over-allotments, if any. The offering is subject to customary closing
conditions and is expected to close on Tuesday, August 4, 2009.
The Company intends to use the net proceeds from the sale of the
securities to repay certain indebtedness, to fund product development, and/or
for working capital and general corporate purposes, including for potential
acquisitions.
Roth Capital Partners, LLC is acting as the sole underwriter.
This press release does not constitute an offer to sell or a solicitation
of an offer to buy the securities in this offering. The offering may be made
only by means of a prospectus, copies of which may be obtained, when
available,
from Roth Capital Partners, LLC, Attention: Equity Capital Markets, 24
Corporate Plaza Drive, Newport Beach, CA 92660, by telephone at (949)
720-7194,
or via email at rothecm@roth.com.
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 linear
motors, automobile specialty micro-motors, and industrial rotary motors. The
Company's products are purchased by a broad range of domestic and
international customers, including those involved in oil services, factory
automation, food processing, packaging, transportation, automobile, medical
devices, machinery and tool manufacturing, petrochemical, as well as in the
metallurgical and mining industries.
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. Through its U.S. and China-based
subsidiaries, the Company operates three manufacturing facilities in China
located in Harbin, Weihai, and Shanghai with a total of approximately 1,800
employees. Each of the three manufacturing facilities is dedicated to a
specific product line and is equipped with state-of-the-art production
equipment and quality control systems.
As China continues to grow its industrial base, Harbin Electric aspires to
be a pioneer in leading the industrialization and technology transformation of
the Chinese manufacturing sector. To learn more about Harbin Electric, visit
http://www.harbinelectric.com .
Safe Harbor Statement
The actual results of Harbin Electric, Inc. could differ materially from
those described in this press release. Detailed information regarding factors
that may cause actual results to differ materially from the results expressed
or implied by statements in this press release may be found in the Company's
periodic filings with the U.S. Securities and Exchange Commission, including
the factors described in the section entitled 'Risk Factors' in its annual
report on Form 10-K for the year ended December 31, 2008. The Company does not
undertake any obligation to update forward-looking statements contained in the
press release. This press release contains forward-looking information about
the Company that is intended to be covered by the safe harbor for forward-
looking statements provided by the Private Securities Litigation Reform Act of
1995. Forward-looking statements are statements that are not historical facts.
These statements can be identified by the use of forward-looking terminology
such as 'believe,' 'expect,' 'may,' 'will,' 'should,' 'project,' 'plan,'
'seek,' 'intend,' or 'anticipate' or the negative thereof or comparable
terminology, and include discussions of strategy, and statements about
industry trends and the Company's future performance, operations and products.
For investor and media inquiries, please contact:

In China
Harbin Electric, Inc.
Tel: +86-451-8611-6757
Email: MainlandIR@Tech-full.com

In the U.S.
Christy Shue
Harbin Electric, Inc.
Executive VP, Finance & Investor Relations
Tel: +1-631-312-8612
Email: cshue@HarbinElectric.com

SOURCE Harbin Electric Inc.

In China - Harbin Electric, Inc., +86-451-8611-6757, or
MainlandIR@Tech-full.com; In the U.S. - Christy Shue of Harbin Electric, Inc.,
Executive VP, Finance & Investor Relations, +1-631-312-8612, or
cshue@HarbinElectric.com