Key Developments: China Valves Technology Inc (CVVT.PK)
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Latest Key Developments (Source: Significant Developments)
China Valves Technology Inc Announces Resignation Of CEO-Form 8-K
China Valves Technology Inc reported in its Form 8-K that on February 21, 2013 Mr. Jianbao Wang informed the Board of Directors of China Valves Technology, Inc. (Company) that he resigned as the Company’s Chief Executive Officer (CEO) effective immediately. Full Article
China Valves Technology, Inc.'s Shanghai Pudong Hanwei Valve Co., Ltd. Receives Purchase Orders Worth About $4 Million From Beijing China-Petroleum Everbright Energy Technology Co., Ltd.
China Valves Technology, Inc. announced that the Company's subsidiaries, Shanghai Pudong Hanwei Valve Co., Ltd. (Hanwei Valve), has received a purchase order worth about $4 million from Beijing China-Petroleum Everbright Energy Technology Co., Ltd. (CPEEC) for the Sino-Kazakhstan oil pipeline's Phase Two project. The products ordered are mainly ball valve, axial-flow check valve and sluice gate valve, which will be used in the No. 8 and No. 10 stations. Full Article
China Valves Technology, Inc. Reiterates FY 2012 Revenue Guidance; Comments On H2 2012 Revenue Guidance
China Valves Technology, Inc. reiterated its guidance for fiscal 2012, expecting to achieve top-line growth in the low teens. In the second half of 2012, the Company will continue to focus on generating more sales and collecting account receivable. The Company expects to achieve significant revenue growth in the second half of 2012 compared to the first half of 2012. The Company reported revenue of $217 million in fiscal 2011. Full Article
China Valves Technology, Inc. Comments On FY 2012 Revenue Guidance
China Valves Technology, Inc. announced that for fiscal 2012, it expects to achieve top-line growth in the low double digits. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $242 million for fiscal 2012. Full Article
China Valves Technology, Inc.' Subsidiary Receives Design and Manufacture Permits for Nuclear Safety Devices And Wins Two Purchase Orders
China Valves Technology, Inc. announced that one of its subsidiaries, Henan Kaifeng High Pressure Valve Co., Ltd. (Kaifeng Valve), has received permits for design and manufacture for nuclear safety devices for civil use from the National Nuclear Safety Administration of China (NNSA). Both permits are valid for five years. In addition, the Company won two purchase orders from Sanmen Nuclear Power Station in Zhejiang Province (Sanmen NPS) and Haiyang Nuclear Power Station in Shandong Province (Haiyang NPS) for gate valves, check valves and globe valves worth several million in total. Both NPS adopted the most advanced technology of AP1000 pressurized water reactor (PWR). Full Article
China Valves Technology, Inc. Engages BDO China Shu Lun Pan CPAs LLP As New Independent Auditor
China Valves Technology, Inc. announced that it has engaged BDO China Shu Lun Pan CPAs LLP (BDO China), the Shanghai based member firm of the BDO International network, as its new independent auditor, replacing Frazer Frost LLP. The change is effective as of October 29, 2011. Frazer Frost LLP will audit the financial statements for the nine-month transition period ended September 30, 2011, and BDO China will take over starting from the quarter ended December 31, 2011. The Company operates on a fiscal year ending September 30. Full Article
China Valves Technology, Inc. Announces Change In Fiscal Year
China Valves Technology, Inc. announced a change in its fiscal year end from December 31 to September 30. This change will be effective September 30, 2011. China Valves expects to report its financial results for a nine month transition period of January 1, 2011 through September 30, 2011 on an Annual Report on Form 10-K. The first 12 month fiscal year will run from October 1, 2011 through September 30, 2012. The Company will provide comparative financial information to assist in period-to-period comparisons. The change in fiscal year end has been made because the first quarter of the calendar year is inefficient for the audit work due to the Chinese New Year holidays. Full Article
China Valves Technology, Inc. Reaffirms FY 2011 Revenue Guidance
China Valves Technology, Inc. announced that it has maintained fiscal 2011 revenue guidance with revenue growth rate of 25%-28%. The Company reported revenue of $183.70 million in fiscal 2010. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $231 million for fiscal 2011. Full Article
China Valves Technology, Inc. Receives Purchase Orders From China Guangdong Nuclear Power Group And Shanghai Electric
China Valves Technology, Inc. announced that one of the Company's subsidiaries, Henan Kaifeng High Pressure Valve Co., Ltd. (Kaifeng Valve), received two purchase orders from China Guangdong Nuclear Power Group (CGNPG) for gate valves, check valves and globe valves worth $2.0 million in total. State-owned CGNPG is one of China's two companies engaged in nuclear power development and operations. The nuclear forged steel valves covered by the first purchase order will be used for CGNPG's projects at the Hongyanhe nuclear power station in Liaoning province and Ningde nuclear power station in Fujian province. Kaifeng Valve expects to deliver the products for the first purchase order in batches until 2012. China Valves signed the contract for the second purchase order with its partner Shanghai Electric, the contractor of CGNPG. The valves under this contract are intended for CGNPG's Yangjiang nuclear power station in Guangdong province'. Kaifeng Valve expects to deliver these products in August 2011. Full Article
China Valves Technology, Inc. Signs Strategic Cooperation Agreement With Sinopec International Petroleum Service Corporation
China Valves Technology, Inc. announced that the Company has signed a strategic cooperation agreement (the Agreement) with Sinopec International Petroleum Service Corporation (Sinopec Petroleum Service). Under the agreement, the Company would supply various valve products for Sinopec Petroleum Service's international projects. The Agreement is a general cooperation agreement and is valid from June 16, 2011 to June 15, 2013, and can be further extended for another two years by negotiation between two parties. Both parties agreed that they would sign specific contracts for specific projects under the general cooperation framework. Depending on the specific project, Sinopec Petroleum Service would buy all valve products directly from China Valves or act as a sales agent of China Valves through its more than 35 subsidiaries in the world. Full Article
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