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Interview with Ming – the Head of IR and VP of Finance for China Biologic Products (CBPO)

Zack: Can you give me some background on your company?
Ming: China Biologic entered the United States capital markets in 2006. Our decision was largely prompted by the Chinese government’s decision to start privatizing plasma collection centers and we needed immediate capital to pursue strategic acquisition opportunities. At that time, we were too small to pursue an IPO and the RTO was an effective way to raise capital. The Company’s stock was quoted in on the OTC bulletin board since March 2008. In December of 2009, CBPO achieved a significant milestone in the Company’s history with the uplisting of our common stock to the Nasdaq Global Market.

Before 2008, China Biologic had one operating subsidiary, Shandong Taibang. By the end of 2008, we had completed two acquisitions with the purchase of a majority ownership in Guiyang Dalin and a 35% equity interest in Xi’an Huitian. With those two acquisitions, China Biologic became the largest non-state owned company in China’s plasma industry.
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I was able to speak with Chairman and CEO Huitian Tang as well as CFO Shelly Zhang of China BCT Pharmacy Group (CNBI)
Can you provide some background details of the company?
China BCT Pharmacy Group, Inc. is engaged in pharmaceutical distribution, retail pharmacy stores and manufacture of pharmaceuticals and medical-related products through our three subsidiaries: Liuzhou BCT, Hefeng Pharmaceutical, and BaiCtaoTang Retail, each of which is located in Guangxi Province, China. We are the largest pharmaceutical distribution network in southwest China with 8,000 products across sales channels and 4,000 suppliers. China Baicaotang has over 125 -store retail pharmacy chain, which includes 21 health insurance qualified stores and will increase quickly as the national healthcare reform takes steps to help boost small city and rural area’s health care condition.
The company is established in 1956 and privatized in 2001 and successfully listed on OTC.BB and completed an $8.9 million financing in 2009. China Baicaotang is planning to upgrade to a senior stock exchange this year.
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This is not fully edited, however, I wanted to get it out before the conference call this morning.

I had the chance to sit down with Marco Ku, CFO of CMFO this morning.

What is Hi power? What is in it?
Hi power is an algae extract. It is colorless, has no smell, and no taste. We put other things into it into a can with the algae to make Hi Power.

What were the total revenues and net income so far by quarter for Hi Power?
In 2009, we had 7.5 million for 2 quarters, which were evenly dispersed in terms of revenue.
Q1 2010 revenue was 2.7 million, Q2 is currently about 4 million. The rest of 2010 will be about 13 million, with 5-6 in the 3rd quarter and $7-8 million in the fourth quarter. The net margin is 20-25% for these products.

Explain Hi Power to me in terms of:
Total number of cans sold?
In 2010, we should sell approximately 60 million cans.
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Can you provide some background details of the company?
Weikang Bio-Tech Group is a China based US listed company on the OTC. Its HQ is in Harbin, in Northeast China. It has 2 operating subsidiaries Heilongjiang WeiKang and Guizhou TianFang, which is a pharmaceutical company acquired in 2008. It has about 72% of the total sales in 2009. Weikang Group is a developer, manufacturer, and distributor of traditional Chinese medicines, western medicines, both prescription and OTC, and health and nutritional supplements. 2009 revenue was 47-48 million usd. The business is growing very quickly because it is growing through acquisitions. 09 to 08 growth was 270% in rev and 116% in NI. In this business, the margins tend to be very high, both gross margins and net margins. The gross margins are high 50% to 60% with net margins of 30-35%.
Became public through a reverse merger, and is under discovered and lacks a following. Not many people know the company which has a very small float of only about 3 million shares. The result is a very low valuation of about 4-5 PE. It has the lowest PE with the fastest growth among its peers in the industry.

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Last week I had the chance to interview Mr. Edward Meng, CFO of China Gerui Advanced Materials Group (CHOP). Here is the full transcript, the abbreviated transcripts can also be found on thestreet.com and seekingalpha.com.

Can you give me some background on your company?
China Gerui is the largest producer of high precision cold-rolled narrow strip steel products in China, with a market share of 12.5%. We started back in 2000 and over the last 10 years we have continuously been adding to our capacity to meet the increasing demand from the China market for the high-end cold rolled steel products that we produce. We are in the sweet spot where there is limited supply of the high-end products that we produce, which puts us in a great position. The company came from a SPAC background. The SPAC merger was completed in March 2009. In November 2009, we completed a follow-on offering and were upgraded to NASDAQ. Our current production is 250,000 tons of cold rolled narrow strip steel. In view of the long-term cold-rolled steel market growth in China, which is primarily driven by rising domestic consumption, we are currently in the process of expanding capacity because we have reached close to full utilization on the existing capacity, which admittedly is a good problem to have. We cannot churn out our product fast enough to meet the high demand. By the end of 2010 we will add about 150,000 tons of cold rolled wide strip capacity. By end of 2011 we will be adding another 100,000 tons, achieving a total production capacity of 500,000 tons, which is two times the capacity we have now. This is one of the major reasons we did the latest capital raise of $18.8 million.

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