SOURCE: Wall Street News Alert

Wall Street News Alert

August 20, 2010 09:15 ET

Wall Street News Alert: Stock in Focus: BUYO -- August 20, 2010

WESTON, FL--(Marketwire - August 20, 2010) -  Wall Street News Alert's "stocks to watch" this morning are: Buyonate, Inc. (OTCBB: BUYO), Apple Inc. (NASDAQ: AAPL), Baidu Inc. (NASDAQ: BIDU) and Microsoft (NASDAQ: MSFT).

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Yesterday after the markets closed, a press release was issued announcing that China Electronic Holdings, Inc., one of rural China's major U.S.-listed retailers of household appliances and consumer electronics with over 1,000 stores, completed a series of equity offerings totaling USD$5,251,548 on August 17, 2010. This followed the company's share exchange with Buyonate, Inc. on July 15, 2010 in a going-public transaction.

"The $5.2 million financing was much larger than the $3 million originally planned, and will allow us to build on our strength as one of rural China's major home appliance retailers," said China Electronic Chairman and Founder Hailong Liu. "We are pleased to become a public company and complete our first fundraising in the U.S. capital markets, and will continue our expansion in Anhui Province, China," Chairman Liu added.

China Electronic sold a total of approximately 1,989,223 shares of its common stock at $2.64 per share in the offering. Immediately after the private placement and share exchange there were approximately 16.6 million shares of China Electronic common stock outstanding. California-based Hunter Wise Securities, LLC and New York-based American Capital Partners, LLC served as placement agents to China Electronic.

China Electronic, through its PRC subsidiary Lu'an Guoying Electronic Sales Co., Ltd. (the "Company"), operates a network of 600 franchise stores, 408 direct stores, and 3 company-owned locations in primarily rural areas of central China's Anhui Province under the brand of Guoying. In its most recent fiscal year ended December 31, 2009, China Electronic achieved after-tax net income of USD$9.7 million from USD$47.7 million in revenues. For the three months ended March 31, 2010 the Company earned USD$4.7 million in after-tax net income. As a condition of the financing, China Electronic agreed to a net income target of USD$12 million, subject to certain adjustments, for the fiscal year ending December 31, 2010, and an uplisting to Nasdaq or the NYSE Amex exchanges. "Over the past several years the Guoying brand and our 1,000 stores have led the rural Chinese appliance and electronics market, which has over 800 million consumers and twice as many households as the U.S.," said Chairman Liu.

China Electronic's Guoying subsidiary is the exclusive wholesaler in the Lu'an area for products under the brand names Sony, LG, Samsung, Shanghai Shangling, Chigo, Huayang and Huangming. Guoying is the general sales agency of Sino-Japan Sanyo electronic products, such as Sanyo TVs, air conditioners, washing machines and microwave ovens. Guoying has teamed up with Huangming and Huayang, the two largest manufacturers of solar thermal products in China, to be their exclusive retail outlet in Anhui.

China Electronic also produces Guoying brand refrigerators under its own trademark, selling a total of 30,000 refrigerators in 2007, 46,000 in 2008, and 62,000 in 2009, and expects to sell 77,000 in 2010 and 100,000 in 2011, in PRC provinces Anhui, Henan and Hubei.

The stock closed yesterday at $2.00 a share.

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Apple Inc. (NASDAQ: AAPL) down 1.2% on 15.2 million shares traded.
Apple continues to lead the industry with its award-winning computers, OS X operating system, and iLife, iWork and professional applications.

Baidu Inc. (NASDAQ: BIDU) down 2% on 8 million shares traded.
Baidu, Inc. is the leading Chinese language Internet search provider.

Microsoft (NASDAQ: MSFT) down 1.5% on 53.7 million shares traded.
Microsoft is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

Market Commentary:
The Labor Department announced Thursday that initial claims for jobless benefits rose by 12,000 last week to 500,000, the highest level since November and the third straight increase.

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