SOURCE: Yasheng Group

August 17, 2010 08:00 ET

Yasheng Group Reports 2010 Second Quarter Financial Results and Anticipates Stronger Growth in 3rd and 4th Quarters

REDWOOD CITY, CA--(Marketwire - August 17, 2010) -  Yasheng Group (OTCQB: YHGG), a leading agriculture company which focuses on Chinese and international markets, filed with the US Securities and Exchange Commission its second quarterly report for the three months ending June 30th, 2010.

For the second quarter ending June 30th, 2010 net sales increased to $ 191,285,442 compared to $ 190,121,081 for the second quarter of 2009. Net income was $ 19,819,883 or $.13 per share for the second quarter of 2010 compared with net income of $ 19,687,110 for the second quarter of 2009.

Mr. Changsheng Zhou, Chairman of the Company, said, "2009 was a year when many companies suffered due to the global economic downturn. Despite these difficult economic times, we are expecting a strong third and fourth quarter as the majority of our products are harvested and enter the market."

The Company expects to announce a date soon for its annual shareholders' meeting. At that time the Company will more fully discuss its business plans, including its efforts to have Yasheng's securities listed on a major exchange. 

2010 Second Quarter Financial results are presented at the below link:

Yasheng Group 2010 second quarter results on SEC Edgar Online - http://www.sec.gov/Archives/edgar/data/1123312/000119983510000508/yasheng_10q-06302010.htm

About Yasheng Group:

Yasheng Group (OTCQB: YHGG) is a diversified agriculture conglomerate incorporated in California. Yasheng's core business focuses on hi-tech agriculture which takes advantage of Yasheng's use of extensive fertile lands in China, advanced irrigation facilities, strong R&D, agro, and biotechnology capabilities, as well as its skilled workforce in China. The company conducts business selling 6 major product segments including field crops, vegetables, fruit, specialty crops, seeds, and poultry. Yasheng has total assets of approximately $1.7 billion USD and over 15,000 employees. Yasheng Group has 155,097,355 shares issued and outstanding as of June 30, 2010.

Further information concerning Yasheng Group can be found on the corporate website: http://www.yashenggroup.com/

Forward-Looking Statements:
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.

Contact Information

  • Contact:
    Yasheng Group
    Investor Relations Dep.
    E-mail Contact: Email Contact