New Dragon Asia Corporation

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New Dragon Asia Corporation (AMEX: NWD) is a Chinese company engaged in the milling, sale and distribution of flour and related products, including instant noodles, to retail and commercial customers throughout China. The company markets its well-established product line through a network of more than 200 key distributors and 16 regional offices in 27 Chinese provinces with an aggregate production capacity of approximately 110,000 tons of flour and more than 1.1 billion packages of instant noodles. ^[4]

New Dragon Asia head office is in Longkou, Shandong Province, China with a corporate office in Shenzhen, Guangdong province.

History

New Dragon Asia manufactures food products and provides food-brokerage services. Formerly a grain and oil processing group, the company now makes and sells instant noodles (Long Feng and other brands) to the growing market of on-the-go, Chinese middle-class. Though New Dragon produces more than a billion packages of instant noodles each year, the product line accounts for less than half of sales; the rest comes from milling and selling wheat flour. The company also produces and markets soy-milk powder and dried seasonings.

As of 2006, the company had approximately 2000 employees, and sales of $44.2 million

The company filed an initial public offering of stock on June 29, 1999 with a proposed offer price from $10 - $12. The filing was successful and the company went public on March 29, 2000 with an initial stock price of $10 per share.

Chairman Heng Jing Lu owns 68% of the company's stock.

Competitors of New Dragon Asia are “Master Kang,” “President,” and “Tingyi” brand instant noodles on mainland China.

Operations

New Dragon Asia has three main factories in China that produces all the products. They are in Yantai, Beijing and Penglai.

References

External links

• Official Website

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 The companies website was temporarily expired. They have since renewed the subscription and it is now working.

Mr. Hing Jing Lu (Chairman and Majority owner of the company) recently sold 6 million shares@.10 or .06 less than bid which at the time of the sale was running .16~.17 a share. The company also recently filed a pre-14 indicating they are planning to do a reverse split of 10 to 1. The company also sold one of there factories for less than it's actual value causing an impairment charge and prior to that time purchased another in which they purchased for too much causing an additional impairment...

The company also lost 1.5 million for 2008 as well as losing market share.