HARBIN, China, June 12 /Xinhua-PRNewswire-FirstCall/ -- Harbin Electric, Inc. (Nasdaq: HRBN) a developer and manufacturer of customized linear motors and other special electric will join the Russell Microcap(TM) Index when Russell Investment Group reconstitutes its family of U.S. indexes on June 22, according to a preliminary list of additions posted Friday on http://www.russell.com .
Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
Tianfu Yang, Chairman and Chief Executive Officer of Harbin Electric stated, "We are happy to be joining the Russell group of market indexes. This marks another achievement as we continue our progress in building our company, generating enhanced shareholder value, and gaining recognition for Harbin Electric Inc. in the marketplace."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4 trillion in assets currently are benchmarked to them.
Annual reconstitution of Russell indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000(R) Index and Russell Microcap. The largest 1,000 companies in the ranking comprise the large-cap Russsell 1000(R) Index and the next 2,000 companies become the widely used small-cap Russell 2000(R) Index. These investment tools originated from Russell's multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.
About Harbin Electric, Inc.
Harbin Electric, Inc. designs, develops and manufactures linear motors and special electric motors. With proprietary technology and core patents, the Company builds a wide array of customized linear motors and other special motor for a variety of applications and industries. The Company currently designs and supplies its motor products and systems to numerous end users throughout the Chinese domestic market, as well as, to other industrial OEM customers overseas. Industry applications for linear motors include oilfield services, conveyor systems, factory automation, packaging equipment, as well as mass transportation systems. The Company is based in Harbin, China along with its wholly owned subsidiaries. The Company has approximately 270 employees with approximately 270,000 square feet of state-of-the-art manufacturing space. For further information, please see our filings with the Securities and Exchange Commission ( http://www.sec.gov ).
About Russell:
Russell Investment Group aims to improve financial security for people by providing strategic advice, world-class implementation, state-of-the-art performance benchmarks, and a range of institutional-quality investment products. With more than $200 billion in assets under management, Russell serves individual, institutional and advisor clients in more than 40 countries. Russell provides access to some of the world's best money managers. It helps investors put this access to work in corporate defined benefit and defined contribution plans, and in the life savings of individual investors.
Founded in 1936, Russell is a subsidiary of Northwestern Mutual Life Insurance Company. Headquartered in Tacoma, Wash., U.S., Russell has principal offices in Amsterdam, Auckland, Hong Kong, Johannesburg, London, Melbourne, New York, Paris, San Francisco, Singapore, Sydney, Tokyo and Toronto.
Russell's indexes are unmanaged and cannot be investing in directly. For more information on Russell indexes, go to http://www.russell.com .
For more information, please contact:
Integrated Corporate Relations, Inc.
IR: Ashley Ammon or Bill Zima
Media: Brian Ruby
Tel: +1-203-682-8200
Barry L. Raeburn
EVP Finance & Corporate Development
Tel: +1-215-854-8104
Email: info@HarbinElectric.com
