JINZHOU CITY, China, June 18 /Xinhua-PRNewswire/ -- Wonder Auto Technology, Inc. (Nasdaq: WATG; "Wonder Auto" or the "Company"), a leading manufacturer of automotive electrical and suspension parts in China, today announced that it is set to join the Russell 3000 Index and Russell MicroCap Index when Russell Investments reconstitutes its indexes on June 27, 2008, according to a preliminary list of additions posted June 13, 2008 on http://www.russell.com .
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. These indexes are value-weighted and include only common stocks belonging to corporations incorporated in the United States and its territories. The 2008 reconstitution of the Russell Indexes will take place after the markets close on June 27, 2008. The new indexes will be effective for one year.
"We are very excited to join the Russell 3000 and Russell MicroCap. Our inclusion in the Russell Indexes will expand our visibility to the investment community as we continue to grow in the future," commented Mr. Qingjie Zhao, Chief Executive Officer of Wonder Auto Technology. "We remain committed to building a highly respected auto parts brand recognized not only domestically but also internationally."
The reconstitution is usually one of the most highly-anticipated and heaviest trading days in the US equity markets, since buying and selling activities of asset managers are influenced by index component changes. As a result, being added to or deleted from the Russell Indexes, as well as variations in the weightings in the indexes, affect the market demand for the stocks of component companies.
About Russell
Russell Investments provides strategic advice, world-class implementation, state-of-the-art performance benchmarks and a range of institutional-quality investment products. Russell has more than $213 billion in assets under management as of March 31, 2008, and serves individual, institutional and advisor clients in more than 40 countries. Russell’s industry-leading indexes had $4.4 trillion in assets benchmarked to them as of Dec. 31, 2007. Founded in 1936, Russell is a subsidiary of The Northwestern Mutual Life Insurance Company.
About Wonder Auto
Based in Jinzhou City, Liaoning, China, Wonder Auto, through its Chinese subsidiaries, designs, develops, manufactures and sells automotive electrical parts and suspension products. Wonder Auto was ranked second in sales revenue in the China market for automotive alternators and starters in 2006. With 5 different series and over 150 models of alternators, 70 models of starters and various suspension related parts, the Company supplies a wide range of automakers, engine producers and auto parts suppliers both in domestic China and overseas. Wonder Auto’s main customers include Beijing Hyundai Motor Company, Shenyang Aerospace Mitsubishi Motors Engine Manufacturing Co., Ltd., Harbin Dongan Automotive Engine Manufacturing Co., Ltd., and Tianjin FAW Xiali Automotive Co., Ltd. For more information, please log on http://www.watg.cn .
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to the use of proceeds for the recent private placement, new and existing products, product defects and any related product recall; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China; any statements of belief or intention; any of the factors and risks mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2007 and any subsequent SEC filings. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
