WUHAN, Hubei, Nov. 17 /PRNewswire-Asia/ -- Wuhan General Group (China), Inc. (Nasdaq: WUHN) ("Wuhan General" or the "Company"), a leading manufacturer of industrial blowers and turbines in China, operating through its subsidiaries, Wuhan Blower Co., Ltd. ("Wuhan Blower"), Wuhan Generating Equipment Co., Ltd. ("Wuhan Generating") and Wuhan Xingelin Machinery Equipment Manufacturing Co., Ltd. ("Wuhan Xingelin"), today reported financial results for the third quarter ended September 30, 2009.
Third Quarter 2009 Highlights and Recent Events
-- Third quarter revenue was $24.7 million, up 44.1% quarter-over-quarter
-- Gross profit was $6.9 million, a quarter-over-quarter increase of 68.2%
-- Gross margin was 27.8% compared to 23.8% in the second quarter of 2009
-- Net income was $3.0 million, up 156.6% quarter-over-quarter from
adjusted net income of $1.2 million, excluding a non-cash penalty
relating to the Company's capital market activities recorded in the
second quarter of 2009
-- Net income available to common shareholders was $2.8 million, or $0.08
per diluted share, up from adjusted net income available to common
shareholders of $1.0 million, or $0.04 per diluted share, in the second
quarter of 2009
-- Signed an agreement with Standard Chartered Bank regarding a long-term
loan facility of RMB 303,100,000 (approximately $44.4 million)
"Although our top line and margins remain below year ago levels, our business continues to improve as we recorded significant growth in revenue and net income on a sequential basis. Our revenue increased 44.1% while our adjusted net income increased 156.6% from the second quarter of 2009, mainly due to increased sales in our turbine business, especially from water turbines for hydroelectric power plants," commented Mr. Xu Jie, CEO of Wuhan General. "We have continued to see a pick up in orders especially from hydroelectric power plants throughout the third quarter, and our backlog stood at RMB 220 million (approximately $32 million) and RMB 200 million (approximately $29 million) for Wuhan Generating and Wuhan Blower, respectively, at quarter end."
Third Quarter 2009 Results
For the third quarter ended September 30, 2009, total revenue was $24.7 million, down 27.2% compared to $34.0 million for the same period last year, and up 44.1% compared to $17.2 million during the second quarter of 2009. Wuhan Blower generated $11.9 million in revenues, or 48.2% of the total revenues, compared to $16.8 million, or 49.5 of total revenues in the same period last year. Wuhan Generating contributed $12.7 million, or 51.4% of the total revenues, compared to $17.1 million, or 50.5% of total revenues for the same period last year. The remaining $0.1 million in revenues for the third quarter of 2009 was contributed by Wuhan Xingelin through sales of parts and components to unrelated third parties. The decrease in total revenue year-over-year was primarily due to a delay in the equipment replacement cycle within China's steel manufacturing companies and capital expenditure restrictions on power plant customers due to the global economic crisis.
Gross profit for the quarter was $6.9 million, down 31.5% from $10.0 million in the third quarter of 2008, up 68.2% from $4.1 million in the second quarter 2009. Gross margin was 27.8%, down 1.7 percentage points from 29.5% compared to the same period in 2008. The decrease in gross margin was primarily attributable to a decline in sales prices year-over-year. Compared to the second quarter of 2009, gross margin rose 4.0 percentage points as the Company managed to increase sales prices during the third quarter of 2009 due to more projects being available for bid, while production costs remained unchanged from the second quarter levels.
Operating expenses totaled $2.4 million, down 20.9% from $3.0 million from the same period last year. Selling expenses decreased 9.0% to roughly $0.8 million while selling expenses as a percent of revenue increased from 2.5% for the third quarter in 2008 to 3.1% for the third quarter 2009 due to the lower economies of scale as a result of the decrease in sales. General and administrative expenses declined 30.7% year-over-year, and decreased as a percentage of sales to 5.9% for the three months ended September 30, 2009 from 6.2% for the corresponding three month period last year for the same reason. As a percentage of revenue, total operating expenses were 9.7% for the second quarter of 2009, compared to 8.9% for the same period last year.
Operating income was $4.5 million for the quarter compared to $7.0 million for the third quarter of 2008. However, operating income increased 115.3% from the second quarter of 2009 and operating margin improved from 12.1% to 18.1% during the same period.
Net income for the third quarter of 2009 was $3.0 million compared with $4.6 million for the third quarter of 2008. Adjusted net income increased 156.6% quarter-over-quarter to $3.0 million from $1.2 million for the second quarter of 2009, excluding a non-cash penalty expense of $1.2 million relating to the Company's capital market activities recorded in the second quarter of 2009.
Net income available to common stockholders was $2.8 million, or $0.08 per diluted share, for the three months ended September 30, 2009, up from $1.4 million or $0.03 per diluted share for the same period the prior year. Diluted earnings per share in the year ago period reflects recognition of approximately $3.0 million in constructive preferred dividends, a non-cash charge related to the conversion of warrants into convertible preferred shares, which reduced diluted earnings per share by $0.11. The Company did not record a similar charge in the third quarter of 2009.
Nine Months Results
Total revenue for the first nine months of 2009 declined to $60.0 million, down 33.8% from the first nine months of 2008. Wuhan Blower generated $32.3 million in revenues, or 53.8% of total revenues, compared to $44.2 million, or 48.8% of total revenues in the same period last year. Wuhan Generating contributed $27.4 million, or 45.7% of the total revenues, compared to $46.3 million, or 51.2% of total revenues in the same period last year. The remaining $0.3 million in revenues in the first nine months of 2009 was contributed by Wuhan Xingelin. Gross profit for the first nine months of 2009 was $14.7 million, down 46.7% from overall gross profit of $27.6 million in the comparable period a year ago. Overall gross margin was 24.6% for the first nine months of 2009, compared to 30.5% for the corresponding period in 2008. Income from operations was $8.4 million, down 54.1% from $18.3 million in the first nine months of 2008. Net income for the first nine months of 2009 was $4.1 million, down 72.2% from $14.9 million in the first nine months of 2008. Net income available to common shareholders was $3.6 million, or $0.09 per diluted share, for the first nine months of 2009 compared with $11.1 million, or $0.33 per diluted share, for the first nine months of 2008. Adjusting for non-cash charges associated with the Company's capital market activities, adjusted net income available to common shareholders for the first nine months of 2009 was $4.8 million or $0.12 per diluted earnings per share.
Financial Condition
As of September 30, 2009, Wuhan General had $0.8 million in cash and $47.8 million in accounts receivable compared to $2.8 million and $41.5 million respectively as of December 31, 2008. The Company had $37.4 million in working capital with a current ratio of 1.6 and stockholders' equity of $98.4 million as of September 30, 2009. Wuhan General's short-term bank loans and notes were $31.2 million as of September 30, 2009. At the present time, the Company has the option to repay or refinance most of these loans and notes.
For the nine months ended September 30, 2009, the Company used $3.8 million in cash for operating activities compared with $2.4 million of cash generated in the same period last year.
Recent Events
On November 11, 2009, Wuhan General signed a loan agreement with Standard Chartered Bank (China) Limited, Guangzhou Branch. Under the agreement, the Company will receive a loan facility totaling RMB 303.1 million (approximately $44.4 million) in senior secured debt financing consisting of two tranches, a term loan facility for up to RMB 211.6 million (approximately $31.0 million) and a term loan facility for up to RMB 91.5 million (approximately $13.4 million). The purpose of the loan is primarily to repay the existing bank debts of Wuhan Blower and Wuhan Generating, purchase equipment for Wuhan Generating and for capital expenditure investments of Wuhan Xingelin.
Business Outlook
"Demand from hydroelectric power plants accelerated in the third quarter of 2009, which puts us in a good position for achieving the top end of our revenue guidance, and meeting our net income guidance for 2009," said Mr. Xu. "We expect to see this positive momentum continue as power plants and steel manufacturers that have delayed large investments in equipment start to upgrade their facilities and increase their replacement of equipment as we come out of these uncertain economic conditions."
For fiscal year 2009, Wuhan General expects to achieve $80 million in net revenue, the high end of its previously stated guidance of revenues between $70 million to $80 million, and net income between $7 million to $8 million, excluding the impact of non-cash penalty charge associated with the Company's capital market activities.
As of the end of September 2009, Wuhan Generating had a backlog of RMB 220 million (approximately $32 million), while Wuhan Blower had a backlog of RMB 200 million (approximately $29 million). The Company expects to fill these orders through the fourth quarter of 2009 and the first half of 2010.
In order to reduce our dependence on the steel industry, Wuhan Blower is approaching other industries and is currently negotiating a project in urban infrastructure. The Company expects to provide additional updates in due course.
"Although we have seen an improvement in gross profit margin quarter-over-quarter, we are still focused on rebuilding our order backlog and competing for bids, which may inhibit our ability to raise prices in the near future," continued Mr. Xu. "Remaining competitive has affected our ability to impose stricter payment terms. However, we continue to negotiate with existing clients in order to speed up the collection of open balances, and hope to see an improvement in accounts receivable by the end of the year. The recently signed long-term loan facility will significantly improve our financial situation while we continue to build our backlog and oversee our collection procedures in order to increase cash flow from operations in the future."
Conference Call
The Company will host a conference call at 8:30 a.m. ET on Tuesday, November 17, 2009 to discuss the third quarter 2009 results. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 888-339-2688. International callers should dial +1-617-847-3007. When prompted by the operator, mention conference passcode 83840964. If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Tuesday, November 17, 2009 at 10:30 a.m. ET. To access the replay, please dial 888-286-8010 or International callers should dial +1-617-801-6888, and enter passcode 23422469.
Use of Adjusted Financial Measures
GAAP results for the three months and nine months ended September 30, 2009 and 2008, as well as three months ended June 30, 2009 include the stock penalty for late listing on NASDAQ. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided adjusted financial information excluding the impact of this item in this release. The Company's management believes that this adjusted financial measure provides investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this press release. This additional adjusted financial information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted financial information provided by other companies.
Wuhan General Group (China), Inc.
RECONCILIATION OF ADJUSTED FINANCIAL MEASURES
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
AND FOR SIX MONTHS ENDED JUNE 30, 2009
Three months Three months Three Months
ended ended ended
September June September
30, 2009 30, 2009 30, 2008
Net income per consolidated
statement of operations $3,006,851 $18,316 $4,629,523
Stock Penalty for late listing
on NASDAQ -- $1,153,439 --
Adjusted net income $3,006,851 $1,171,755 $4,629,523
Preferred dividends $183,276 $181,285 $3,243,371
Adjusted net income available
to common shareholders $2,823,575 $990,470 $1,386,152
Weighted average shares
outstanding - diluted 39,135,314 25,233,656 47,457,524
Adjusted diluted earnings per
share $0.08 $0.04 $0.03
Nine Months ended Nine Months ended
September 30, September 30,
2009 2008
Net income per consolidated
statement of operations $4,140,239 $14,892,519
Stock Penalty for late
listing on NASDAQ $1,153,439 --
Adjusted net income $5,293,678 $14,892,519
Preferred dividends $543,363 $3,760,831
Adjusted net income available
to common shareholders $4,750,315 $11,131,688
Weighted average shares
outstanding - diluted 38,324,011 45,365,361
Adjusted diluted earnings per
share $0.12 $0.25
About Wuhan General Group (China), Inc.
Through its subsidiaries Wuhan Blower, Wuhan Generating, and Wuhan Xingelin, Wuhan General is a leading manufacturer of industrial blowers and turbines in China and the Company is based in Wuhan, Hubei Province, China. Wuhan Blower is a China-based manufacturer of industrial blowers that are principal components of steam-driven electrical power generation plants. Wuhan Generating is a China-based manufacturer of industrial steam and water turbines used for electricity generation in coal, oil, nuclear, and hydroelectric power plants. Wuhan Xingelin manufactures silencers, connectors and other general parts for industrial blowers and electrical equipment, and it produces general machinery equipment. The Company's primary customers are from the iron and steel, power generation, petrochemical and other industries. Led by a strong management team, Wuhan General is well recognized for its technological sophistication and quality construction of blowers and turbines. For more information, visit http://www.wuhangeneral.com .
Safe Harbor Statement
Certain statements in this press release, including statements regarding future revenue, net income and sales, future demand for our products, our product pricing, improvement in economic conditions, the ability of our customers to increase their liquidity in the current economy, the fulfillment of our backlog orders, our ability to obtain projects in urban infrastructure, our ability to repay or refinance our debt, our liquidity position and improvement in the collection of our accounts receivable may be forward-looking in nature or "forward-looking statements," as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to vulnerability of our business to general economic downturn, operating in the People's Republic of China (PRC) generally and the potential for changes in the laws of the PRC that affect our operations, our failure to meet or timely meet contractual performance standards and schedules and other factors that may cause actual results to be materially different from those described in such forward-looking statements. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Wuhan General's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting Wuhan General will be those anticipated by the Company. Wuhan General undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Financial Tables Follow
Wuhan General Group (China), Inc.
Consolidated Balance Sheets
At September 30, 2009 and December 31, 2008
(Stated in US Dollars)
(Audited)
September 30, December 31,
ASSETS 2009 2008
Current Assets
Cash $819,830 $2,817,503
Restricted Cash 7,536,300 13,180,640
Notes Receivable 2,194 -
Accounts Receivable 47,841,353 41,486,856
Other Receivable 1,276,277 1,719,083
Inventory 22,830,077 8,395,467
Advances to Suppliers 15,885,956 20,274,473
Advances to Employees 116,318 189,516
Prepaid Expenses 798,607 92,279
Prepaid Taxes 526,079 604,610
Deferred Tax Asset 493,300 --
Total Current Assets 98,126,291 88,760,427
Non-Current Assets
Real Property Available for Sale 1,103,048 1,100,376
Property, Plant & Equipment, net 30,142,351 22,274,551
Land Use Rights, net 12,188,397 12,297,429
Construction in Progress 20,226,806 30,276,011
Intangible Assets, net 259,896 363,574
Total Assets $162,046,789 $155,072,368
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities
Current Liabilities
Bank Loans & Notes 31,244,022 35,171,690
Accounts Payable 8,751,493 8,420,678
Taxes Payable 2,410,337 1,109,548
Other Payable 8,832,835 7,708,323
Dividend Payable 543,363 193,804
Accrued Liabilities 3,550,798 2,805,558
Customer Deposits 5,388,333 4,614,370
Total Current Liabilities 60,721,181 60,023,971
Long Term Liabilities
Bank Loans and Notes 2,925,002 1,458,959
Total Liabilities 63,646,183 61,482,930
Stockholders' Equity
Preferred Stock - $0.0001 Par
Value, 50,000,000
Shares Authorized; 6,241,453 Shares
of Series A
Convertible Preferred Stock Issued
& Outstanding at September 30, 2009
and December 31, 2008 624 624
Additional Paid-in Capital -
Preferred Stock 8,170,415 8,170,415
Additional Paid-in Capital -
Warrants 3,484,011 3,687,794
Additional Paid-in Capital -
Beneficial Conversion Feature 6,371,546 6,371,546
Preferred Stock - $0.0001 Par
Value
50,000,000 Shares Authorized;
6,354,078 Shares of Series B
Convertible Preferred Stock
Issued & Outstanding at September
30, 2009 and December 31, 2008 635 635
Additional Paid in Capital -
Preferred Stock 12,637,158 12,637,158
Additional Paid in Capital -
Warrants 2,274,181 2,274,181
Additional Paid in Capital -
Beneficial Conversion Feature 4,023,692 4,023,692
Common Stock - $0.0001 Par Value
100,000,000 Shares Authorized;
25,351,950 and 24,752,802 Shares
Issued & Outstanding at September
30, 2009 and December 31, 2008,
respectively 2,536 2,475
Additional Paid-in Capital 29,793,996 28,436,835
Statutory Reserve 4,478,066 3,271,511
Retained Earnings 19,424,564 17,034,243
Accumulated Other Comprehensive
Income 7,739,182 7,678,329
Total Stockholders' Equity 98,400,606 93,589,438
Total Liabilities & Stockholders'
Equity $162,046,789 $155,072,368
Wuhan General Group (China), Inc.
Consolidated Statements of Income
For the three and nine months ended September 30, 2009 and 2008
(Stated in US Dollars)
Three months ended Nine months ended
September September September September
Revenue 30, 2009 30, 2008 30, 2009 30, 2008
Sales $24,720,005 $33,952,893 $59,949,344 $90,581,691
Cost of Sales 17,855,151 23,934,676 45,213,132 62,932,130
Gross Profit 6,864,854 10,018,217 14,736,212 27,649,561
Operating Expenses
Selling Expenses 759,752 834,590 1,479,742 2,129,971
General &
Administrative
Expenses 1,463,970 2,112,731 4,395,556 6,602,031
Warranty Expense 178,610 89,958 482,346 647,175
Total Operating
Expense 2,402,332 3,037,279 6,357,644 9,379,177
Operating Income 4,462,522 6,980,938 8,378,568 18,270,384
Other Income (Expenses)
Interest Income 288,862 288,177 494,258 636,626
Other Income
(Expenses) 117,589 (1,375,291) 79,702 (1,492,718)
Interest Expense (1,276,069) (1,264,301) (2,572,984) (2,521,773)
Stock Penalty for
late listing on NASDAQ -- -- (1,153,439) --
Total Other Income
(Loss) & Expense (869,618) (2,351,415) (3,152,463) (3,377,865)
Earnings before Tax 3,592,904 4,629,523 5,226,105 14,892,519
Income Tax 586,053 -- 1,085,866 --
Net Income $3,006,851 $4,629,523 $4,140,239 $14,892,519
Preferred Dividends
Declared 183,276 215,829 543,363 733,289
Series A Constructive
Preferred Dividend -- -- -- --
Series B Constructive
Preferred Dividend -- 3,027,542 -- 3,027,542
Income (Loss) Available
to Common Shareholders $2,823,575 1,386,152 $3,596,876 11,131,688
Earnings Per Share
Basic $0.11 $0.05 $0.14 $0.51
Diluted $0.08 $0.03 $0.09 $0.33
Weighted Average
Shares Outstanding
Basic 25,285,902 25,930,537 25,013,117 21,907,429
Diluted 39,135,314 47,457,524 38,324,011 45,365,361
Comprehensive Income
Net Income $3,006,851 $4,629,523 $4,140,239 $14,892,519
Other Comprehensive
Income
Foreign Currency
Translation
Adjustment 15,984 189,698 60,853 4,255,515
Total Comprehensive
Income $3,022,835 $4,819,221 $4,201,092 $19,148,034
Wuhan General Group (China), Inc.
Consolidated Statements of Cash Flows
For the three and nine months ended September 30, 2009 and 2008
(Stated in US Dollars)
Three months ended Nine months ended
Cash Flow from Operating September September September September
Activities 30, 2009 30, 2008 30, 2009 30, 2008
Cash Received from
Customers 20,543,291 28,544,654 54,806,025 80,439,415
Cash Paid to
Suppliers &
Employees (24,617,529)(26,129,464)(55,429,438)(76,160,420)
Interest Received 288,862 288,177 494,258 636,626
Interest Paid (1,276,069) (1,264,301) (2,572,984) (2,521,773)
Taxes Paid (591,022) -- (1,227,465) --
Miscellaneous
Receipts 73,002 -- 141,821 --
Cash Sourced/(Used)
in Operating
Activities (5,579,465) 1,439,066 (3,787,783) 2,393,848
Cash Flows from
Investing Activities
Cash Invested in
Restricted Time
Deposits (1,205,674) (7,154,810) 5,644,340 (2,467,883)
Repayment of/
(Investment in)
Notes (1,160) -- (1,160) 1,891,127
Purchases of Plant &
Equipment (571,766) -- (1,225,159) --
Payments for
Construction of
Plant & Equipment (13,823) -- (13,823)(11,078,425)
Cash Used/(Sourced)
in Investing
Activities (1,792,423) (7,154,810) 4,404,198 (11,655,182)
Cash Flows from Financing
Activities
Proceeds from
Issuance of
Preferred Stock -- 10,624,501 -- 10,624,501
Proceeds from Bank
Loans and Notes 14,339,013 4,976,284 15,160,576 5,351,743
(Repayment of Bank
Loans and Notes) (8,189,240) -- (17,622,200) --
Dividends Paid -- (779,387) (193,804) (1,632,164)
Cash Sourced/(Used)
in Financing
Activities 6,149,773 14,821,399 (2,655,428) 14,344,081
Net Increase/(Decrease)
in Cash & Cash
Equivalents for
the Period (1,222,115) 9,105,655 (2,039,013) 5,082,747
Effect of Currency
Translation 15,984 205,006 41,339 3,983,821
Cash & Cash Equivalents
at Beginning of Period 2,025,960 748,871 2,817,503 992,965
Cash & Cash Equivalents
at End of Period $819,829 $10,059,532 $819,829 $10,059,533
Wuhan General Group (China), Inc.
Reconciliation of Net Income to Cash Sourced/(Used) in
Operating Activities
For the three and nine months ended September 30, 2009 and 2008
(Stated in US Dollars)
Three months ended Nine months ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
Net Income $3,006,851 4,629,523 $4,140,239 14,892,519
Adjustments to
Reconcile Net Income
to Net Cash Provided
by Cash Activities:
Non Cash Compensation -- 1,673,841 -- 1,983,787
Reclassification of
assets related to
Huangli Project from
Construction in
Progress to
Inventory -- -- 1,745,496 --
Stock -- -- 1,153,439 --
Amortization 102,562 20,423 244,535 80,256
Depreciation 598,618 488,354 1,661,067 1,628,214
Decrease/(Increase)
in Notes Receivable 12,416 -- (2,194) (25,635)
Decrease/(Increase)
in Accounts
Receivable (4,796,292) (5,809,839) (6,354,497) (9,902,582)
Decrease/(Increase)
in Other Receivable (619,146) 3,196,118 439,409 2,351,769)
Decrease/(Increase)
in Inventory (890,465) (4,007,822) (14,434,609) (7,955,302)
Decrease/(Increase)
in Advances to
Suppliers (3,178,946) 3,190,928 4,388,517 (1,690,443)
Decrease/(Increase)
in Advances to
Employees 50,602 3,696 73,198 (165,193)
Decrease/(Increase)
in Prepaid Expenses (617,744) -- (706,328) --
Decrease/(Increase)
in Prepaid Taxes (132,347) (201,755) 78,531 (174,722)
Decrease/(Increase)
in Deferred Tax
Asset (4,969) -- (493,300) --
Increase/(Decrease)
in Accounts Payable (731,264) 1,679,583 330,816 2,203,993
Increase/(Decrease)
in Taxes Payable 790,144 (1,989) 1,300,789 (238,598)
Increase/(Decrease)
in Other Payable (775,025) (574,417) 1,127,905 130,530
Increase/(Decrease)
in Accrued Liabilities 379,232 (53,059) 745,241 1,841,083
Increase/(Decrease) in
Customer Deposits 1,226,308 (2,794,519) 773,963 (2,565,828)
Total of all
adjustments (8,586,316) (3,190,457) (7,928,022)(12,498,671)
Net Cash Provided by
Operating Activities $(5,579,465) $1,439,066 $(3,787,783) $2,393,848
For more information, please contact:
Wuhan General Group (China), Inc.
Mr. Haiming Liu, CFO
Phone: +86-27-5970-0069
Email: haiming.liu@wuhangeneral.com
Web: http://www.wuhangeneral.com
CCG Investor Relations Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Ms. Linda Salo, Financial Writer
Phone: +1-646-922-0894
Email: linda.salo@ccgir.com
Web: http://www.ccgirasia.com
