China Shandong Industries, Inc., a leading producer and global marketer of straw-wicker products and furniture, recently announced the company’s listing on the Over-the-Counter Bulletin Board (OTCBB). China Shandong Industries, Inc. has changed its ticker symbol to CSNH. After completing a reverse acquisition, including a 15-for-1 forward stock split effective January 4, 2010, the company’s total number of common shares issued and outstanding has increased from 1,715,000 to 25,725,000.
Employing approximately 1,500 employees, the company sells 20,000 different products in more than 30 countries to well-known companies, including Wal-Mart, ABM Group, Argos Limited, IKEA and Zara. China Shandong Industries’ senior management team is led by its chief executive officer, Li Jinliang, who has over 30 years experience in sales and production of handicrafts and furniture.
China Shandong Industries generated revenue of $43.3 million and net income of $5.9 million for the fiscal audited year ended December 31, 2008. For the unaudited twelve months ended June 30, 2009, revenue grew to $53.7 million and net income grew to $7.7 million. Prior to the company’s reverse merger, China Shandong Industries traded under the ticker symbol “MBPI,” reflecting the underlying shell company Mobile Presence Technologies, Inc.