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SinoTech Energy Limited (CTE)
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S.E.C. Sues SinoTech Energy of China for Fraud
New York Times  Apr 24  Comment 
The action against SinoTech Energy, an oil field services company de-listed by the Nasdaq in January, is the latest example of the S.E.C.'s crackdown on financial crimes at Chinese companies listed in the United States.
SEC Accuses SinoTech & It’s Top Officials For Lying About Asset Values
Value Investing  Apr 23  Comment 
On Monday, the Securities and Exchange Commission charged the China-based oil-services company, Sinotech Energy Ltd ADR (PINK:CTESY). and its top executives with allegedly lying about the company's assets and use of its $120 million IPO...
SEC charges China's SinoTech Energy with fraud
MarketWatch  Apr 23  Comment 
Chinese oil services company SinoTech Energy Ltd. overstated the value of its assets so top executives could siphon off millions of dollars, the Securities and Exchange Commission said Monday. The SEC said SinoTech promised to spend $120 million...
NASDAQ Suspends SinoTech Energy (CTE) Shares from Trading
StreetInsider.com  Oct 19  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/NASDAQ+Suspends+SinoTech+Energy+%28CTE%29+Shares+from+Trading/6866046.html for the full story.
SinoTech Announces Receipt of Notice of Additional Deficiency From NASDA
Benzinga  Oct 4  Comment 
SinoTech Energy Limited (Nasdaq: CTE), a provider of enhanced oil recovery services in China, today announced that it has received a letter dated September 26, 2011, from The Nasdaq Stock Market LLC stating that an additional basis for delisting...
Announcement of Class Action Lawsuit Against SinoTech Energy Limited
Benzinga  Sep 9  Comment 
Glancy Binkow & Goldberg announces that a class action lawsuit has been filed against SinoTech Energy Limited (NASDAQ: CTE) in the United States District Court for the Southern District of New York on behalf of a class consisting of all purchasers...
Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against SinoTechEnergy Limited (NASDAQ: CTE)
Marketwire  Aug 23  Comment 
OKLAHOMA CITY, OK -- (Marketwire) -- 08/23/11 -- On August 19, 2011, a class action lawsuit was filed in the United States District Court for the Southern District of New York against SinoTechEnergy Limited (NASDAQ: CTE). The complaint alleges
Announcement of Class Action Lawsuit Against SinoTech Energy
Benzinga  Aug 21  Comment 
Law Office of Howard G. Smith announces that a class action lawsuit has been filed against SinoTech Energy (NASDAQ: CTE) in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons who...
SinoTech blasts 'mercenary' allegations
Upstream Online  Aug 19  Comment 
Chinese oil services newcomer SinoTech Energy is being held to account by the Nasdaq bourse after its shares were suspended over what it terms “blatantly self-interested” and “mercenary” allegations leveled at it by a website.




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 This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company.
Recent IPOs:   Globe Specialty Metals   •   LogMeIn   •   Invesco Mortgage Capital   •   Medidata   •   Chemspec
 
TOP CONTRIBUTORS
Sr. Director
Remi Cossart

SinoTech Energy Limited (NASDAQ:CTE) is a Chinese company which provides enhanced oil recovery services (EOR) to the major oil companies in China. SinoTech uses a series of patented technologies to provide these services. This includes lateral hydraulic drilling and the use of molecular deposition films. In addition to standard oil beds, the company uses its services to extract more out of coalbed methane. The company is not owned by the government.[1]

The company believes that the industry trends will favorably improve its future growth. In particular, China has been an important driver in the continued growth in energy demand. China itself ahs experienced shortages of domestic oil and gas. This has pushed energy prices up domestically and has increased the demand of oil companies to extract as much as possible given cost constraints from their wells..[2]

The company's initial public offering of stock on the NASDAQ occurred on November 2, 2010. The company offered 19.7M ADS shares each for $8.5. This was within the initial price range of $7.5-$9.5. The IPO raised a total of $168M. The lead underwriter of the deal was UBS Investment Bank.[3]

SinoTech's revenue has continued to grow since 2005. The company has remained profitable throughout the period as well with the exception of the 9 months ended on June 2010. During that period, the company reported a net loss of $6.3M. This loss was due to a rise in interest payments and a change in the fair value of warrant liabilities[4]

References

  1. ↑ CTE F-1 2010 Prospectus Summary "Overview" pg 1
  2. ↑ CTE F-1 2010 Prospectus Summary "Industry Background" pg 2
  3. ↑ Renaissance Capital IPO Home "SinoTech Energy prices IPO at $8.50, midpoint of the range" 3 Nov 2010
  4. ↑ CTE F-1 2010 Prospectus Summary "SUMMARY CONSOLIDATED FINANCIAL DATA" pg 11
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