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DuoyuanGlobalWaterP a g e |
1
DL |
davianletter.com
 
Monday,December20,2010
Duoyuan Global Water (DGW)
Disclaimer and Independence
:
Asofthepublica@ondateofthisreport,TheDavianLeer,LLChasaposi@onorinterestinthiscompany.Thisreportdoesnotpurporttobeacompletestatementofallmaterialfactsrelatedtoanycompany,industry,orsecuritymen@oned.Theinforma@onprovided,whilenotguaranteedastoaccuracyorcompleteness,hasbeenobtainedfromsourcesbelievedtobereliable.Theopinionsexpressedreflectourjudgmentatthis@meandaresubjecttochangewithoutno@ceandmayormaynotbeupdated.Pastperformanceshouldnotbetakenasanindica@onorguaranteeoffutureperformance,andnorepresenta@onorwarranty,expressorimplied,ismaderegardingfutureperformance.Thisno@ceshallnotcons@tuteanoffertosellorthesolicita@onofanoffertobuy,norshalltherebeanysaleofthesesecuri@esinanystateinwhichsaidoffer,solicita@on,orsalewouldbeunlawfulpriortoregistra@onorqualifica@onunderthesecuri@eslawsofanysuchstate.ThisresearchreportwasoriginallypreparedanddistributedtoclientsofTheDavianLeer,LLC.
Our Recommendation: Sell/Sell Short $2.50 price target About the Company:
“DuoyuanGlobalWaterInc.,throughitssubsidiaries,engagesinthemanufactureanddistribu@onofwaterenvironmentprotec@onequipmentandwatertreatmentproductsinthePeople’sRepublicofChina.Itsproductcategoriescomprisecircula@ngwatertreatmentequipment,includingelectronicwatercondi@oners,automa@cfilters,circula@ngwatercentralprocessors,cyclonefilters,andwatersoSeners,whichareusedintheprocessoftrea@ngwaterandremovingbuildupincircula@ngwatersystems;waterpurifica@onequipmentthatuseultraviolet,ozone,membrane-based,andelectrodeioniza@ontechnologiesintheprocessoftrea@ngandpurifyingwaterforvariousapplica@onsandend-usercustomerscomprisingresiden@alcommuni@esandcommercialbusinesses;andwastewatertreatmentequipment,suchasgritseparators,microporousaerators,andbelt-typethickener-filterpressmono-blockmachines,whichareusedintheprocessoftrea@ngwastewater,suchasmunicipalsewage,andindustrialandagriculturalwastewater.Thecompany’scustomersprimarilyconsistofwastewatertreatmentplants,waterworksfacili@es,manufacturingplants,commercialbusinesses,residen@alcommuni@es,andindividualcustomers.Itsellsitsproductsthroughdistributors.Thecompanywasfoundedin1992andisheadquarteredinBeijing,thePeople’sRepublicofChina.”
1
DuoyuanGlobalWater
5/FDuoyuanBuildingNo.3JinyuanRoadDaxingIndustrialDevelopmentZoneBeijing,102600People’sRepublicofChinaTel:+86(0)1060212222URL:www.duoyuan-hq.com
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Yahoo!FinanceCompanyProfile;DGW
 
In Focus:
AboutthecompanyWhenwasDGWfounded?Whydoestheaddresslookfamiliar?haredfacili@es?DYPoverlapTDLResearchinfodavianleer.com
 
DuoyuanGlobalWaterP a g e |
2
DL |
davianletter.com
 
Monday,December20,2010
 When was DGW founded exactly?
Yahoo!Financeseemstobelievethecompanywasfoundedin1992,butonthecompany’swebsiteitsaysthatitwasfoundedin1989AND1992.Whyistherea3-yeardiscrepancyandhowcanacompanyNOTknowwhenitwasfounded?
1992?1989?DYPALOentersmarketinsameperiod,1993?!?
 
DuoyuanGlobalWaterP a g e |
3
DL |
davianletter.com
 
Monday,December20,2010Acloserexamina@onofthecompany’swebsiterevealsthatthe
companyitself 
does
NOT
knowwhenitwasformallyfounded.
 Why does the company’s address look familiar?
TheaddresslooksfamiliarbecauseitisthesameaddressthatDuoyuanDigitalPresslistsontheirwebsiteastheircorporateHQ.Thecompanysimplyremovesonelinefromtheaddress,butwehavebeenassuredbyrealestatesourcesinBeijing,thatitisindeedthesameaddress.Doesitmakesensethatawatercompanyandaprin@ngcompanywouldsharethesameheadquarters?
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