China Clean Energy
|Type||Public (OTC: CCGY)|
|Industry||Energy, Specialty Chemicals|
|Founded||The company began operations in 1995 and launched its biodeisel operations in 2005.|
|Headquarters||Delaware, United States registered company, headquartered in Fuqing City, Fujian Province, People's Republic of China|
|Area served||China (Biodiesel), International (Specialty Chemicals)|
|Key people||Tai-Ming Ou, Chairman and CEO; William Chen, Company CFO|
|Products||Biodiesel, Specialty chemicals|
|Revenue||$58.9 million USD (2010)|
China Clean Energy, Inc. (OTC: CCGY), through its wholly owned subsidiary Fujian Zhongde Technology Co., Ltd. (“Fujian Zhongde”), is a biodiesel and specialty chemical producer operating in The People's Republic of China and selling products both domestically there and worldwide.
The company uses waste vegetable oils, such as cotton seed leavings, and yellow grease, as feedstocks, processing them through proprietary technologies to produce biodiesel for local consumption and a variety of "green" chemicals for sale worldwide.
In early 2008, the company secured private funding through a special stock offering to create a 100,000 metric ton annual capacity biodiesel plant. The company's current plants are approximately one-tenth of that size.
The company produces by products of biodiesel and various specialty chemicals. Because these chemicals are produced from renewable feedstock, they can be considered "green" and sold for a premium in some markets.
Chemicals listed include: Monomer Acid, Stearic, Dimer Acid, Printing Inks, Dimer-Based Polyamide Hot Melt Adhesive, Low Molecular Weight Liquor Polyamide Resins, Polyamide Hot-Melt Adhesive, Alcohol-soluble Polyamide Resins, Benzene-Soluble Polyamide Resins, and Bio Heating Fuel.
The company's website claims that it is one of two publicly traded biodiesel producers currently operating in China. The other is presumably Gushan, which is listed on the New York Stock Exchange. A larger number of competitors could be listed for their worldwide chemical sales, although only a handful would meet China Clean Energy's "green" credentials.
On April 15, 2008, China Clean Energy reported it was changing auditors from Michael T. Studer CPA P.C. to Moore Stephens Wurth Frazer and Torbet, LLP. Controversy surrounding the reliability of the previous auditor may have been central to this decision.
On February 18, 2008, Barrons reported:
" One auditor of Chinese companies like China Clean Energy (CCGY) and China Kangtai Cactus Biotech (CKGT) is Michael T. Studer of Freeport, N.Y. In 2006, during an inspection, the PCAOB found "deficiencies of such significance that it appeared...the Firm (Studer) did not obtain sufficient competent evidential matter to support its opinion on the issuer's financial statements." Moreover, in 2004, the National Association of Securities Dealers expelled Studer's firm and barred him from association with any securities firm."
- Official Company Website