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New Energy Systems CEO Yu Weihe Bought 501,300 Shares

June 19, 2012 | About:

CEO of New Energy Systems (NEWN) Yu Weihe bought 501,300 shares on 06/14/2012 at an average price of $0.72. The total transaction amount is $360,936. New Energy Systems Group, headquartered in Shenzhen, China, is a manufacturer and distributor of lithium ion batteries. New Energy Systems has a market cap of $10.6 million; its shares were traded at around $0.68 with a P/E ratio of 0.9 and P/S ratio of 0.2.

No gurus have traded recently in the company. Prior to purchasing 501,300 shares of the company 6/14/2012, Weihe Yu also traded twice in the company last year. on 6/1/2011, he purchased 57,732 shares of the company. On 12/16/2011, he bought an additional 238,000 shares at an average price of $0.80. The stock price has decreased by 80% since his trade in mid-2011, and 15% since his trade in late 2011.

Weihe Yu has served as Chairman of New Energy Systems since December 2009. He has a bachelor’s degree in Mechanical Engineering, and has worked in the lithium ion industry for more than 10 years. Before his work at New Energy Systems, he was the cofounder of Anytone and served as the company’s CEO from July 2005 to December 2009.

New Energy Systems has a flat revenue growth average for the last 10 years. For the last five years, average revenue growth was 52.4%. However, revenues decreased almost 40% within the last 12 months, from almost $8 per share to under $4 per share. Revenues were negative for four out of the past seven years, since the company’s first public filing in 2004. Total shares outstanding have also increased dramatically since 2009, when the company had 5.45 million total shares outstanding. As of 2011, the company had 14.55 million shares outstanding.

New Energy Systems has no long-term debt and holds about $4.5 million in cash. The majority of its assets are in accounts receivable. Total liabilities are mainly in accounts payable, with about $4.24 million in total liabilities.

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