| Abstract | Three years ago China's largest textile machine builder, Shanghai No.2 Textile Machinery Co., known as Erfangji, became one of the first Chinese companies to sell shares to foreigners. Then the company seemed to provide an excellent means for the Chinese export-driven economy's need for modern machinery to produce high quality goods. Shrinking sales have now brought down the shares from an opening price of 54 United States cents in July 1992, and a peak of 80 cents in December 1993 to 15.6 cents on 11 October 1995 - still representing 26 times forecast 1995 earnings per share. |
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