ZHENGZHOU, China, Nov. 23, 2011 /PRNewswire via COMTEX/ -- China Valves Technology, Inc. /quotes/zigman/114090/quotes/nls/cvvt CVVT +1.67% ("China Valves" or the "Company"), a leading Chinese metal valve manufacturer, today announced that Henan Tonghai Fluid Equipment Co., Ltd., China Valves' PRC holding company, has been recognized as a National Corporate Technology Center by an array of China's regulatory and government agencies. China Valves is the only company that has received this recognition in China's valve industry. Normally China Central Government entitles one single National Corporate Technology Center for one industry.
The selection process consisted of various factors such as a company's patents, its research & development ("R&D") team, its R&D investments, its R&D equipments and its tax-related legal compliance, its R&D co-operation with outside institutes and universities, among other factors. As a National Corporate Technology Center, China Valves is eligible to benefit from certain preferred policies from the Chinese government agencies that determined this recognition, which are the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Finance, the General Administration of Customs and the State Administration of Taxation.
"This unique acknowledgement validates our leading position in China's valve industry, as our six subsidiaries, each with specific product applications, are all leaders in their respective target markets," said Mr. Jianbao Wang, Chief Executive Officer of China Valves. "Meanwhile, this recognition also represents our great efforts in R&D of high gross margin products in these years. With this platform we have more responsibility and duty to localize high end valves to help the construction of the key projects in China. In addition, we will also expect to receive more government support such as fund appropriation from central government, provincial government and municipal governments, tax benefits, possible preferred land use right and other subsidies. "
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou City ZD Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Taizhou Taide Valve Co., Ltd., Yangzhou Rock Valve Lock Technology Co., Ltd., China Valve Technology (Changsha) Valve Co., Ltd. and Shanghai Pudong Hanwei Valve Co., Ltd., is engaged in the development, manufacture and sale of high-quality metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries. The Company has one of the best known brand names in China's valve industry, and its history can be traced back to 1959 when it was formed as a state-owned enterprise. The Company develops valve products through extensive research and development and owns numerous patents. It enjoys a large domestic market share and also exports to Asia and Europe. For more information, visit http://www.cvalve.com