Duoyuan Global Water Inc. Announces Pricing of Initial Public Offering

BEIJING, June 24 /PRNewswire-Asia-FirstCall/ -- Duoyuan Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"), a leading China-based domestic water treatment equipment supplier, today announced that its initial public offering of 5.5 million American Depositary Shares ("ADSs"), representing 11.0 million ordinary shares, was priced at an initial offering price of $16.00 per ADS. All of the ADSs sold in this offering were sold by the Company. The gross proceeds from the sale of the ADSs are approximately $88.0 million. The ADSs are expected to begin trading on the New York Stock Exchange on June 24, 2009 under the symbol "DGW."

The Company has granted the underwriters a 30-day option to purchase up to an additional 825,000 ADSs to cover over-allotments, if any.

The Company intends to use the net proceeds from the offering to improve and upgrade existing manufacturing facilities and production lines; to build new manufacturing facilities and production lines; to produce new water treatment products; to build a research and development laboratory; to fund potential acquisitions of complementary businesses; and for general corporate purposes.

Piper Jaffray & Co. is acting as the sole book running manager of the offering. Oppenheimer & Co. Inc. and Janney Montgomery Scott LLC are the co-managers of the offering.

Duoyuan's registration statement relating to these securities was declared effective on June 24, 2009 by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

A copy of the prospectus relating to the offering may be obtained by visiting EDGAR on the SEC's Web site at http://www.sec.gov and from Piper Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN, 55402, telephone: 612-303-8290 or email: prospectus@pjc.com .

About Duoyuan Global Water Inc.

Duoyuan Global Water Inc. is a leading China-based domestic water treatment equipment supplier. Duoyuan's product offerings address the key steps in the water treatment process, such as filtration, water softening, water-sediment separation, aeration, disinfection and reverse osmosis. Duoyuan offers a comprehensive set of complementary products across three product categories: circulating water treatment, water purification and wastewater treatment.

    For further information, please contact:

    Integrated Corporate Relations, Inc.
    In the United States:
     Ashley M. Ammon
     Tel: +1-203-682-8208

    In China:
     Wei-Jung Yang
     Tel: +86-10-6599-7968

SOURCE Duoyuan Global Water Inc.