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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 26,878,062 $ 18,754,850
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 1,289,649 1,009,020
Loss on disposal of fixed assets   123,182
Share-based compensation 267,074 201,953
Gain on extinguishment of warrant liabilities (87,255) (135,369)
Change in fair value of warrants (2,554,252) (2,234,829)
Deferred income tax benefits (19,351) 59,020
(Increase) decrease in assets:    
Accounts receivable 9,826,535 (6,112,822)
Bills receivable 535,170  
Prepayments for raw material purchases (23,343,711)  
Other receivables and current assets (525,338) 274,600
Trade receivable from a related company   (228,887)
Inventories (1,298,889) 2,232,887
Increase (decrease) in liabilities:    
Accounts payable 2,513,027 2,382,124
Other payables and accruals (430,361) 446,769
Income taxes payable (366,207) 1,693,808
Net cash provided by operating activities 12,684,153 18,466,306
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property, plant and equipment (506,313) (1,067,485)
Addition to construction in progress (6,120,004)  
Net cash used in investing activities (6,626,317) (1,067,485)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from public offering of common stock, net of expenses of $2,430,489   32,069,517
Release of restricted cash related to private placement   575,000
Repurchase of common stock (2,126,597)  
Proceeds from a related party 140,000  
Proceeds from exercise of warrants 1,898,049 2,450,000
Net cash (used in) provided by financing activities (88,548) 35,094,517
Foreign currency translation adjustment 2,150,410 491,718
INCREASE IN CASH AND CASH EQUIVALENTS 8,119,698 52,985,056
CASH AND CASH EQUIVALENTS, at the beginning of the period 90,609,340 34,614,838
CASH AND CASH EQUIVALENTS, at the end of the period 98,729,038 87,599,894
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Share-based compensation costs to employees and directors 267,074 201,953
Issue of common stock to settle warrant liabilities, net of cash received 4,895,934 4,766,160
SUPPLEMENTAL DISCLOSURE INFORMATION    
Cash paid for interest 70,480 69,458
Cash paid for income taxes $ 8,835,772 $ 4,340,878