November 23,2010, To confirm the news that Tianjin Xinmao plans a all-cash bid to Draka, Holand's fiber giant, we contacted both Xinmao and YOFC, the shareholder of Xinmao, and a joinventured company of Draka in China, but both companies said that they have not heard about this.

A security analyzer from GuangFa security company told us that Xinmao has not the ability to provide 1 billion Euros for this offer. He said that it should be a rumor.

An employee of Xinmao, who does not want to publish his name, told us, “Xinmao should not have this activity. As shareholder of XInmao, YOFC would not allow them to do this.”

According to Xinmao's financial report, the company has a revenue of 784 million RMB (about 100 million USD) in the year 2009, the profit was 62.35million RMB in the same year. For the first 3 quarters of this year, Xinmao has revenue of 606 million RMB.