HUALING Holdings manufactures and markets household electrical appliances including refrigerators, air-conditioners, mini-refrigerators, and sterilisation cabinets. This time last year, New China Hong Kong Research put a buy recommendation on the stock, saying rising demand in China should see it achieve 22 per cent sales growth over the next two years. The stock has failed to deliver. Twelve months ago Hualing shares traded at $1.15 but they are now worth just $1.05, having under-performed the Hang Seng Index by 29.9 per cent. The analyst who wrote the report was unavailable for comment.