ChinaBio Today -- 3SBio Inc. announced a $2.7 million writedown as a consequence of the US financial crisis. The company invested in $3 million of Floating Rate Notes due January 21, 2009 that are subject to the credit of Lehman Brothers. As a consequence of the Lehman Brothers bankruptcy, the notes have been given a value of $300,000. 3SBio made the announcement as part of its preliminary Q3 unaudited results. The company said its Q3 revenues climbed 22% to 68.2 million RMB ($10.0 million). However, because of the charge, net income dropped to 1.9 million RMB ($0.3 million), or $0.01 per ADS.
