Market Overview

Shengkai Innovations Appoints Albert Wong & Co. as New Auditor; Former Auditor Resigns

Shengkai Innovations, Inc. (Nasdaq: VALV) today announced that its auditor BDO China Li Xin Da Hua CPA Co., Ltd. resigned on August 4, 2011 because parties were unable to agree to BDO's proposed increase in their fee for conducting its 2011 audit.

BDO had proposed to increase its 2011 audit fee from $200,000 to $610,000, which management felt was too sizeable and unjustifiable.

The Audit Committee of the Company then appointed Albert Wong & Co. as its new independent registered public accounting firm on August 4, 2011. AW was previously engaged as the independent registered public accounting firm for the Company for the years ended June 30, 2008 and 2009, and resigned on June 28, 2010.

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