There are a lot of great, fast-growing businesses out there whose valuations are much more attractive on the stock market. I wrote about Fushi Copperweld, Inc. (NASDAQ/FSIN) recently and I have great hopes for this company going forward.

Another really exciting company that's worthy of consideration right now is China Security & Surveillance Technology, Inc. (NYSE/CSR). This pure-play Chinese growth company has all the attributes of a successful wealth creator.

China Security manufactures and installs security and surveillance systems through its wholly owned subsidiary, Golden Group Corporation (Shenzhen) Limited. The company has a manufacturing facility located in Shenzhen, China, and a research collaboration agreement with Beijing University.

China Security is a kind of consolidator in the security industry and, if you can imagine all the new building going on in that country, each new structure or plant will need a fire/security system.

In the company's latest quarter, the third quarter of 2007, its revenues grew 51% to almost sixty-five-and-a-half million dollars, up from revenues of about forty-three-and-a-half million dollars generated in the third quarter of 2006. Third-quarter gross profits grew 54%, to almost twenty million dollars. Gross margin for the third quarter was 30.2%, as compared to 29.6% for the same period of 2006. Net income in the third quarter of 2007 grew 14% to more than eleven-and-a-half million dollars, up from net income of just over ten million dollars generated in the same quarter last year.

China Security finished the quarter with cash and cash equivalents of almost eighty million dollars, and total debt of one hundred and thirty million dollars.

For the upcoming fourth quarter of 2007, the company expects its revenues to come in between eighty million dollars and eighty-five million dollars, with adjusted net income of at least fourteen million dollars. For all of fiscal 2008, the company's current estimate is for revenues to be between three hundred and fifty million dollars and three hundred and seventy million dollars, with adjusted net income of between sixty-five million dollars and seventy-five million dollars.

Recently, China Security signed a deal with Shanghai LG Electronics Co., Ltd., which is a unit of South Korean conglomerate LG Group. The company will have the exclusive right for a three-year period to sell all of LG's security products throughout China.

Before the recent stock market correction, this stock hit a high of $33.60 per share. Now, it's trading around $18.50 per share, and I think it's a bargain. It takes a lot of courage to invest in Chinese stocks. Anything can happen. But I think this company has a great future ahead of itself and that it could be a great long-term wealth creator for stockholders.