Among all Chinese stocks listed in the U.S., the one with the highest return on assets ratio in the past 12 months is a plastics recycling company.

According to financial information firm China Analyst, Guanwei Recycling Corp. (NASDAQ:GPRC) features a ROA of 70.36 percent for the last 12 months. Its asset turnover ratio (revenue divided by assets) was 3.26 for the same period.

Guanwei has also shown the highest return on equity among U.S.-listed Chinese stock, according to China Analyst.

Earlier this month, Guanwei announced a sales contract with Sunshine Handels & Consulting GmbH, a German recycling company, for the purchase of 25,000 tons of LDPE waste through June 2011.

The Fuqing-based company reported a sharp increase in net income in its first quarter ended March 31, 2010, which rose 73.4 percent year-over-year to $2,204,604, thanks to growth of high margin business and lower raw material costs.

Reported net sales in the first quarter, however, suffered a 58 percent decline, because the company increase raw material inventory and stopped the resale of other manufacturers' products.

The company noted in its first quarter filing that, in addition to the recovery in selling prices for recycled LDPE, production volume of polyethylene in China increased 19 percent year-over-year to 2.84 million tons in the first quarter.

We wrote about Guanwei last December in this story.