SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. )*
China Security & Surveillance Technology, Inc.
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(Name of Issuer)
Common Stock, $0.0001 par value
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(Title of Class of Securities)
G21161107
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(CUSIP Number)
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 21, 2007
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(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 12 Pages)
--------------------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 2 OF 12 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON GROUP, INC.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,749,117
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,749,117
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,749,117
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
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14 TYPE OF REPORTING PERSON*
IA; CO
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* SEE INSTRUCTIONS
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 3 OF 12 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON MULTISTRATEGY MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,579,946
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,579,946
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,579,946
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 4 OF 12 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 169,171
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
169,171
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
169,171
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
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14 TYPE OF REPORTING PERSON*
CO
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* SEE INSTRUCTIONS
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 5 OF 12 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GEORGE HALL
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,749,117
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,749,117
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,749,117
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 6 OF 12 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
CONRAD BRINGSJORD
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,749,117
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,749,117
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,749,117
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
* SEE INSTRUCTIONS
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 7 OF 12 PAGES
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Item 1. SECURITY AND ISSUER.
This statement relates to the shares of Common Stock, $0.0001 par value
per share (the "Shares"), of China Security & Surveillance Technology, Inc., a
Delaware corporation (the "Issuer"). The principal executive office of the
Issuer is located at 13/F, Shenzhen Special Zone Press Tower, Shennan Road,
Futian District, Shenzhen, China 518034.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by Clinton Group, Inc., a Delaware
corporation ("CGI"), Clinton Multistrategy Master Fund, Ltd., a Cayman Islands
company ("CMSF"), Clinton Special Opportunities Master Fund, Ltd., a Cayman
Islands company ("CSO"), George Hall and Conrad Bringsjord (collectively, the
"Reporting Persons").
(b) The principal business address of CGI, George Hall and Conrad
Bringsjord is 9 West 57th Street, 26th Floor, New York, New York 10019. The
principal business address of CMSF and CSO is c/o Fortis Fund Services (Cayman)
Limited, P.O. Box 2003 GT, Grand Pavilion Commercial Centre, 802 West Bay Road,
Grand Cayman, Cayman Islands.
(c) The principal business of CGI is investing for funds and accounts
under its management. The principal business of CMSF and CSO is to invest in
securities. George Hall is the Chief Investment Officer and President of CGI.
Conrad Bringsjord is a managing director and senior portfolio manager of CGI.
(d) None of the Reporting Persons nor any of the individuals set forth
in Schedule A attached hereto has, during the last five years, been convicted in
a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) None of the Reporting Persons nor any of the individuals set forth
in Schedule A attached hereto has, during the last five years, been a party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
(f) George Hall and Conrad Bringsjord are citizens of the United States
of America.
The name, citizenship, present principal occupation or employment and
business address of each director and executive officer of CGI, CMSF and CSO is
set forth in Schedule A attached hereto. To the best of the Reporting Persons'
knowledge, except as set forth in this statement on Schedule 13D, none of such
individuals owns any Shares.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Funds for the purchase of the Shares reported herein were derived from
available capital of CMSF and CSO. A total of approximately $21 million was
paid to acquire such Shares.
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 8 OF 12 PAGES
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ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons originally acquired Shares for investment in the
ordinary course of business because they believed that the Shares, when
purchased, were undervalued and represented an attractive investment
opportunity.
On June 21, 2007, CGI sent a letter to the Issuer's Chairman and CEO,
Mr. Guoshen Tu, to express its support of the Issuer's management and its
excitement about the Issuer's growth prospects. The letter states that given
CGI's position as one of the Issuer's largest investors and the recent
performance of the Issuer's stock price, CGI thought it appropriate to detail
its ideas with regards to the strategic direction and financial management of
the company. CGI explains that it has a long-term view regarding its investment
in the Issuer and offers itself as a sounding board for the Issuer's management
team in discussing value maximization opportunities. A copy of this letter is
attached hereto as Exhibit B and is incorporated herein by reference.
Except as set forth herein or as would occur upon completion of any of
the actions discussed herein, including in any Exhibits hereto, the Reporting
Persons have no present plan or proposal that would relate to or result in any
of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D. The
Reporting Persons intend to review their investment in the Issuer on a
continuing basis and may engage in discussions with management, the board of
directors, other shareholders of the Issuer and other relevant parties
concerning the business, operations, management, strategy and future plans of
the Issuer. Depending on various factors including, without limitation, the
Issuer's financial position and strategic direction, the outcome of the
discussions and actions referenced above, actions taken by the board of
directors, price levels of the Shares, other investment opportunities available
to the Reporting Persons, conditions in the securities market and general
economic and industry conditions, the Reporting Persons may in the future take
such actions with respect to their investment in the Issuer as they deem
appropriate including, without limitation, purchasing additional Shares or
selling some or all of their Shares, engaging in short selling of or any hedging
or similar transactions with respect to the Shares and/or otherwise changing
their intention with respect to any and all matters referred to in Item 4 of
Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the close of business on June 21, 2007, the Reporting Persons
beneficially owned an aggregate of 1,749,117 Shares, constituting
approximately 5.0% of the Shares outstanding.
The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 34,942,206 Shares outstanding, which is the total number
of Shares outstanding as of May 10, 2007 as reported in the Issuer's Quarterly
Report on Form 10-Q for the period ended March 31, 2007.
(b) By virtue of investment management agreements with each of CMSF and
CSO, CGI has the power to vote or direct the voting, and to dispose or direct
the disposition, of all of the 1,579,946 Shares held by CMSF and the 169,171
Shares held by CSO. By virtue of his direct and indirect control of CGI, George
Hall is deemed to have shared voting power and shared dispositive power with
respect to all Shares as to which CGI has voting power or dispositive power. By
virtue of his position as managing director and senior portfolio manager of CGI,
Conrad Bringsjord is also deemed to have shared voting power and shared
dispositive power with respect to all Shares as to which CGI has voting power or
dispositive power. Accordingly, CGI, George Hall and Conrad Bringsjord are
deemed to have shared voting and shared dispositive power with respect to an
aggregate of 1,749,117 Shares.
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 9 OF 12 PAGES
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(c) Information concerning transactions in the Shares effected by the
Reporting Persons during the past sixty days is set forth in Schedule B hereto
and is incorporated herein by reference. Unless otherwise indicated, all of such
transactions were effected in the open market.
(d) No person other than the Reporting Persons is known to have the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the Shares.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
The Reporting Persons may, from time to time, enter into and dispose of
cash-settled equity swap or other similar derivative transactions with one or
more counterparties that are based upon the value of Shares, which transactions
may be significant in amount. The profit, loss and/or return on such contracts
may be wholly or partially dependent on the market value of the Shares, the
relative value of Shares in comparison to one or more other financial
instruments, indexes or securities, a basket or group of securities in which
Shares may be included, or a combination of any of the foregoing. In addition to
the Shares that they beneficially own without reference to these contracts, the
Reporting Persons currently have short economic exposure to 25,000 Shares
through such contracts. These contracts do not give the Reporting Persons direct
or indirect voting, investment or dispositive control over any securities of the
Issuer and do not require the counterparties thereto to acquire, hold, vote or
dispose.
Except as otherwise set forth herein, the Reporting Persons do not have
any contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
Item 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A - Joint Filing Agreement dated June 22, 2007
Exhibit B - Letter to Issuer's Chairman and CEO dated June 21, 2007
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 10 OF 12 PAGES
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SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: June 22, 2007
CLINTON GROUP, INC.
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON MULTISTRATEGY MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
By: Clinton Group, Inc. its investment
manager
By: /s/ Francis Ruchalski
---------------------------
Name: Francis Ruchalski
Title: Comptroller
/s/ George Hall
------------------------------
George Hall
/s/ Conrad Bringsjord
------------------------------
Conrad Bringsjord
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 11 OF 12 PAGES
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SCHEDULE A
DIRECTORS AND EXECUTIVE OFFICERS OF CERTAIN REPORTING PERSONS
The following sets forth the name, position and principal occupation of
each director and executive officer of CGI. Each such person is a citizen of the
United States of America. The business address of each director and executive
officer is 9 West 57th Street, 26th Floor, New York, New York 10019.
CLINTON GROUP, INC.
Name Position
--------------------------- -------------------------------------------
George E. Hall Director and President
John L. Hall Director and Chief Financial Officer
Wendy Ruberti General Counsel and Assistant Secretary
Francis A. Ruchalski Director and Comptroller
Hani K. Findakly Director
The following sets forth the name, citizenship, principal occupation and
business address of each director of each of CMSF and CSO. There are no
executive officers of CMSF and CSO.
CLINTON MULTISTRATEGY MASTER FUND, LTD.
Jane Fleming is a citizen of the United Kingdom. Her principal occupation is
Client Accountant of Queensgate Bank & Trust Company Ltd. Her business address
is Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South
Church Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
Dennis Hunter is a citizen of the United Kingdom. His principal occupation is
Director of Queensgate Bank & Trust Company Ltd. His business address is
Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church
Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
Roger Hanson is a citizen of the United Kingdom. His principal occupation is
director of dms Management Ltd. His business address is dms Management Ltd.,
P.O. Box 31910 SMB, Ansbacher House, 20 Genesis Close, Grand Cayman, Cayman
Islands.
Blair Gauld is a citizen of New Zealand. His principal occupation is Director of
Queensgate Bank & Trust Company Ltd. His business address is Queensgate Bank &
Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church Street, P.O. Box
30464 SMB, Grand Cayman, Cayman Islands.
CLINTON SPECIAL OPPORTUNITIES MASTER FUND, LTD.
Dennis Hunter's citizenship, principal occupation and business address are set
forth above.
Roger Hanson's citizenship, principal occupation and business address are set
forth above.
Cassandra Powell is a citizen of the Cayman Islands. Her principal occupation is
Senior Manager of Queensgate Bank & Trust Company Ltd. Her business address is
Queensgate Bank & Trust Company Ltd., Harbour Place, 5th Floor, 103 South Church
Street, P.O. Box 30464 SMB, Grand Cayman, Cayman Islands.
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CUSIP NO. G21161107 SCHEDULE 13D PAGE 12 OF 12 PAGES
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SCHEDULE B
TRANSACTIONS IN THE SHARES BY THE REPORTING PERSONS DURING THE PAST 60 DAYS
Clinton Multistrategy Master Fund, Ltd.
Trade Date Shares Purchased (Sold) Price Per Share ($)
---------- ----------------------- -------------------
04/25/07 6,278 16.35
05/01/07 6,500 15.74
05/02/07 1,000 15.62
05/03/07 700 15.40
05/04/07 2,500 15.01
05/07/07 3,500 14.72
05/08/07 11,300 13.82
05/08/07 (2,500) 15.00
05/14/07 (2,500) 14.82
05/21/07 40,900 12.84
05/22/07 14,400 12.62
05/23/07 6,535 12.71
05/24/07 1,750 13.01
05/25/07 (8,000) 13.60
05/29/07 (12,000) 14.49
05/30/07 (7,500) 15.34
06/01/07 (237) 15.50
06/04/07 4,000 14.76
06/05/07 3,000 14.10
06/06/07 1,315 13.73
06/06/07 1,000 13.97
06/06/07 (1,000) 14.25
06/08/07 1,000 14.05
06/08/07 (1,100) 14.26
06/11/07 2,000 14.00
06/12/07 1,000 13.85
06/13/07 1,000 13.65
06/14/07 2,000 13.50
06/14/07 (500) 13.60
06/15/07 22,000 13.30
06/18/07 19,000 13.11
06/19/07 19,900 12.71
06/20/07 62,500 12.75
06/20/07 4,000 12.71
06/20/07 (1,200) 13.40
06/21/07 45,000 14.52
06/21/07 7,000 14.07
Clinton Special Opportunities Master Fund, Ltd.
Trade Date Shares Purchased (Sold) Price Per Share ($)
---------- ----------------------- -------------------
04/23/07 2,000 17.08
04/25/07 6,200 16.35
05/01/07 6,500 15.74
05/04/07 2,500 15.01
05/07/07 3,500 14.72
05/15/07 3,300 14.20
05/16/07 3,000 13.48
05/17/07 1,000 13.30
05/18/07 2,000 13.65
05/21/07 4,600 12.84
05/22/07 1,600 12.62
06/20/07 62,500 12.75
06/20/07 4,000 12.71
06/20/07 (1,300) 13.40
06/21/07 45,000 14.52
06/21/07 6,971 14.07