PR Newswire Asia, 4/17/12
Chinese mobile phone manufacturer Qiao Xing Mobile Communication (NYSE: QXM) noted that the trading in Chinese mobile phone manufacturer and mineral resources company Qiao Xing Universal Resources (Nasdaq: XING), its controlling shareholder, was halted yesterday by the Nasdaq Stock Market pending the provision of "additional information requested" by Qiao Xing Universal. The Nasdaq Stock Market's website stated that trading in Qiao Xing Universal's shares will remain halted until Qiao Xing Universal has fully satisfied the Nasdaq Stock Market's request for additional information. While the release of further information by Qiao Xing Universal is pending, the board of directors and management of Qiao Xing Mobile would like to clarify that, to their knowledge, the trading halt of Qiao Xing Universal is not related to Qiao Xing Mobile or Qiao Xing Mobile's business or transactions, any of Qiao Xing Mobile's subsidiaries or any of their respective bank accounts.
Qiao Xing Universal, a public company listed on the Nasdaq Global Market, is the parent company and the controlling shareholder of Qiao Xing Mobile, and holds approximately 55.6% of the equity interests in Qiao Xing Mobile. Wu Zhiyang, the Chairman and Chief Executive Officer of Qiao Xing Mobile, also serves as the Chairman and Chief Executive Officer of Qiao Xing Universal.
Editor's Note: For more background on this topic, please see "Nasdaq Halts Trading of Qiao Xing Universal" MD 4/16/12 issue.