Qiao Xing Universal to Wholly Acquire Qiao Xing Mobile

PR Newswire Asia, 9/09/10

Chinese mineral resources company Qiao Xing Universal Resources (Nasdaq: XING) today announced that it has proposed to acquire all outstanding shares of Chinese mobile phone manufacturing subsidiary Qiao Xing Mobile Communication (NYSE: QXM) that it does not currently own. If completed, the acquisition will result in Qiao Xing Mobile becoming a privately-held company. Qiao Xing Universal Resources currently owns approximately 61.1% of the outstanding shares of Qiao Xing Mobile.

Qiao Xing Universal Resources has proposed to issue 1.9 shares of its common stock plus USD 0.80 in cash per share to minority shareholders in Qiao Xing Mobile. CEO Wu Ruilin said that Qiao Xing Mobile will provide Qiao Xing Universal Resources with strong financial support for the implementation of its resources-focused strategy.

Keywords: Wu Ruilin wireless QXM XING Qiao Xing Mobile Communication handset vendor M&A Qiao Xing Universal Resources

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