Portfolio Update: Qiao Xing Universal

Qiao Xing Universal Telephone (Nasdaq: XING), one of China’s largest manufacturers and distributors of telecommunications products, announced on April 19 that its subsidiary Qiao Xing Mobile Communications has filed an F-1 registration statement with the SEC for the purpose of an initial public offering on the NYSE.

The press release notes, “Qiao Xing Mobile Communication Co., Ltd. ('QXM' or the 'Company'), a British Virgin Islands incorporated company that owns a 93.4% equity interest in CEC Telecom, Co., Ltd. (CECT), has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ('SEC') for a proposed initial public offering of ordinary shares ('IPO') on the New York Stock Exchange ('NYSE'). The proposed offering will consist of a primary offering by the Company and a secondary offering by the selling shareholders. When the IPO is consummated, Qiao Xing Universal will still maintain a majority stake (more than 51%) in QXM. The proposed price range per ordinary share will range from USD11.00 to USD 13.00.”

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