WEB NEWS CFO Trail
BEIJING ,
May 2, 2012 /PRNewswire-Asia / -- Qiao Xing Mobile Communication Co., Ltd. ("QXM" or the "Company") (NYSE: QXM), a domestic manufacturer of mobile handsets in
China , today announced that Mr.
Kok Seong Tan has tendered his
resignation as chief financial officer ("CFO") of the Company for personal reasons, effective immediately. The Company is presently seeking a new CFO to replace Mr. Tan.
Investor Alert
BEIJING , January 9, 2012 /PRNewswire-Asia-FirstCall / -- Qiao Xing Mobile Communication Co., Ltd. ("QXM" or the "Company") (NYSE: QXM), a domestic manufacturer of mobile handsets in China , received a letter from the New York Stock Exchange (the "NYSE") on December 15, 2011 stating that the average closing price of the Company's security had been less than $1.00 over a consecutive 30-trading-day period, which means the Company has fallen below the NYSE's minimum share price continued listing standard as established in Section 802 of the NYSE Listed Company Manual. The NYSE letter has no immediate effect on the listing of the Company's common stock.
In accordance with applicable rules in Sections 801 and 802 of the NYSE Listed Company Manual, the Company has six months upon receipt of the notification to regain compliance by bringing its share price and average share price back above $1.00 .
In the event that at the expiration of the six-month cure period, both a $1.00 share price and a $1.00 average share price over the preceding 30 trading days are not attained, the NYSE will commence suspension and delisting procedures.
The Company has notified the NYSE of its intention to cure the price deficiency. The Company is closely monitoring the trading price of its shares and will consider taking further actions to comply with the minimum share price requirements as appropriate.
Auditor trail
BEIJING ,
December 12, 2011 /
PRNewswire-Asia-FirstCall / -- Qiao Xing Mobile Communication Co., Ltd. ("QXM" or the "Company") (NYSE: QXM), a domestic manufacturer of mobile handsets in
China , announced today that
Crowe Horwath (HK) CPA Limited was appointed by the Company as its
new independent auditor. The decision to engage
Crowe Horwath (HK) CPA Limited was approved by the board of directors on
December 12, 2011 .
Comments & Business Outlook
First Half 20 11 Results
Revenues were RMB238.6 million (US$36.9 million ) compared to RMB324.0 million in the first half of 2010.
Handset shipments were 437,000 units compared to 621,000 units in the first half of 2010.
Gross margin was a negative 32.5% compared to 3.3% in the first half of 2010.
Operating loss was RMB162.4 million (US$25.1 million ) compared to RMB85.1 million in the first half of 2010.
Net loss attributable to holders of ordinary shares was RMB148.4 million (US$23.0 million ) compared to net loss of RMB64.5 million in the first half of 2010.
The decrease in handsets revenue from RMB319.0 million in the first half year of 2010 to RMB151.9 million (US$23.5 million ) in the first half of 2011 was primarily due to lower handset shipments and a decrease in the average selling price ("ASP") of products sold in the first half year of 2011.
Total handset shipment in the first half year of 2011 was 437,000 units, compared with 621,000 units in the same period of 2010. The decrease in handset shipments compared to the same period of last year was primarily due to a slow-down in shipments amid intense competition in the PRC handset market and poor reception of new product offerings in the first half of 2011.
Liquidity Requirements
We believe the cash we currently hold, cash flow from operations and available credit facilities will be sufficient to meet our present cash needs, including our cash needs for working capital and capital expenditures. We may, however, require additional cash resources due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue.
Our long-term liquidity needs will relate primarily to working capital to pay our suppliers, distributors and third-party manufacturers, as well as any increases in manufacturing capacity or acquisitions of third party businesses or licenses that we may seek in the future. We expect to meet these requirements primarily through our current cash holdings, revolving short-term bank borrowings , as well as our cash flow from operations. We currently do not have any plan to incur significant capital expenditures in 2011 and for the foreseeable future beyond 2011.
Acquisitions
BEIJING, Jan. 6, 2011 /PRNewswire-Asia-FirstCall / -- Qiao Xing Mobile Communication Co., Ltd. today announced that, at a meeting of QXM's board of directors held on 31 December 2010, the Board authorized that a Scheme of Arrangement, proposed by QXM's parent company, Qiao Xing Universal Resources, Inc. , pursuant to which XING would acquire all of the outstanding ordinary shares of QXM other than those shares held by XING in exchange for 1.9 shares of XING's common stock plus US$0.80 in cash for each Minority Share be put forward by the Company to the holders of the Minority Shares for their consideration
Comments & Business Outlook
With the improvement in the general economic environment, Qiao Xing Mobile is cautiously optimistic that it will begin to see sequential improvement in its operating results in the quarters ahead.
Source: PR Newswire (August 12, 2009)
Comments & Business Outlook
Dr. Li concluded, 'With the imminent rollout of the 3G network nationwide, 3G-compatible mobile phones are poised to be in brisk demand for upgrade among China's mobile phone users, which currently total 640 million and are expected to grow at the high single digit for the next few years. Also, we anticipate that service providers and telecom operators will launch more applications to fully leverage the higher bandwidth provided by these 3G networks, to enrich end-user experiences and increase both online and air traffic. This is a historic opportunity and we are very excited that with our recent 3G-related initiatives, including the F1 model on China Unicom's approved 3G handset list and our T3 model currently in operational test with China Mobile. With all these initiatives, QXM is uniquely positioned to win market share for 3G and high-end phones in China. And last but not least, we will continue to open our VEVA specialty retail stores in prime locations in major cities throughout China. These stores, in addition to Ms. Zhang Ziyi's endorsement, are expected to further enhance VEVA's premium image among domestically manufactured mobile handsets.'
Source: PR Newswire (May 11, 2009 )
Comments & Business Outlook
Guidance Report
Due to the economic slowdown in China, the Company currently expects its revenue and operating profit for the fourth quarter of 2008 to be lower than the same period of 2007 . However, the Company expects to remain profitable at the operating level during the fourth quarter 2008.
Source: PR Newswire (January 23, 2009 )
