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Qiao Xing Mobile


About Qiao Xing Mobile

Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM) is one of the leading domestic manufacturers of mobile handsets in China in terms of unit sales volume. The Company manufactures and sells mobile handsets based primarily on Global System for Mobile Communications, or GSM, global cellular technologies. It operates its business primarily through CEC Telecom Co., Ltd., or CECT, its 96.6%-owned subsidiary in China. Currently, all of its products are sold under the "CECT" and "VEVA" brand name. Through its manufacturing facility in Huizhou, Guangdong Province, China, and two research and development centers in Huizhou and in Beijing, the Company develops, produces and markets a wide range of mobile handsets, with increasing focus on differentiated products that generally generate higher profit margins.

Financials

  • June 30, 2009: After the Company's earnings release on May 12, 2009, Qiao Xing Mobile continued to finalize its full year 2008 financial results and determined that it was necessary to record a non-cash intangible asset impairment charge to write-down the value of its CECT brand due to the Company's strategic shift to focus more on its high-end VEVA brand. The impairment charge resulted in a RMB22.3 million decrease in the Company's full year net income from the previously reported RMB446.1 million to RMB423.8 million and a RMB0.39 decrease in its diluted earnings per share from RMB7.38 to RMB6.99. For the fourth quarter ended December 31, 2008, the impairment charge reduced the Company's net income from RMB56.3 million to RMB34.0 million while diluted earnings per share decreased from RMB0.93 to RMB0.56.
  • July 16, 2009: Qiao Xing Mobile announces Fiscal Year 2008 Financial Results and filing of 2008 Annual Report on Form 20-F. Primarily due to the global economic downturn and the earthquake that took place in the Sichuan province of China in May 2008, net sales revenue declined from Rmb3,874.1 million for the fiscal year 2007 to Rmb2,594.9million (US$380.4 million) for the fiscal year 2008. However, comprehensive gross margin increased from 25.2% in 2007 to 33.8% in 2008. As a result, gross profit decreased from Rmb975.1 million in 2007 to Rmb875.9 million (US$128.4 million) in 2008, representing a decrease of 10.2%.

Qiao Xing Mobile in News

Investor Alert: Holzer Holzer & Fistel, LLC Filed a Class Action Against Pretium Resources, Inc.; Investors With Significant Losses Encouraged to Inquire About Lead Plaintiff Position
Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit on behalf of investors who purchased Pretium Resources, Inc. ("Pretium" or the "Company") (NYSE: PVG) common stock between January 19, 2011 and October 24, 2013

Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against Qiao Xing Mobile Communication Ltd. (NYSE: QXM / QXMCF)
On December 19, 2012, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Qiao Xing Mobile Communication Ltd. (NYSE: QXM) (NYSE: QXMCF)

Mobile Communication Speaks Volumes -- Research Report on Orsus Xelent Technologies, Inc. and Qiao Xing Mobile Communication Co
Today, www.EquityMarketsInc.com announced its research report highlighting Orsus Xelent Technologies, Inc. (AMEX: ORS) and Qiao Xing Mobile Communication Co (NYSE: QXM). Full content and research is available at www.EquityMarketsInc.com/research.php.

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