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Qiao Xing Universal Telephone


About Qiao Xing Universal Telephone

Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) is one of China's largest manufacturers and distributor of telecommunications products in China. QXUT's product portfolio includes telecommunications terminals and related products, including fixed wireless phones, VoIP telephones, mobile handsets, PDAs and consumer electronic products, including MP3 players, cash registers and set-top-box products. The Company primarily conducts its business through its operating subsidiaries CEC Telecom Co., Ltd (CECT), and Huizhou Qiao Xing Communication Industry Co., Ltd (HZQXCI), a company engaged in R&D and distribution of indoor telephone sets and economy mobile phones under the COSUN brand. The Company Group has built a strong distribution network comprised of more than 5,000 retail stores throughout China and has established partnerships with major retailers in Europe, North America and Latin America, including Bellsouth and Wal-Mart.

Subsidaries / Group Companies

In the first half of 2007, one subsidiary of the Company, Qiao Xing MobileCommunication Co., Ltd. ("QXM"), conducted an initial public offer ("IPO") on the New York Stock Exchange. The company recognized RMB733.7 million non-operating gains during the IPO and conversion of XING convertible notes by note holders to shares of QXM thereafter. The net non-operating income for the six months ended June 30, 2008 was RMB11.9 million, compared to RMB524.0 million in the same period of 2007, represents a decrease of RMB512.1 million.

On Dec 2, 2009, Qiao Xing Universal Telephone, Inc. announced it has entered into an agreement dated November 30, 2009 to sell its indoor phone and lower-end mobile phone business subsidiary Qiao Xing Communication Holdings Limited ("QXCH") to Dragon Fu Investment Limited ("DFIL").

Financials

On November 21, 2008, the company announced its unaudited consolidated income statement for the six months ended June 30, 2008 and consolidated balance sheet as at June 30, 2008. Net profit before extraordinary item for the six months was RMB 53.9 million (US$7.6 million). This represents a 93% decrease from the first half of 2007. This was mainly due to the decrease of non-operating income and sales. Compared to the first half of 2007, net sales decreased 32.6%, from RMB1,857.6 million to RMB1,251.9 million. This leads to a decrease of 47.1% in income from operation. Basic earnings per share of common stock before and after extraordinary gain were both RMB1.51 (US$ 0.21).

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