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look this...
http://www.qiaoxing.com/cn/about.php?mid=6&id=6
this is a zero $ company??? they are making money?? what's happen here??
XINGF: SEC Suspension:
http://www.sec.gov/litigation/suspensions/2012/34-67349.pdf
ORDER:
http://www.sec.gov/litigation/suspensions/2012/34-67349-o.pdf
ADMIN Proceeding:
http://www.sec.gov/litigation/admin/2012/34-67350.pdf
hello there is still someone here?
I bought some at 0,25
will hold and see what happen here
good luck
but stockcharts.com say me we are monster oversold now
Where's this thing incorporated?
looking stronger, hopefully they get some strong rev producing acquisitions..strange to just let the cash sit
Wait and see. Very possible.
going to 1$ again?
I bought some more at 0,67$ today now my average is 0,95$ from 1,55$ and from my first buy at 2,25$
someone else see XING at more than 1$ this year?
good luck to all true longs
China Increases Rare Earth Export Quota for First Half of 2012
The Chinese Ministry of Commerce announced its rare earth export quota for the first half of 2012 on Tuesday. The quota, which is the first increased in six years, is set at 10,546 tonnes. The Ministry also announced its decision to classify the rare earth minerals into two categories: heavy and light rare earths. The change, which has been much anticipated by analysts, may prove to be a positive step for end users as the two groups have vastly different demand levels.
The Ministry of Commerce stated that the export quota for 2012 would remain flat, in order to boost demand while keeping supplies stable. While the total export quota numbers seem to have been cut, the numbers are slightly misleading.
“[T]he first tranche of rare earths export quotas for next year had been set at 10,546 tonnes, but that figure only included those enterprises that had passed a series of stringent environmental inspections,” reported Aizhu Chen, for Reuters.
In addition, the Ministry is holding 14,358 tonnes in reserve for the rare earth producers still going through inspections. Currently 11 companies in China have passed inspections with another 21 companies scheduled to complete the process by July 2012. If a company fails to pass the inspection, their quota would not be eliminated, just re-allocated to another firm.
The additional tonnage would bring the first half quota up to a total of 24,904 tonnes.
The increased tonnage will more than likely bring prices down even further which may boost demand. Demand levels are a serious concern for Chinese producers because only 49 percent of the quota was used in 2011, severely hurting producers’ bottom line.
Though the full-year quota is still unknown, the Ministry stated that the batch of quota’s accounts for 80 percent of the full-year’s total. If the statement is true, the full-year quota would come to a total of 31,130, an increase of roughly 3 percent.
Heavy and light rare earth classifications
A major change in China’s 2012 quota is the division of the rare earth metals into two groups: light and heavy rare earths. The quota allocates 21,700 tonnes of light rare earth, and 3,204 tonnes of heavy rare earth for export in the coming year. The new classification may be an important, stabilizing factor for the market.
Demand for light rare earths such as neodymium has consumed the bulk of the quota in previous years as many of the heavy rare earths were in short supply. The change may stabilize and increase the supply of heavy rare earths. For end-users the stability and known quantity of heavy rare earth available allows for their business to plan for the future. A feature missing from the rare earth market during the supply squeeze over the past few years.
The change in the quota is also an effort to discourage producers from exporting the elements with the highest price alone in order to increase profits.
“That strategy had led to the price of cheaper rare earths, such as cerium and lanthanum, rising much faster than other rare earths early in the year, because of restricted supply from China,” reported Ajay Makan, for the Financial Times.
While cerium and lanthanum have risen dramatically, they were not trading on fundamentals. When the demand fell, these elements’ prices fell dramatically due to the glut of supply. The Ministry is hoping these new regulations minimize this volatility.
Mining share prices fall
The announcement from Beijing has affected the share prices of many rare earth mining companies, as lower prices for rare earths are expected in the first half of 2012.
On the day, shares of Molycorp (NYSE:MCP) were down 14.14 percent to $24.04. While Rare Element Resources (NYSEAMEX:RES) lost 11.57 percent down to $3.21 per share.
Australian rare earth miner Lynas Corp. (ASX:LYC) fared better in today’s trading, losing only 3.43 percent down to $1.10 per share.
I, Michael Montgomery, hold no positions in any company mentioned in this article.
http://rareearthinvestingnews.com/5772/china-increases-rare-earth-export-quota-2012-price/?utm_source=Resource+Investing+News&utm_campaign=028431cb3a-RSS_EMAIL_CAMPAIGN&utm_medium=email
Looks like bottom was made today. Let's get this rolling.
Yeah sir, that's why I'm holding on to it tight. Not to mention how attractive the chart looks.
I think XING has the potential for a double at least in 2012.
Yup, this will have a nice reversal soon. Chart is looking great.
With all the cash they have on hand this is a steal at the current price.
Qiao Xing Announces Proposed Acquisition of a Marble Mine Company
Qiao Xing Universal Resources, Inc. (MM) (NASDAQ:XING)
Tuesday 29 November 2011
Qiao Xing Universal Resources, Inc. (NASDAQ: XING) ("XING" or the "Company"), a leading company in the molybdenum mining business as well as a company with substantial assets in the resources industry, today announced that it has signed a letter of intent ("LOI") to acquire a 100% equity interest in a company (the "Target Company") that owns an open-pit marble mine (the "Mine") located in Guzhang County, Hunan province, China, from an independent third party (the "Vendor").
According to the geological technical report, the Mine covers an area of approximately 0.43 square kilometers and has approximately 60.82 million cubic meters of measured and indicated marble resources (331 + 332 according to Chinese standards). This marble reserve is of a high-grade, black wood-grain type, whose supply is relatively limited in the Chinese market. At present, commercial mining has yet to commence at the Mine.
Under the terms of the LOI, the cash consideration for the acquisition will be determined by a third-party appraisal of the equity value of the Target Company as of October 31, 2011. The Company will pay an upfront refundable deposit of RMB 400 million to the Vendor (the "Deposit") to secure an exclusivity period of 120 days in which to complete the proposed acquisition. To secure the Deposit, the Vendor will pledge 60% of its equity interests in the Target Company to XING. Upon completion of the proposed acquisition, the Deposit will be applied towards the cash consideration. If the proposed acquisition cannot be completed for any reason, the Vendor will refund the Deposit to XING. The completion of the proposed acquisition is subject to, amongst other things, the satisfactory completion of due diligence by the Company and the signing of a definitive sales and purchase agreement. There is no guarantee that, after completion of diligence, XING will proceed with the acquisition on the present terms or at all.
The Company is currently considering various options for financing the proposed acquisition, including, without limitation, an intercompany loan from Qiao Xing Mobile Communication Co., Ltd., its majority-owned subsidiary listed on the New York Stock Exchange ("QXM").
With the rapid development of the Chinese economy, China has become one of the largest marble-consuming countries in the world. In the last decade, marble has been used in large quantities as a decorative material for both public and luxury residential buildings in China. In addition, marble has also been used extensively in fine accessories, such as furniture, lamps and lanterns, and artistic carvings. Presently, China ranks as the largest importer of marble raw materials in the world, accounting for more than half of the world's marble raw material imports. In addition, since 2009, China has also become the largest marble product-exporting country in the world.
The Company considers the proposed acquisition an excellent opportunity to diversify into China's exciting stone-material industry, which is expected to offer significant growth potential.
Separately, the Company announced that it is currently in the process of reviewing strategic alternatives for its investment in QXM. With the goal of maximizing shareholder value, the strategic review will evaluate the Company's long-term strategy against a range of strategic alternatives for QXM, including strategic financing opportunities, asset divestitures, privatization, a spin-off, joint ventures and/or a corporate sale, a merger or other business combination, among others.
Except as required by law, the Company does not intend to disclose developments with respect to the strategic review process until its Board of Directors has approved a definitive transaction or strategic option. The Company cautions that there are no guarantees that the strategic alternative review process will result in a transaction, nor can it guarantee the terms or timing of such transaction. During the process, the Company does not intend to disclose any developments regarding the process unless a definitive agreement is entered into or the Board decides to terminate the process.
Yup, I want to see some changes. Let's stay positive! Potential is great here. Analysts give price targets of $7. http://finance.yahoo.com/q?s=xing&ql=1
Hope they are ready to make some moves with that cash
Qiao Xing Universal Resources Announces Management Changes
Tuesday 22 November 2011
Qiao Xing Universal Resources, Inc. (NASDAQ: XING) ("XING" or the "Company"), a leading company in the molybdenum mining business as well as a company with substantial assets in the resources industry, today announced that Mr. Zhiyang Wu has been appointed to serve as Chairman of the Board and Chief Executive Officer, replacing Mr. Ruilin Wu, who has resigned his positions as the Company's Chairman and Chief Executive Officer, effective November 21, 2011. Additionally, the Company announced that Mr. Kaisong Xiang has been appointed to serve as Director of the Company, replacing Mr. Xiufeng Shi, who resigned effective November 21, 2011 as well. Mr. Ruilin Wu's and Mr. Xiufeng Shi's resignations are for personal reasons and are not related to any disagreement with the Company regarding financial, operational or other practices.
Mr. Zhiyang Wu served as the Company's Vice Chairman and Board Secretary from 1992 to 2010. He has also been serving as Chairman of Qiao Xing Mobile Communication Co., Ltd., the Company's majority owned subsidiary ("QXM"), since 2003 and as QXM's Chief Executive Officer since December 2010. From 1995 to 1999, he was the General Manager of Qiao Xing Communication Industry Co., Ltd., a former subsidiary of the Company. Mr. Wu received a diploma in enterprise management from Huizhou University in China. Mr. Zhiyang Wu is the son of Mr. Ruilin Wu and is 38 years old.
Mr. Kaisong Xiang, aged 57, most recently served as Chief Engineer of a mining company based in Hunan Province, China. His more than 35 years of experience includes mineral resource surveying, license application and document drafting; technical supervision with the Institute of Geological Survey; and serving as technical section chief for the Huayuan Xingfa lead and zinc deposit development project, as well as mineral resources prospecting and survey of gold, silver and copper deposits. Mr. Xiang graduated from the Wuhan Institute of Geology and obtained the qualification of senior geology engineer from the Hunan Provincial Human Resources Department in 2001. He was honored with the achievement award from the Bureau of Geology and Mineral Exploration and Development of Hunan Province in 2000.
Rare earth prices plunging as manufacturers turn to substitutes
Andrew Topf - PERMALINK
The prices of rare earth elements, which have enjoyed a three-year run, are dropping rapidly, reports New York Times. The reason, says The Times, is on the manufacturing side, as big companies in the US, Europe and Japan that use REES in manufacturing move operations to China, draw down inventories, and look for lower-cost substitutes: International prices for some light rare earths, like cerium and lanthanum, used in the polishing of flat-screen televisions and the refining of oil, respectively, have fallen as much as two-thirds since August and are still dropping. Prices have declined by roughly one-third since then for highly magnetic rare earths, like neodymium, needed for products like smartphones, computers and large wind turbines.
I think many have older stk, but I am still playing this short term as well and recouped much on the last run.
From last 3 earnings statements:
http://finance.yahoo.com/q/is?s=XING+Income+Statement&annual
Net Income (31,312,000) (50,151,000) (20,049,000
And yes the cash, currently valued at 20 cents on the dollar. Have you ever heard the expression too good to be true? Clearly the market does not think much of all cash XING claims to pocess.
I still have some shares from way back when. I'm not holding my breath on this one...
Good luck to you.
What disappointing results? Very profitable and a lot of cash.
plus xing has a history of delivering dissapointing results. perhaps that will change now... JHMO
Too many Chinese companies that went public through a reverse merger have been halted and it scared everyone away from any Chinese stock, including XING.
Chinese crookedness, lol. All of china is down miserably right now. Wow it is cheap here...
I don't understand why this stock is so low.
MiBest Value Investment in the Diversified Metals & Mining Industry Detected in Shares of Qiao Xing Universal Telephone (XING, GURE, USEG, ZINC, RTI)
24 days 5 hours 50 minutes ago - Comtex SmarTrend(R) via Comtex
Comtex SmarTrend(R)
Below are the top five companies in the Diversified Metals & Mining industry as measured by the price to book ratio. Often companies with the lowest ratio present the greatest value to investors.
Qiao Xing Universal Telephone (NASDAQ:XING) has a price to book ratio of 0.2x based on a current price of $1.08 and a book value per share of $6.59.
Gulf Resources (NASDAQ:GURE) has a price to book ratio of 0.5x based on a current price of $2.88 and a book value per share of $6.11.
US Energy Wyoming (NASDAQ:USEG) has a price to book ratio of 0.7x based on a current price of $3.54 and a book value per share of $4.73.
Horsehead (NASDAQ:ZINC) has a price to book ratio of 1.1x based on a current price of $9.35 and a book value per share of $8.85.
RTI International Metals (NYSE:RTI) has a price to book ratio of 1.1x based on a current price of $27.81 and a book value per share of $24.2.
SmarTrend currently has shares of US Energy Wyoming in an Downtrend and issued the Downtrend alert on April 28, 2011 at $5.63. The stock has fallen 37.1% since the Downtrend alert was issued.
Write to Chip Brian at cbrian@mysmartrend.com
ssed this earlier:
Few realize that XING owns 56% of QXM
seems we have found a bottom
90% of stks <200dma
Same here but gee the markets are ugly again!
added a lot under 1
Tomorrow should be a good day. Get in now when you can get XING close to $1. As we get closer to earnings date it will go up....
Nice rebound from the lows. 08/22/2011 is earnings report. we should have a good run ahead of that. Time to load now!!!!
No brainer at a buck
They are in the top 5 for cash/shr up there with the largest mining cos.
This is most interesting as Cramer has bad mouthed most Chinese stocks for months. He must see something interesting happening in the future.
lmcat
XING UNIVERSAL RESOURCE (NASDAQ:XING) - Qiao Xing Universal Resources, Inc. operates primarily in the molybdenum-mining industry. It focuses on mining and processing rare metal ores and various base-metal ores, including molybdenum, copper, lead, and zinc. The company owns a 100% equity interest in Balinzuo Banner Xinyuan Mining Co., Ltd., which owns a lead-zinc mine in Balinzuo Banner in the Inner Mongolia Autonomous Region of the Peoples Republic of China. It also owns a 34.53% equity interest in Chifeng Aolunhua Mining Co., Ltd, as well as the right to receive 100% of the expected residual returns from Chifeng Haozhou Mining Co., Ltd. that owns interest in the Erdaoyingzi molybdenum mining property in China. The company was formerly known as Qiao Xing Universal Telephone, Inc. and changed its name to Qiao Xing Universal Resources, Inc. on May 26, 2010. Qiao Xing Universal Resources, Inc. was founded in 1992 and is headquartered in Huizhou, China.
50 dollars stock..
I'll have to take a closer look at the financials just put out. It is amazing they are valued at pennies on the dollar when looking at cash.
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Qiao Xing Universal Resources, Inc. (Qiao Xing) is engaged in the sale of molybdenum concentrates in the People's Republic of China. It operates in two business segments: mobile phones and mining. The subsidiaries and equity joint ventures of the Company include Qiao Xing Mobile Communication Co., Ltd. (QXMC); China Luxuriance Jade Company Ltd (CLJC); Hui Zhou Qiao Xing Communication Industry Limited (QXCI); Hui Zhou Qiao Xing Property Limited (QXPL); Chifeng Sanchuan Mining Co., Ltd. (CSMC); Huizhou Taiherui Information Technology Co., Ltd (Taiherui); Chifeng Zhongtai Mining Company Ltd (Zhongtai); Chifeng Haozhou Mining Company Ltd (Haozhou) and Beijing VEVA Technology Co., Ltd.
Home - Corporate Governance -Managment of Resource Business | |
Liu Zhe Position: General Manager and General Engineer, Smelting Education: Working experience: | |
Kang Jianguo Age: 52 | |
Li Jinliang Age: 52 Education: Working Experience: | |
Wang Huanwu | |
Sun Xueshi Age: 42 Position: Senior Engineer, Mining Education: Working Experience: | |
Luo Yinhua Age: 43 Position: Deputy General Engineer, Smelting Education: Working Experience: |
HUIZHOU, China, Dec. 29, 2010 /PRNewswire-Asia-FirstCall/ --
Qiao Xing Universal Resources, Inc. (Nasdaq: XING, the "Company" or "XING"), an emerging Chinese resource company with a focus on several strategically important nonferrous metals such as molybdenum and copper, today announced that it has posted some pictures taken from its newly acquired Xinyuan Lead-zinc-copper Minein Chifeng city of the Inner Mongolia Autonomous Region on its website. Investors can click the link below to see the pictures:
http://www.cosun-xing.com/contact/lzc-01.asp
The Company also expects to launch a new website early in January to replace the existing one to reflect the Company's focus in the recourses industry.
"We are making continuous efforts to enhance our transparency and improve communications with investors to convey the exciting developments within our Company. As part of these efforts, we are also considering an on-site visit in the Spring of 2011 in Chifeng, where most of our mining businesses are located", commented Mr. Ruilin Wu , Chairman and Chief Executive Officer of XING."We look forward to providing accurate and consistent updates about our business to the investor community in the quarters ahead."
About Qiao Xing Universal Resources, Inc.
The Company is an emerging Chinese resources company, with a focus on several strategically important nonferrous metals such as molybdenum and copper. In April 2009, the Company acquired a 100% equity interest in China Luxuriance Jade Company, Ltd. ("CLJC"). CLJC, through its wholly owned Chinese subsidiaries, owns the rights to receive the expected residual returns from Chifeng Haozhou Mining Co., Ltd. ("Haozhou Mining"), a large copper-molybdenum poly-metallic mining company in Inner Mongolia,China. XING's Hazhou Molybdenum Mine business started operation in July 2009 and generated net income of RMB64.2 million (US$9.4 million) in the second half of 2009. Based on the initial success of the Company's molybdenum business as well as an extensive study of China's macro economic trends, XING, is further consolidating its strategy to become a pure resources company with meaningful scale. As a result of implementing this strategy, in December 2010, the Company acquired the 100% equity interest in Balinzuo Banner Xinyuan Mining Co., Ltd. ("Xinyuan") .Xinyuan owns a mining license for a lead-zinc-copper mine that covers 3.3233 square kilometres in Wulandaba Suma, Balinzuo Banner, in the Inner Mongolia, China (the "Xinyuan Lead-zinc-copper Mine"). The Xinyuan Lead-zinc-copper Mine, which started operation inMarch 2010, expects to increase its processing capacity up to 2,000 tons of ores per day by the middle of 2011and expects to generate revenue of RMB430 million, operating profit (EBITDA) of RMB180 million and net cash flow of over RMB100 million in 2012. The Company is actively evaluating additional acquisition opportunities in the resources industry.
XING, one of the first Chinese private companies to be listed on NASDAQ in 1999, was previously one of the leading players in the telecommunication terminal products business in China. In 2007, the Company made the strategic decision to diversify into the resources industry. As part of this strategic transition, XING divested its fixed line and low-end mobile phone businesses in November 2009 and changed its corporate name to Qiao Xing Universal Resources, Inc., effective January 28, 2010. On September 8, 2010, XINGannounced its proposal to privatize QXMC by acquiring the shares it does not already hold through a Scheme of Arrangement (the "Proposed Offer"), with the intention to spin off QXMC's mobile phone assets or business and redeploy its assets into the resources industry. This proposed acquisition is on-going and its completion shall be subject to several conditions including approval from a majority of the minority shareholders of QXMC.
http://www.cosun-xing.com/images/ph4.png
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties. These include statements about our expectations, plans, objectives, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" and similar expressions. These statements involve estimates, assumptions and uncertainties that could cause actual results to differ materially from those expressed. You should not place undue reliance on these forward-looking statements.
Forward-looking statements include all statements other than statements of historical facts, such as statements regarding anticipated acquisitions, estimates of revenue and profit, the privatization of QXMC, time and date for the expected Court Hearing with respect to the proposed privatization of QXMC, anticipated mining capacity and production volumes, long-term growth prospects for the resources industry, the Company and value for the Company's shareholders, mine development and capital expenditures, mine production and development plans, estimates of proven and probable reserves and other mineralized material and the Company's transition to a pure resources company and bigger player within the resources industry., Readers are cautioned that forward-looking statements are not guarantees of future performance and actual results may differ materially from those projected, anticipated or assumed in the forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Information regarding these factors is included in our filings with the Securities and Exchange Commission. Qiao Xing Universal Resources, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of December 29, 2010.
Additional Information and Where to Find It
Qiao Xing Universal Resources, Inc. has filed a Schedule 13E-3 with the SEC in connection with the Proposed Offer. The Schedule 13E-3 contains additional information regarding the Proposed Offer, including, without limitation, information regarding the special meeting of shareholders of Qiao Xing Mobile Communication Co., Ltd that will be called to consider the Proposed Offer. The Schedule 13E-3 contains important information about Qiao Xing Universal Resources, Inc., Qiao Xing Mobile Communication Co., Ltd, the Proposed Offer and related matters. Investors and shareholders should read the Schedule 13E-3 and the other documents filed with the SEC in connection with the Proposed Offer carefully before they make any decision with respect to the Proposed Offer. A copy of the Scheme of Arrangement with respect to the Proposed Offer is an exhibit to the Schedule 13E-3. The Proposed Offer is expected to be exempt from the registration requirements of the United States Securities Act of 1933 Act by virtue of the exemption provided by Section 3(a)(10); however, it is possible that the offer may change forms such that the exemption provided by Section 3(a)(10) may no longer be available. In such a case Qiao Xing Universal Resources, Inc. may file a Form F-4 with respect to the Proposed Offer.
The Schedule 13E-3 and all other documents filed with the SEC in connection with the Proposed Offer is available free of charge at the SEC's web site at www.sec.gov. Additionally, the Schedule 13E-3 and all other documents filed with the SEC in connection with the Proposed Offer will be made available to investors or shareholders free of charge by calling or writing to:
Qiao Xing Universal Resources | |
Rick Xiao | |
Vice President | |
Phone: +86-752-282-0268 | |
Email: rick@qiaoxing.com | |
USA IR AGENCY | |
,CCG Investor Relations Inc. | |
Mr. Ed Job, CFA | |
Phone: +86-1381-699-7314 (Shanghai) | |
Email: ed.job@ccgir.com |
Qiao Xing Universal Resources, Inc NASDAQ:XING recently announced on 14th of January the launch of its new website http://www.cosun-xing.com. This web facility depicts clearly Company’s focus on the molybdenum-mining business as well as its growing scale in the resources industry.
Company has provided in the website a comprehensive overview of its resources operations, as well as an extensive gallery of photos of its molybdenum and lead-zinc-copper mining operating businesses. The site is also equipped with the most up-to-date corporate profile and investor presentation as well as a dedicated section focused on the newly acquired Aolunhua Copper-molybdenum Mine, one of the largest open-pit molybdenum mines in Asia.
Qiao Xing Universal Resources, Inc. (Qiao Xing) is principally engaged the sale of telecommunication terminals and equipment, including cord and cordless telephone sets, in the People’s Republic of China; the production and sale of mobile phones and accessories in the People’s Republic of China, and the production and sale of molybdenum concentrates in the People’s Republic of China. It operates in two business segments: mobile phones and mining. The subsidiaries and equity joint ventures of the Company include Qiao Xing Mobile Communication Co., Ltd. (QXMC); China Luxuriance Jade Company Ltd (CLJC); Hui Zhou Qiao Xing Communication Industry Limited (QXCI); Hui Zhou Qiao Xing Property Limited (QXPL); Chifeng Sanchuan Mining Co., Ltd. (CSMC); Huizhou Taiherui Information Technology Co., Ltd (Taiherui); Chifeng Zhongtai Mining Company Ltd (Zhongtai); Chifeng Haozhou Mining Company Ltd (Haozhou) and Beijing VEVA Technology Co., Ltd.
Qiao Xing Universal Resources, Inc. is a leading player in the molybdenum-mining industry with meaningful size in the resources industry. XING focuses on mining and processing rare metal ores and several strategically important base-metal ores, including molybdenum, copper, lead and zinc. The Company currently owns a 100% equity interest in Balinzuo Banner Xinyuan Mining Co., Ltd. and a 34.53% equity interest in Chifeng Aolunhua Mining Co., Ltd, as well as the right to receive 100% of the expected economic residual returns from Chifeng Haozhou Mining Co., Ltd. |
XING was one of the first Chinese companies to be listed on NASDAQ (in 1999) as one of the leading players in the telecommunication-terminal product business in China. In 2007, the Company made the strategic decision to diversify into the resources industry. Since then, the Company has made several acquisitions in the resources industry and divested its fixed-line and budget mobile phone businesses. To reflect this change, the Company changed its corporate name to Qiao Xing Universal Resources, Inc., effective January 28, 2010.
The Company continues to evaluate acquisition opportunities in the resources area to strengthen its foothold in the industry. At the same time, XING is also working to divest its remaining mobile-phone business through the proposed privatization of its QXMC subsidiary, or via other alternatives, to become a pure-play resources company. | |
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