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Thursday, July 24, 2008 4:30:48 PM
"Tongxin International Ltd (TXI), formerly Asia Automotive Acquisition Corporation, incorporated on June 20, 2005, is an independent supplier of engineered vehicle body structures (EVBS) in China. The Company is capable of providing products for both light, medium-sized, heavy-duty and vans. In addition, TXI designs, fabricates and tests dies used to stamp automotive body panels. EVBS consists of exterior body panels, including doors, floor pans, hoods, side panels and fenders. The Company also manufactures complete cab structures for commercial vehicles. On April 23, 2008, TXI announced that it consummated a merger with Hunan Tongxin Enterprise Co. Ltd. (Hunan Tongxin). Pursuant to the merger Hunan Tongxin became a wholly owned subsidiary of TXI."
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Good growth in China as a whole for commercial vehicles, http://www.chinadaily.net/china/2008-04/21/content_6630380.htm ......"Last year, Chinese bought 5.5 million cars, minivans and SUVs and 3 million commercial vehicles, up from just 1.6 million vehicles sold in 1997. J.D. Power and Associates says sales would grow by 1 million vehicles annually through 2015."
http://www.businessdose.com/m_and_a/tongxin_international_ltd_succes/
Q1 2008 Highlights: -- Total revenue of US$ 30.3 million, an increase of 49.3% compared to the fourth quarter 2007; and an increase of 26.7% compared to the same period of last year. -- EBITDA of US$4.1 million, an increase of 38.2% compared to the same period in 2007. -- Gross margin of 24.9%, as compared to 24.4% of the same period in 2007. -- Net income of US$ 3.8 million, an increase of 65.9% compared to the fourth quarter 2007; and an increase of 38.4% compared to the same period last year.
"We continued to see increasing demand for our products throughout each of our business segments during the first few months of 2008 and as the demand for commercial vehicles continues to be very strong we expect to continue to see record results for revenue and net income for the remaining quarters of 2008. This strong demand is driven by China's need to continue to improve the infrastructure in the country. It will take commercial vehicles to build the needed roads and bridges and once this need is satisfied it will be trucks and buses that use the new roads. Because of this we are forecasting that the commercial vehicle market will continue to grow at a 20 to 25% rate for the foreseeable future and we believe we are well positioned to continue to grow faster than the overall market," stated Mr. William R. Herren, Chairman and CEO of Tongxin International Ltd.
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http://en.ce.cn/Insight/200705/25/t20070525_11487064.shtml
The auto consumption of China is turning on high-speed development, and sales of new vehicles are growing increasingly. Relative analysis shows that, in the first quarter, the gross margin of listed auto companies was basically the same as that in previous year. Passenger car companies have been in the peak of industrial prosperity during the same period of last year and they had achieved performance at a rather high level. In comparison with passenger car companies, commercial vehicle companies grew much more rapidly. At present, the passenger car industry mainly relies on private consumption and new vehicle purchase, and has entered a fast growing period. Insiders reckon that in the foreseeable 5 years, the growth rate of passenger car sales will probably maintain at a level of not less than 25 percent.
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