BEIJING, Jan. 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.
About Qiao Xing Mobile Communication Co., Ltd.
Qiao Xing Mobile Communication Co., Ltd. is a domestic
manufacturer of mobile handsets in China. QXM manufactures and sells mobile
handsets based primarily on the GSM, TD-SCDMA, and WCDMA
technologies. It operates its business primarily through CEC
Telecom Co., Ltd., its 96.6%-owned subsidiary in China. Through its manufacturing facility in
Huizhou, Guangdong Province, China, and its research and development center
in Beijing, the Company develops,
produces and markets a wide range of mobile handsets. For more
information, please visit http://www.qxmc.com.
Safe Harbor Statement
This announcement contains forward-looking statements, as
defined in the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, these
forward-looking statements can be identified by words or phrases
such as ''aim,'' ''anticipate,'' ''believe,'' ''continue,''
''estimate,'' ''expect,'' ''intend,'' ''is /are likely to,''
''may,'' ''plan,'' ''potential,'' ''will'' or other similar
expressions. Statements that are not historical facts, including
statements about QXM's beliefs and expectations, are
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. QXM does not undertake any obligation to update any
forward-looking statement, except as required under applicable
laws. All information provided in this press release is as of
January 9, 2012, and QXM undertakes
no duty to update such information, except as required under
applicable laws.
For further information, contact:
Lucy Wang, Vice President
Qiao Xing Mobile Communication Co., Ltd.
Tel: (8610) 57315638
E-mail: wangjinglu@cectelecom.com
SOURCE Qiao Xing Mobile Communication Co., Ltd.