Proposal to Privatize QXM Fails

BEIJING, April 7, 2011 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Mobile Communication Co., Ltd. (NYSE: QXM) ("QXM"), a manufacturer of mobile handsets in the People's Republic of China, today announced that the meeting of shareholders of QXM convened to consider the proposal by Qiao Xing Universal Resources, Inc. ("XING") to acquire all of the outstanding ordinary shares of QXM not already held by XING, by way of a scheme of arrangement under Subsection 179A of the British Virgin Islands Business Companies Act, 2004 (as amended) was adjourned for lack of quorum. The meeting with respect to the proposed transaction was scheduled to convene at 10:00 a.m., Hong Kong time on April 7, 2011; however, an insufficient number of shareholders attended the meeting to satisfy the quorum requirements. As a result, the meeting was adjourned permanently and the proposed transaction will be abandoned.