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The leading telecommunications terminal manufacturer announced on July 27, 2009 (US time) that it planned to march into the coking industry.
Its board of directors has approved the proposal of its top management to give up indoor telephone and low-end mobile phone businesses.
Due to the depression in the Chinese mobile phone market, Qiao Xing Universal has burdened great pressure to make a profit in recent years. In the 2008 fiscal year, the company's net operating revenues reached USD 380.4 million, sliding 33% from a year ago. Its loss hit USD 20 million.
Actually, since 2004, Cosun Group, the parent of Qiao Xing Universal, has begun acquiring mines around China. Its board chairman Wu Ruilin owns several mines in the two autonomous regions of Xinjiang and Inner Mongolia.
In early 2009, Real Gold Mining Limited (SEHK: 0246), a gold miner under control of Wu Ruilin, floated shares on the Stock Exchange of Hong Kong, raising HKD 1 billion.
Source: www.163.com (July 30, 2009)
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