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Qiao Xing Communication Holdings Limited recorded a loss of USD42.7m in 2008, reportedly as a result of the global economic downturn and increasingly intensive competition.
In order to carry out its diversification strategy, the board of Qiao Xing decided to seek potential buyers to dispose of this business sector.
Pursuant to the LOI, it is proposed that the company would sell the 100% equity interest in QXCI to DFIL.
The completion of the proposed transaction is subject to, including but not limited to, due diligence to be conducted by DFIL; a valuation report to be issued by a qualified appraisal firm; and a definitive sales and purchase agreement.
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