-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HG1Tvt/VcmUxpyyHH5F7Gh26EJQtDoGl9rJ77KCghrqEKoSIQYf1+KdjTeoIh0Sf QypP0FE6LvDzTLwzpcEVCQ== 0000950134-04-011685.txt : 20040809 0000950134-04-011685.hdr.sgml : 20040809 20040809061706 ACCESSION NUMBER: 0000950134-04-011685 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040806 FILED AS OF DATE: 20040809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QIAO XING UNIVERSAL TELEPHONE INC CENTRAL INDEX KEY: 0001051846 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29946 FILM NUMBER: 04959396 BUSINESS ADDRESS: STREET 1: QIAO XING BUILDING WU SHI INDUSTRIAL ZON STREET 2: 011-86-752-2808188 CITY: HUIZHOU CITY GUANG D STATE: F4 ZIP: 80111 MAIL ADDRESS: STREET 1: WU SHI INDUSTRIAL ZONE STREET 2: HUIZHOU CITY GUANGDONG PEOPLES REP OF CH 6-K 1 d17511e6vk.htm FORM 6-K e6vk
Table of Contents

OMB APPROVAL
OMB Number: 3235-0116
Expires: August 31, 2005
Estimated average burden
hours per response: 6.00








FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of August 2004

Commission File Number 0-29946


Qiao Xing Universal Telephone, Inc.
(Translation of registrant's name into English)
 
Qiao Xing Science Industrial Park
Tang Quan
Huizhou City, Guangdong, People's Republic of China 516023
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  X  Form 40-F      

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes       No  X 

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________


Table of Contents

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

         
    Qiao Xing Universal Telephone, Inc.
(Registrant)
 
Date: August 6, 2004   By:   /s/ RUI LIN WU

RUI LIN WU,
Chairman


Signatures
EXHIBIT INDEX
Press Release


Table of Contents

EXHIBIT INDEX

     
Exhibit No.   Description

 
99.1   Press Release

EX-99.1 2 d17511exv99w1.htm PRESS RELEASE exv99w1

 

EXHIBIT 99.1

Chairman’s Clarification Relating To Expansion of Mobile Phone Sector.

     Hui Zhou China, August 6 /Xinhua-PRNewswire-FirstCall— Mr. Wu Rui Lin, Chairman of Qiao Xing Universal Telephone., Inc (Nasdaq:XING) today responded to the following questions relating to the latest PR announcing expansion of mobile phones sector.

     Shall the recent acquisition of 25% shareholding in CECT by Qiao Xing universal’s subsidiary from China Electronics Corporation (CEC) adversely affect the Company’s (Qiao Xing Universal and its subsidiaries) cash flow?

     Answer: The amount of the purchase consideration was Rmb75,000,000 (US$9,062,000). Rmb70,320,000 (US$8,496,000) of the consideration would be settled by the transfer of certain non-cash assets (investments and receivables) of the Qiao Xing Universal Telephone Group to CEC. The remainder of the consideration of Rmb4,680,000 (US$565,000) would be settled by cash.

     Shall the aforesaid acquisition have any affect on the Group’s share of net income in the Future?

     Answer: The effective percentage shareholding of CECT by Qiao Xing Universal Telephone, Inc. increased from 52% before the additional acquisition to 74.5% afterwards. The increase in the Group’s share of net income of CECT would be in the same proportion.

     Why CECT sold its 40% equity In CEC Mobile (CECM)? How will that impact on CECT and the Company?

     Answer: CECM is a company producing CDMA mobile phones and CECT originally owned 50% of its shares. Under the Company’s strategic plan, all the production bases for mobile phones would be concentrated in Huizhou in the province of Guangdong, where the electronics industry enjoys preferential policies, materials sourcing is convenient, and centralized management and scale production are made easy. Therefore, the Company and CECT decided to sell its 40% equity in CECM and establish the production CDMA mobile phones. In the new mobile phone production base in Huizhou, the first two production lines came into operation in November 2003 and three lines are under construction and will come on stream soon.

     CECT sold its 40% equity in CECM for Rmb72,000,000 (US$8,699,000), which was 224%, over its capital contribution cost, while retain the other 10%. The consideration would be paid to CECT in cash on installment and it would has positive effect on CECT’s cash flow.

     CECT will use the proceeds from the sale of the aforesaid shareholding in R+D, production and sales of CDMA mobile phones.

     Relying on the CDMA license, its own R+D strength and partnership with Qualcomm, CECT will soon open a new chapter in CDMA business.

About Qiao Xing Universal Telephone, Inc.

In August 1995, Qiao Xing Universal Telephone, Inc. became one of the largest and first telephone manufacturers in China to receive the ISO 9001 Quality System Accreditation award. The

 


 

Company currently distributes over 200 models of corded and cordless telephones through an extensive network of more than 5,000 retail stores throughout China. In May 2002, Qiao Xing’s 80 percent owned subsidiary Qiao Xing Mobile Communication Co., Ltd. acquired a 65 percent interest in CEC Telecom Ltd (CECT), which was formally approved by all the necessary government authorities on 8 Feb 2003. For more details, please visit www.cosun-xing.com.

Forward-looking statements

This release contains certain forward-looking statements concerning recent and future economic performance and the plans and objectives of management for future operations. These forward-looking statements can be identified by the use of such words as “project,” “expect” and “anticipate,” and variations of such words. Such forward-looking information involves risks and uncertainties that include, but not limited to, those relating to economical, political, legal and social conditions in the People’s Republic of China, dependence upon key management personnel, competition, material factors relating to the operations of the business, and domestic and global economic conditions.

 

-----END PRIVACY-ENHANCED MESSAGE-----