Exhibit 99.1

For Immediate Release

Qiao Xing Mobile Announces Revised Financial Results for the Fourth Quarter and the Full Year Ended
December 31, 2008

Beijing, China (June 30, 2009) — Qiao Xing Mobile Communication Co., Ltd. (“Qiao Xing Mobile” or the “Company”) (NYSE: QXM), a domestic manufacturer of mobile handsets in China, today announced its revised financial results for the fourth quarter and the full year ended December 31, 2008.

After the Company’s earnings release on May 12, 2009, Qiao Xing Mobile continued to finalize its full year 2008 financial results and determined that it was necessary to record a non-cash intangible asset impairment charge to write-down the value of its CECT brand due to the Company’s strategic shift to focus more on its high-end VEVA brand.

The impairment charge resulted in a RMB22.3 million decrease in the Company’s full year net income from the previously reported RMB446.1 million to RMB423.8 million and a RMB0.39 decrease in its diluted earnings per share from RMB7.38 to RMB6.99. For the fourth quarter ended December 31, 2008, the impairment charge reduced the Company’s net income from RMB56.3 million to RMB34.0 million while diluted earnings per share decreased from RMB0.93 to RMB0.56. The full impact of the impairment charge on the Company’s financial statements is set out in the attached statements.

About Qiao Xing Mobile Communication Co., Ltd.

Qiao Xing Mobile Communication Co., Ltd. is a domestic manufacturer of mobile handsets in China. The Company manufactures and sells mobile handsets based primarily on GSM, TD-SCDMA and WCDMA standards. It operates its business primarily through CEC Telecom Co., Ltd., or CECT, its 96.6%-owned subsidiary in China. In 2008, Qiao Xing Mobile introduced the VEVA series of mobile phones and began to open its own retail stores to target mid-income consumers in major cities throughout China. Through its manufacturing facility in Huizhou, Guangdong Province, China, and two research and development centers in Huizhou and Beijing, the Company develops, produces and markets a wide range of mobile handsets, with increasing focus on differentiated products that generate higher profit margins. For more information, please visit http://www.qxmc.com.

For further information, contact:

Ms. Shi Heng
Qiao Xing Mobile Communication Co., Ltd.
Tel: 86 10 8219 3706
Email: shiheng@cectelecom.com

Qiao Xing Mobile Communication Co., Ltd. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(Amounts in thousands)

	December 31, 2008
			Previously
	Revised		announced
	RMB		RMB
Assets
Cash		2,907,148		2,907,148
Restricted cash		136,299		136,299
Accounts receivable, net		462,282		462,282
Bills receivable		43,516		43,516
Inventories		183,169		183,169
Prepayments to suppliers		363,907		363,907
Prepaid expenses and other current assets		38,996		38,996
Deferred income taxes		6,994		6,994
Deferred debt issuance costs, net		34,689		34,689
Total current assets		4,177,000		4,177,000
Property, machinery and equipment, net		167,233		167,233
Land use rights		35,304		35,304
Equity investment		7,803		7,803
Goodwill		112,814		112,814
Other intangible assets, net		22,766		49,001
Total assets		4,522,920		4,549,155
Liabilities, minority interests and shareholders’ equity
Short-term borrowings		983,950		983,950
Accounts payable		52,047		52,047
Prepayments from customers		42,551		42,551
Accrued liabilities		50,014		50,014
Amounts due to related parties		11,155		11,155
Other payables and current liabilities		7,227		7,227
Income taxes payable		38,462		38,462
Embedded derivative liability		124,130		124,130
Convertible notes		206,211		206,211
Total current liabilities		1,515,747		1,515,747
Deferred income taxes		320		4,255
Total liabilities		1,516,067		1,520,002
Minority interests		92,065		92,065
Shareholders’ equity		2,914,788		2,937,088
Total liabilities, minority interests and shareholders’ equity		4,522,920		4,549,155

Qiao Xing Mobile Communication Co., Ltd. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)

	Year ended						Three months ended
	December 31, 2008						December 31, 2008
				Previously						Previously
	Revised			announced			Revised			announced
	RMB			RMB			RMB			RMB
Revenues		2,153,873			2,153,873			557,847			557,847
Cost of goods sold		(1,287,096	)		(1,287,096	)		(336,749	)		(336,749	)
Gross profit		866,777			866,777			221,098			221,098
Selling and distribution expenses		(146,551	)		(146,551	)		(35,388	)		(35,388	)
General and administrative expenses		(44,231	)		(44,231	)		(8,838	)		(8,838	)
Research and development expenses		(29,242	)		(29,242	)		(8,545	)		(8,545	)
Amortization of intangible assets		(11,727	)		(11,727	)		(1,190	)		(1,190	)
Impairment of intangible assets		(26,235	)		—			(26,235	)		—
Operating income		608,791			635,026			140,902			167,137
Interest income		24,405			24,405			4,658			4,658
Interest expense		(165,506	)		(165,506	)		(65,783	)		(65,783	)
Foreign exchange gain (loss), net		(5,142	)		(5,142	)		1,700			1,700
Gain (loss) on remeasurement of embedded derivatives		144,939			144,939			(7,774	)		(7,774	)
Loss on extinguishment of convertible debts		(10,634	)		(10,634	)		—			—
Other income (loss), net		(1,431	)		(1,431	)		1,642			1,642
Income before income tax expense, minority interests and extraordinary item		595,422			621,657			75,345			101,580
Income tax expense		(155,717	)		(159,652	)		(37,395	)		(41,330	)
Income before minority interests and extraordinary item		439,705			462,005			37,950			60,250
Minority interests		(15,901	)		(15,901	)		(3,901	)		(3,901	)
Income before extraordinary item		423,804			446,104			34,049			56,349
Extraordinary item — gain on acquisition of additional equity interest in CECT		—			—			—			—
Net income		423,804			446,104			34,049			56,349
Earnings per share:
- Basic		7.52			7.91			0.56			0.93
- Diluted		6.99			7.38			0.56			0.93
Weighted average number of shares outstanding:
- Basic		49,216,000			49,216,000			47,610,000			47,610,000
- Diluted		56,386,000			56,386,000			47,610,000			47,610,000