The BVI registered company Qiao Xing Universal Telephone reported about the plans of its Chairman and CEO, Mr. Wu Rui Lin, to purchase up to US$10 million worth of shares of Qiao Xing Universal Telephone, Inc. The purchases will be made from time to time, on the open market through Nasdaq Stock Market at prevailing market prices or in negotiated transactions off the market. The timing and extent of any purchases will depend upon market conditions, trading price of BVI company’s shares, and other factors.
Mr. Wu Rui Lin commented that his planning of purchasing shares in Xing, as well as the recently announced re-purchase program by company’s subsidiary Qiao Xing Mobile, demonstrates the strong confidence of companies’ management.
BVI company’s CEO also said that the temporary sales decrease in Qiao Xing was primarily due to the heavy earthquake that happened in Sichuan, China, and the performance of the company would be better after some adjustments will be made to its business strategy. He said that, from the company level, more measures will be considered to increase its value.