Kiu Hing Global to acquire overseas Chinese mobile shares

Beijing Time September 22 Evening News, Qiao Xing Global (nasdaq:xing) announced today that the company plans to follow the British Virgin Islands in accordance with the provisions of the law, through an agreement to launch the acquisition of NASDAQ:QXM Mobile (all the foreign shares of the offer,　　Buy directly from shareholders holding a minority stake in the overseas Chinese movement. Qiao Xing Global said the company plans to submit to the Securities and Exchange Commission (SEC) as soon as possible a schedule 13E-3 document on the offer. Once the offer is made, the Chinese diaspora will provide these materials to a minority of overseas Chinese mobile shareholders, but Qiao Xing Global expects minority shareholders to not be able to obtain these materials within a few weeks.　　Qiao Xing Global has no intention to change the terms of this offer. Qiao Hing Global has proposed to the overseas Chinese mobile minority shareholders holding a share of 1.9 shares of overseas Chinese-hing global shares plus 0.80 U.S. dollars in cash. Qiao Xing Global believes that the offer is fair and reasonable to the minority shareholders of the overseas Chinese movement and is in the best interests of the overseas Chinese and overseas Chinese shareholders.　　On September 8, 2010, Qiao Xing Global wrote a letter to the Special Committee of the Board of the overseas Chinese-Hing Global Corporation and described the offer.　　Qiao Hing Global has asked the Special Committee to advise the company on whether it believes it is ready to recommend to the minority shareholders of the overseas Chinese movement to accept the offer before September 17, 2010, and then to extend the deadline to September 22, 2010. If the offer is completed, Qiao Xing Mobile will become a private holding company. Qiao Xing Global currently holds about 61% of overseas Chinese mobile shares. (Tangfeng)