Qiao Xing Mobile euphemism rejects parent company's bid

Beijing Time September 22 Evening News, Qiao Xing Mobile Communication Co., Ltd. (NYSE:QXM, hereinafter referred to as "Qiao Xing Mobile") announced in Wednesday, the company's board of Directors of the Special Committee has written to the overseas Chinese mobile parent company Qiao Xing Global (nasdaq:xing),　　said the Special Committee needed more time to evaluate the proposal of the overseas Chinese company to take over all the shares issued by Qiao Xing. In the letter, the Special Committee on Overseas Chinese Movement said: "The movement would like to give an updated assessment of the proposal, but the Special Committee is actively working with the consultants to assess the proposal." Since the assessment has not yet been completed, a response cannot be given within the September 22, 2010 deadline. Please be assured that the Special Committee is endeavouring to assess the proposal. "At the same time, the Special Committee received comments from several institutional shareholders who felt that the offer was inadequate and therefore did not support the offer," the letter added. They pointed out that, as at June 30, 2010, the net asset value and cash value per share of the Kiu Hing movement were higher than the quoted price. We are considering the views of the shareholders and have provided copies of their views to overseas Chinese. "Qiao Xing Global proposed at the beginning of this month, 1.9 shares of overseas Chinese-hing global shares plus 0.80 U.S. dollars in exchange for each share of overseas Chinese mobile shares."　　Qiao Hing Global expressed the hope that the overseas Chinese movement can give a reply before September 17, 2010. September 17, Qiao Xing Mobile told Qiao Xing Global, said the Special Committee is unable to respond to the proposal for the time being, because the assessment has not been completed, when the end is still uncertain. (Li Ming)