Qiao Xing Mobile Communication Co. Ltd, a leading domestic manufacturer of mobile handsets in China, announced the pricing of its initial public offering of 13,333,334 ordinary shares at a price to the public of $12 per share. The shares are being listed on the New York Stock Exchange under the ticker symbol “QXM”.
The offering consists of 12,500,000 ordinary shares to be issued by Qiao Xing Mobile and an additional 833,334 ordinary shares to be offered by the selling shareholders. The underwriters may also purchase up to an additional 2,000,000 ordinary shares from Qiao Xing Mobile at the public offering price, less the underwriting discounts and commissions payable by the Company, to cover over-allotments. Qiao Xing Mobile intends to use the net proceeds from this offering to repay shareholder loans to its parent company, Xing, as well as to make loans or capital contributions to CECT for funding capacity expansion and purchase of equipment for its new manufacturing facility in Huizhou, Guangdong Province, China. The remaining net proceeds will be used for other general corporate purposes and for potential acquisitions of, or investments in, businesses and technologies that the company believes will complement its current operations and its expansion strategies. Qiao Xing Mobile will not receive any of the proceeds from the sale of ordinary shares by any of the selling shareholders.
UBS Investment Bank is the sole bookrunner for the offering. The offering of the securities is made only by means of a prospectus that will contain detailed information about the Company and management, as well as financial statements, copies of which, when available, may be obtained from UBS Investment Bank, Prospectus Department, c/o Clint Lauriston, 299 Park Avenue, New York, NY 10171. The company’s agent for service of process in the United States is CT Corporation System, located at 111 Eight Avenue, New York, New York 10011.
The U.S. Securities and Exchange Commission has declared Qiao Xing Mobile's registration statement regarding these securities to be effective.
