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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of July, 1999
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Qiao Xing Universal Telephone, Inc.
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(Translation of registrant's name into English)
Qiao Xing Building, Wu Shi Industrial Zone
Huizhou City, Guangdong, People's Republic of China
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(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
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[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Qiao Xing Universal Telephone, Inc.
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(Registrant)
Date: July 20, 1999 By: /s/ Rui Lin Wu
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Rui Lin Wu, Chairman
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QIAO XING UNIVERSAL TELEPHONE, INC.
For Immediate Release
For further information
Ms. Amanda J.H. Ma Tel: 86-752-280-8188
Qiao Xing Universal Telephone, Inc. Fax: 86-752-280-3101
http:\\www.qiaoxing.com
E-mail: [email protected]
Qiao Xing Universal Telephone, Inc.
Announces Obtaining Additional
Bank Credit Facility of US$34 Million
CHINA, July 20, 1999 - Qiao Xing Universal Telephone, Inc. ("Qiao Xing" or the
"Company", NASDAQ/NMS: XING) announces today the Company has successfully
obtained additional bank credit facilities of an aggregate of US$34 million,
after signing the agreements with Industrial and Commercial Bank of China
("ICBC") and Fujian Industrial Bank ("FIB") on 30 June 1999 and 20 July 1999,
respectively.
ICBC is the largest bank in China and among the top 10 in the world. FIB is one
of the most active local banks in Fujian and Guangdong Provinces where the
Company's headquarter and activities are located.
Qiao Xing has maintained a healthy cooperation relationship with ICBC, and is
regarded as a highly reliable customer with good repayment performance by ICBC
since 1997. FIB's business relationship with Qiao Xing started in early 1998.
Mr. Li, Manager of Shanzhen Branch of FIB said "Qiao Xing has always maintained
a good credit standing and is a very valued customer of FIB".
The new bank credit facilities are principally used as the Company's working
capital to support growth. The facilities will allow Qiao Xing a flexible
arrangement such that interest will be payable only when a line is being used.
Chairman, Mr. R.L Wu said, "with the new facilities, Qiao Xing is able to embark
aggressively on a couple of new projects which will bring the Company to a new
level of hi-tech development. Qiao Xing will continue to seek new growth
opportunities through product innovation and market expansion." Management
believes that the additional facilities will help to support and accelerate the
Company's expansion.
Qiao Xing is one of the biggest telephone manufacturers in China, ranked second
in domestic market by its sales volume in both 1997 and 1998, and successfully
completed its initial public offering on NASDAQ in February 1999. Qiao Xing
currently produces 165 corded models and 25 cordless models, and the Company has
an extensive nationwide sales network that comprises over 1,000 retail outlets
in China. Qiao Xing is also the first telephone manufacturer in China to
receive the ISO 9001 Accreditation.
The Press Release contains "forward-looking Statements" regarding to future
revenues and operating information and their impact on future results. Such
forward-looking information involves important risks and uncertainties that
could significantly affect anticipated results in the future and, accordingly,
actual results may differ materially from those expressed in any forward-looking
statements made by or on behalf of the Group. These risks and uncertainties
include, but and not limited to, those relating to economic, political, legal
and social conditions in the People's Republic of China, dependence upon key
management personnel, competition, material factors relating to the operations
of the business, and domestic and global general economic conditions.
