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Qiao Xing Mobile Communications (QXMCF US)

Year: 2012

Chinese mobile handset manufacturer Qiao Xing Mobile Communications (QXM) was the 56%-owned subsidiary of Qiao Xing Universal Resources (XINGF US, delisted). QXM listed on the New York Stock Exchange (NYSE) in 2007. In April 2012, QXM's parent was suspended after the discovery of the illegal transfer of funds to its former chairman, founder and major shareholder. A few days later, QXM disclosed that it would not be able to file FY11 financials due to delays in obtaining required documents. In May, the NYSE delisted QXM's shares as it was not responding to NYSE requests for information. QXM was a fraud, likely hiding faked profits in large receivables and cash balances. 

Last updated November 2021

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