A day after announcing in the Chairman's message that the company would be moving into consumer electronics by selling set-top boxes generating $20 million in revenue within 12 months of the first shipment, Qiao Xing (ticker: XING) signed an agreement to do just that. Investors are enjoying the news just like yesterday. The stock is up over 10% in early trading. Here are the two announcements:
....In addition, XING is now diversifyingToday's announcement:
into other consumer electronics area by launching such products as cable
television set-top-boxes designed for Cable Digital Television services, which
is expected to bring additional revenue of about US$20M within 12 months of
the first shipment.
....Qiao XingXING's stock market performance:
Universal Telephone, one of China's largest manufacturers
and distributors of telecommunications terminals and consumer electronics
products, announced today that its subsidiary, Huizhou Qiao Xing
Communications Industry Co., Ltd (QXCI) has signed an agreement to supply its
newly launched set-top-box product to Beijing Radio & TV New Viewpoint Trading
Company (BRTNV). Under the terms of the agreement, within the first twelve
months of the deal BBTNV will distribute, through its distribution network of
cable television operators, up to US$20 million of set-top-box products
supplied by QXCI.