Qiao Xing Rises on Venture News

Qiao Xing Universal Telephone (XING) rose 6% Tuesday after the Chinese phone maker set up a handset joint venture with Celbon of Korea.

The company said the venture will cover research and development, production and distribution of mobile phones and other products for both wired and wireless communication terminal products.

Qiao Xing also posted first-quarter sales of $51.7 million. The company said income from operations before interest, tax and minority interests was $1.3 million, on a gross margin of 16.4%.

"We are pleased to see in the Q1 2004 operational results the confirmation of the continuous improvement in our operational efficiency," Chairman Wu Ruilin said. "Judging from the data on hand, we anticipate our revenue for the whole year to increase by at least 30% to $288.6 million from that of 2003."

On Tuesday, Qiao Xing rose 59 cents to $10.45.

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