SEC Suspends Trading in Qiao Xing Universal Resources

July 05, 2012 /

The Securities and Exchange Commission has announced the temporary suspension of trading in the securities of Qiao Xing Universal Resources, Inc., a British Virgin Islands company with its headquarters in the People’s Republic of China and Qiao Xing Mobile Communication Co., Ltd., also a British Virgin Islands company with its headquarters in the People’s Republic of China commencing at 9:30 a.m. EDT on July 5, 2012, and terminating at 11:59 p.m. EDT on July 18, 2012.

The Commission temporarily suspended trading in the securities of XING because questions have arisen regarding the accuracy and completeness of information contained in XING’s public filings with the Commission concerning, among other things, the effectiveness of XING’s internal control over financial reporting.

The SEC said relevant information has not been disclosed about XING, including the following: (1) its CFO resigned; (2) its independent auditor resigned; and (3) its US counsel resigned.

The SEC temporarily suspended trading in the securities of QXM because, among other things, it appears to the Commission that relevant information has not been disclosed about QXM, including the following: (1) the Chairman of its Audit Committee resigned; and (2) its outside independent auditor resigned.

 

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