Qiao Xing Universal Acquires Balinzuo Banner Xinyuan

Reproduction
Wed, May 26, 2010

Lead Company News
Post by Mike Rodger, Lead Reporter

Qiao Xing Universal Resources Inc. (XING), an emerging Chinese resources company headquartered in Huizhou, Guangdong Province, has announced that its wholly-owned subsidiary Chifeng Zhongtai Mining Co., Ltd. has signed a letter of intent with Chifeng Xingu Mining Co., Ltd., to acquire the 100% equity interest in Balinzuo Banner Xinyuan Mining Co., Ltd..

This is for a purchase price not to exceed US$ 107 million (RMB 730 million) in cash to be paid in several installments.

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