Qiao Xing Mobile Communication Co., Ltd. (”Qiao Xing Mobile” or ”the Company”) (NYSE: QXM), one of China’s leading domestic manufacturers of mobile handsets,through its subsidiary CEC Telecom Co., Ltd. (”CECT”), today announced that Qiao Xing Mobile’s new luxury brand VEVA S60 mobile handset (”VEVA S60”) has achieved great success since its release in May 2008. VEVA S60 targets female professionals with its unique and luxury design and features. Through cooperation with Swarovski, each VEVA S60 is decorated with 129 Swarovski crystal mosaic and 18K gold coating. As thin as 9.4 millimeters, VEVA S60 also has long standby time. Retail price stands at RMB1,980 (USD290) and nearly 100,000 units were sold in the second quarter of 2008. VEVA S60’s gross margin was 61%. CECT targets to sell 300,000 units of VEVA S60 in the third quarter of 2008. Taiwan star Miss Wu Peici was invited by CECT as the prolocutor for VEVA S60.
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Mr. Wu Zhi Yang, Chairman of the Company, commented, ”Mobile handsets have evolved from a pure communications tool to a convenient and fashionable consumer product. Professionals prefer high-end and luxury mobile phones with unique and fashionable designs and features, which creates a fast growing and profitable market. The VEVA luxury brand is a great innovation by CECT. We are very pleased that CECT achieved another success with the release of VEVA S60, which will bring us sustainable competitiveness in a market segment with less domestic competition. We are very proud that CECT has differentiated itself from the domestic players who are mostly competing in low-end market. We have abundant product lines for VEVA brand mobile handset going forward. VEVA S70 will be released in September. VEVA S80 and S90 are being developed too. We expect VEVA to become one of best domestic luxury brands in the mobile handset market in China.”