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Qiao Xing to repurchase $30 million in convertibles
By Devika Patel
Knoxville, Tenn., April 6 - Qiao Xing Universal Telephone, Inc. said it has agreed to purchase $30 million of Qiao Xing Mobile Communication Co., Ltd.'s convertible notes for $24 million on May 1.
The notes will be bought from three investors, DKR SoundShore Oasis Holding Fund Ltd., Cedar DKR Holding Fund Ltd. and Chestnut Fund Ltd.
Huizhou, China-based Qiao Xing Universal manufactures and distributes telecommunication products in China. Qiao Xing Mobile, based in Beijing, is a manufacturer of mobile handsets.
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