Qiao Xing Universal Resources Inc. is an emerging Chinese resources company. It owns the rights to receive the expected residual returns from Chifeng Haozhou Mining Company Ltd., a large copper-molybdenum poly-metallic mining company in Inner Mongolia, China.
The company today announced that Ruilin Wu, its chairman and CEO, has resumed the share purchase plan pursuant to which he planned to purchase up to an aggregate of $10 million worth of the outstanding shares of Qiao Xing. The share purchase plan, originally disclosed on September 29, 2008, had been put on hold primarily due to increased market uncertainties resulting from the global financial crisis.
As global financial conditions stabilize and the company makes major progress in its strategic move into the resources industry, Mr. Wu had decided to resume his share purchase plan in April 2010. So far, he has purchased about 500,000 shares of XING common stock in the open market. Under the resumed plan, he will continue to make purchases of the common stock over the next 12 months.
This plan does not obligate Mr. Wu to acquire any particular number of shares and it may be suspended or discontinued at any time at his discretion. He has agreed to voluntarily disclose the implementation of this stock purchase plan, in addition to any other compulsory reporting requirement. Mr. Wu commented, “The decision to resume the share repurchase program demonstrates my confidence in the long-term value of our company.”