Qiao Xing Universal Resources, Inc, a BVI-incorporated company engaged in manufacturing and distribution of telecommunications terminal products, announced that its chairman and CEO resumed a share repurchase to buy back up to US$10 million in stock belonging to the Chinese resources company.
The share repurchase by the chairman of the BVI company resumed in April, 2010. He purchased 500,000 shares and plans to reach the $10 million limit next year. With approximately 36 percent interest in Qiao Xing, he is the largest shareholder of the company.
The share repurchase program was announced in September 2008 and had been on hold because of market uncertainty caused by the global crisis.