Saturday, March 03, 2007

XING

Qiao Xing Universal Telephone, Inc. (Qiao Xing), incorporated on December 6, 1994, is engaged in the sale of telecommunication terminals and equipment, including cord and cordless telephone sets, in Mainland China. It is also engaged in the production and sale of mobile phones and accessories. As of June 20, 2006, the Company owned 80% of Qiao Xing Mobile Communication Co. Ltd. (QX Mobile), an international business company. QX Mobile owns 90% of CEC Telecom Co., Ltd. (CECT). Qiao Xing classified its products into two core business segments: mobile phones and indoor phones. The Company also owns 100% of Qiao Xing Communication Holdings, Ltd., which owns 90% of Hui Zhou Qiao Xing Property, Ltd. (QX Property), and 90% of Hui Zhou Qiao Xing Communication Industry, Ltd. (HZQXCI), a People's Republic of China joint venture.

Chippewa Partners owned shares in XING last year. The stock has moved up from where we exited the position. We don't feel bad about giving up on a name that has zero financial transparency. In fact, financial transparency is a joke with Chinese stock listings. The country dishes out as much propaganda as Wall Street. The stock dive in China last week should serve as a reminder that investors should let professionals spread their risk in foreign stock exposure and keep an eye on their level of exposure to foreign markets. They are hungry for capital in Beijing and cook the books in a nanosecond to extract more US investment. Just wait.

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CHIPPEWA PARTNERS, Native American Advisors, Inc. is a Registered Investment Advisor, founded by Dean Thomas Parisian in 1995. The firm is a manager to an exclusive clientele and is closed to new clients. As a Registered Investment Advisor, our expertise developed over 35 years balances experience, integrity and tremendous work ethic. Dean Parisian is a member at the White Earth Reservation of the Minnesota Chippewa Tribe, a former NYSE and FINRA arbitrator and trader who began his career with Kidder Peabody and later worked for Drexel Burnham Lambert in LaJolla, CA. His philanthropic interest is in Native American education and he's endowed a significant scholarship for Native Americans at the University of Minnesota. His greatest accomplishment includes raising two sons and 26 years of marriage. The Parisian family enjoys outdoor pursuits at Pamelot, their farm in Tennessee and at the Ghost Ranch, their ranch on the Yellowstone River in Montana. For media requests contact the firm via email: ChippewaPartners (at) gmail dot com, on Twitter: @DeanParisian. Global 404-202-8173