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To: Uncle Frank who wrote (13399)	12/28/1999 2:00:00 PM
From: BI*RI	Respond to of 54805

By Myra P. Saefong, CBS MarketWatch Last Update: 1:22 PM ET Dec 28, 1999 Movers & Shakers NewsWatch GUANGDONG, China (CBS.MW) -- Shares of Qiao Xing Universal Telephone soared more than 143 percent on the possibility that the Guangdong government in China will approve the company's application to make CDMA cell phones. If the government of Guangdong province in China approves Qiao Xing's application to begin manufacturing CDMA cell phones, it would be one of a handful of companies that the Chinese Ministry of Information said it would authorize to manufacture the phones. So far, China only produces GSM cell phones. Shares of Qiao Xing (XING: news, msgs) gained 12 to 20 1/2. More than three million shares changed hands, compared to the stock's daily average volume of around 745,000. Shares of Qualcomm (QCOM: news, msgs), which licenses CDMA technology, were up 1/8 to 513 1/2. The Ministry of Information is expected to review the company's application with the Economics and Trade Committee before the year's end, Rui Lin Wu, Qiao Xing's chairman said in astatement. "We are optimistic about Qiao Xing's entry into China's potentially huge CDMA cell-phone market," Wu said. "We are hopeful that we will be selected." When the Chinese Ministry of Information announced it would allow between three and five Chinese companies to manufacture CDMA cell phones back in October, Qiao Xing organized a research team. The China-based company now has the capability of designing and producing components for the CDMA cell phones. Qiao Xing has been seeking out international firms for strategic alliances amid its possible entry into China's untapped CDMA cell phone market. As a result, it's reached an agreement with a major Asia telecommunications company that produces and markets CDMA phones. In ajoint venture, the two companies would establish a factory where Qiao Xing could manufacture and market the phones.