Dunxin Financial Holdings Limit (NYSE:DXF)

WUHAN, China, April 22, 2019 /PRNewswire/ -- Dunxin Financial Holdings Limited ("Dunxin" or the "Company") (NYSE American: DXF), a leading licensed microfinance lender serving individuals and small and medium enterprises (SMEs) in Hubei Province, China, announced today that it plans to release its first mobile application "HiTon" in May 2019. "HiTon", through DXF's self-developed supply chain finance cloud platform, enables sellers to access credit for the sale of goods to buyer through logistics companies.

The Company has spent more than one and a half years on exploring the business opportunity in this market and six months on the research and development of the cloud-based platform. "HiTon" is designed to help sellers receive payment on the same date of shipment by offering short-term credit support that greatly improves capital efficiency by shortening the accounts receivable period, which traditionally lasts for 7-15 days. By cooperating with Dunxin, the logistics company will be positioned to change from a pure-play logistics company into a comprehensive service provider by offering logistic, financial, and settlement services. The mobile app will be launched in May of this year.

Dunxin's Supply Chain Finance Cloud Platform is a technology-driven platform enabled by the big data analytics, cloud computing, AI, and mobile internet technologies. The platform is also built with a sophisticated risk management system, which includes automated customer selection, fraud detection, and credit scoring and assessment.

Mr. Qizhi "Ricky" Wei, Chairman and Chief Executive Officer of Dunxin, commented that, "The release of the new mobile app and the launch of our Supply Chain Finance Cloud Platform will showcase that the Company has transformed from its traditional lending business into the O2O supply chain financial business that will serve as a new engine to drive future growth. Going forward, the Company will make continuous efforts to develop a variety of supply chain financial products, helping meet the increasing demand from both individuals and SMEs by offering more customized services, and expanding our network presence in the regional market."

WUHAN, China, March 4, 2019 /PRNewswire/ -- Dunxin Financial Holdings Limited ("Dunxin" or the "Company") (NYSE American: DXF), a leading licensed microfinance lender serving individuals and small and medium enterprises (SMEs) in Hubei Province, China, today announced the change of auditor from RT LLP to Marcum Bernstein & Pinchuk LLP ("Marcum BP") as its independent registered public accounting firm for the fiscal year ended December 31, 2018. The Audit Committee and the Board of Directors of the Company approved the appointment of Marcum BP as the Company's independent registered public accounting firm for the fiscal year ended December 31, 2018.

In connection with the change of auditor, the Company provides that during the Company's fiscal years ended December 31, 2017 and 2016 and through the subsequent interim period on or prior to the resignation of the former auditors: (a) there were no disagreements between the Company and the former auditors on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreement, if not resolved to the satisfaction of the former accountant, would have caused it to make reference to the subject matter of the disagreement in connection with its report; and (b) no reportable events as set forth in Item 16F(a)(1)(v)(A) through (D) of Form 20-F have occurred.

WUHAN, China, Aug. 20, 2018 /PRNewswire/ -- Dunxin Financial Holdings Limited ("Dunxin" or the "Company") (NYSE American: DXF), a leading licensed microfinance lender serving individuals and small and medium enterprises (SMEs) in Hubei Province, China, today announced its unaudited financial results for the first six months of 2018. The unaudited consolidated financial statements and other financial information included in this press release have been prepared in conformity with International Financial Reporting Standards ("IFRS") and stated in Renminbi ("RMB") unless otherwise indicated.

The unaudited consolidated financial statements for the first half of 2017 reflect the results of the True Silver Limited ("True Silver") and its variable interest entity structure to operate and consolidate 80% of the financial results of Hubei Chutian Microfinance Co., Ltd prior to the acquisition of True Silver by the Company on December 28, 2017.

 First Six Months 2018 Highlights

Total outstanding principal balance of loans reached RMB814.9 million (US$123.2 million) as of June 30, 2018, representing an increase of 9.4% from RMB744.6 million as of June 30, 2017.
Total interest and fee income reached RMB50.6 million (US$7.6 million) in the first six months of 2018, representing an increase of 92.4% from RMB26.3 million in the same period of the prior year.
Net interest and fee income reached RMB36.8 million (US$5.6 million) in the first six months of 2018, representing an increase of 222.8% from RMB11.4 million in the same period of the prior year.
Net income was RMB13.5 million (US$2.0 million) in the first six months of 2018, representing an increase of 487.0% from RMB2.3 million in the same period of the prior year.
Earnings per American Depositary Share ("ADS") was US$0.10 in the first six month of 2018, compared to US$0.07 in prior year period[1].
Mr. Qizhi "Ricky" Wei, Chairman and Chief Executive Officer of Dunxin commented, "Since we became a publicly traded Company on NYSE American late last year, we have greatly tightened our internal control procedures, streamlined our financial reporting process, and intensified our operational discipline. As a result, our loan quality and customer stability have both improved substantially. Our monthly cash inflow from interest and fees is not only increasing but also more evenly distributed throughout the first half of this year. Going into the second half of 2018, we have expanded our service offerings to include consumer loans. With an expanded scope of service and a larger customer base, we are confident that we will exhibit continued improvement in our financial results in the second half of the year."

Business Outlook

Compared with 2017, the overall operating results in 2018 are expected to be stable and slightly increased, but operating expenses are expected to increase, mainly due to listing expenses and expenditures for research in finance technology. In 2019, the Company will carry out specific business in consumer credit and supply chain credit, and thus both revenue and profit are expected to be increased.

WUHAN, China, April 30, 2018 /PRNewswire/ -- Dunxin Financial Holdings Limited (the "Company" NYSE American: DXF), a leading microfinance lending company in Hubei Province, China, today reported financial results for the full year 2017.

The Company provides loans to individuals, small and medium-sized enterprises that are either secured by assets as collateral or guaranteed by a third party.  These loans usually have payment terms that are typically become due within twelve (12) months, subject to annual renewal of terms. The following is a description of the Company's loan products:

Consumer Loans.  The Company offers guarantee-backed personal loans, with terms ranging from three (3) months to six (6) months and with amounts ranging from RMB10,000 ($1,440) to RMB100,000 ($14,402), to working individuals. To qualify for this loan, the borrower must be domiciled in Wuhan and hold a Wuhan household registration.  In addition, the borrower must have a reasonable loan purpose and a repayment plan. Borrowers are permitted to pay back the loan with their future salaries.  The Company does not require any collateral for this loan, however, the borrower and a third-party guarantor are jointly and severally liable for the repayment of the loan.
Commercial Loans.  The Company offers secured loans, with terms ranging from three (3) months to twelve (12) months and with amounts ranging from RMB100,000 ($14,402) to RMB500,000 ($72,014), to private business owners or individual business owners operating within Wuhan. This loan is mainly offered to businesses that are encountering temporary cash flow difficulties. In order to qualify, the borrower's business must be in good standing with the fixed operation office and registered office in Wuhan.  In addition, the borrower must have a reasonable loan purpose and a repayment plan. This loan is either secured by assets as collateral or guaranteed by a third-party.
Collateral-Backed Loans.  The Company offers collateral-backed loans, with terms ranging from three(3) months to twelve (12) months and amounts ranging from RMB500,000 ($72,015) to RMB3,000,000 ($432,090) to individuals, private business owners, private enterprises, and other business entities in Hubei Province.  The borrower is required to have a reasonable loan purpose and a repayment plan, and if the borrower is a business, the business must be in good standing with stable cash flow.  The borrower must own real property or an automobile, and the loan is secured by assets as collateral.
Enterprise Loans.  The Company offers collateral-backed loans, with terms ranging from three (3) months to twelve (12) months and lines of credit ranging from RMB3,000,000 ($432,090) to RMB 5,000,000 ($720,150), to small and medium-sized enterprise borrowers operating businesses in Hubei Province.  The main purpose of this loan is to satisfy the borrower's temporary cash flow needs.  Borrowers are required to have a reasonable loan purpose, a repayment plan, and the business must be in good standing with stable cash flow.  The loan is secured by assets as collateral with complete collateral ownership certification documents.
The funding of the Company's loans, working capital and other capital requirements primarily by equity contribution from shareholders, cash flow from operations and borrowings from various individuals and companies through securities exchanges.

On January 25, 2018, the People's Bank of China published statistics, dated December 31, 2017, that a total of 283 microfinance lending companies were registered in Hubei Province and with the combined total registered and paid-up capital of RMB30.6 billion ($4.7 billion) among these microfinance lending companies. The average registered and paid-up capital of these microfinance lending companies was RMB108.1 million ($16.6 million), whereas our registered and paid-up capital was RMB450 million ($69.2 million). The average outstanding loan portfolio for these microfinance lending companies was RMB109.8 million ($16.9 million), whereas our outstanding loan portfolio was RMB818.1 million ($125.7 million) as of December 31, 2017.

The financial statements and other financial information included in this press release have been prepared in conformity with International Financial Reporting Standards ("IFRS").

The Company publishes its financial statements in Renminbi ("RMB").

WUHAN, China, March 5, 2018 /PRNewswire/ -- Dunxin Financial Holdings Limited (fka China Xiniya Fashion Limited) (NYSE AMERICAN: DXF), a leading microfinance lending company in Hubei Province, China, today released a letter to shareholders from Qizhi "Ricky" Wei, the Company's chairman and chief executive officer, to announce the successful completion of its planned name change to Dunxin Financial Holdings Limited. Effective with the opening of trading on March 5, 2018, the Company's NYSE American ticker symbol will change from "XNY" to "DXF." The complete letter is included below:

Dear all shareholders, investors and friends:

It's my great honor to announce the debut of Dunxin Financial Holdings Limited ("DXF") today. The transition from the legacy business of XNY to DXF allows us to more accurately reflect our current business as a lending company.

In Chinese, "dunxin" means kind and trustworthy. Both attributes we strive for as a lending business have developed into the core value since the Company was established. Dunxin Financial we see today is not a "fruit," but more like a "seed," a seed that has just been planted in the fertile soil of the NYSE American and U.S. capital market. Our team and myself are determined to grow this seed, make it blossom and generate good returns to our investors and shareholders.

Dear shareholders, we're planning to grow our business with the following inherited genes and strategies:

First, as founder of Dunxin Financial, I have a strong background in the financial industry with over 20 years of rich experience in the capital market and I have full capability to manage the market changes. I also have the long-term vision toward strategic development and maintaining sustainable growth filled with continued innovation.

Second, Dunxin Financial has a professional management team and a world-class board, who have expertise in internationalization, professionalism and risk control. Our long-term goal is to become a top-tier international company and we will continue to recruit more top talents to join our team, making ourselves much more competitive and sustainable.

Third, Dunxin Financial has a clear strategic development goal which has been identified when the company was established in 2013. It's a big step for the company to reach the milestone set four years ago when making its debut on the NYSE American today.

Fourth, Dunxin Financial has successfully built a well-thought business model that can generate profitability in a sustainable manner. At this moment, Dunxin Financial is fully focused on the inclusive financial market. We have established a well-developed business model in the industrial and commercial credit sector, consumer credit sector, and supply chain credit sector that will contribute to our continued growth of profitability.

Fifth, in addition to maintaining a healthy organic growth, Dunxin Financial will start to gain growth through mergers and acquisitions. We will leverage the advantage as a publicly listed company to get more involved with mergers and acquisitions. We will actively seek and acquire well-run peers from home and abroad to rapidly expand our business scale, gain our market share and enhance our profitability.

Sixth, Dunxin Financial is planning to set up a world-class fin-tech team, to actively enhance financial innovation and technological innovation, and provide the global investors with the most cutting-edge and high-quality financial products and services.

Seventh, Dunxin Financial will gradually grow our asset management business after fulfilling our core business goals. In the future, Dunxin will further expand into and enhance our market franchise in industrial and commercial credit, consumer credit, supply chain finance, block chain finance, asset management and investment banking, making Dunxin Financial become the leading financial company with diversified asset class, cutting-edge technology and professionalism.

Dear investors and friends, Dunxin Financial has just set sail. We will fully devote ourselves to better shaping our business models, developing new markets, innovating our businesses, providing quality services and continuously improving our profitability. We are fully committed to presenting our investors and shareholders with outstanding performance and decent returns.

We share the same goal and we grow together!

Sincerely,

QizhiWei, Ricky
March 5, 2018

WUHAN, China, March 2, 2018 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company") (NYSE AMERICAN: XNY), announced that at the Extraordinary General Meeting ("EGM") held on March 1, 2018, the shareholders have approved changing the Company's corporate name to "Dunxin Financial Holdings Limited". The Company has reserved the ticker symbol "DXF". The Company's ADS will begin trading on the NYSE American under its new name "Dunxin Financial Holdings Limited" and the new trading symbol "DXF" effective as of the market open on March 5, 2018.

"We are very pleased with the results of the EGM as it aligns our Company's name with our new strategic direction of a microfinancing lending company," said the Company's chairman and CEO Qizhi "Ricky" Wei.

WUHAN, China, Feb. 12, 2018 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE AMERICAN:XNY), announced today that it will hold its extraordinary general meeting of the shareholders of the Company (the "EGM") at the office of the Company at 6th floor, Building 1, Hubei Daily Culture Creative Industry Park, No 181 Donghu Road, Wuchang District, Wuhan City, Hubei Province, People's Republic of China 443000, on Thursday March 1, 2018 at 10 a.m. Beijing time, for the purpose of considering and, if thought fit, passing and approving the following resolutions:

As a special resolution, that the name of the Company be changed from "China Xiniya Fashion Limited" to "Dunxin Financial Holdings Limited";
As an ordinary resolution, that the authorized share capital of the Company be increased from US$50,000 divided into 1,000,000,000 Ordinary Shares of a par value of US$0.00005 each to US$100,000 divided into 2,000,000,000 Ordinary Shares of a par value of US$0.00005 each by the creation of an additional 1,000,000,000 Ordinary Shares of a par value of US$0.00005 each to rank pari passu in all respects with the existing Ordinary Shares; and
As a special resolution, that the Amended and Restated Memorandum and Articles of Association of the Company currently in effect be amended and restated by their deletion in their entirety and the substitution in their place of the Second Amended and Restated Memorandum and Articles of Association annexed hereto."
The record date is fixed on February 9, 2018 as the record date for determination of those shareholders of the Company that are entitled to receive notice of, attend or vote at the EGM.

In connection with the proposed change of Company name as referred to above, the Company intends to change its ticker symbol from "XNY" to "DXF". The Company anticipates that the trading symbol change will occur following the effectiveness of the name change.

With regards to the change of the Company name, the Company completed the sale of Xiniya Holdings Limited, the Company's wholly owned subsidiary in Hong Kong, to Qiming Investment Limited ("Divestiture"). Concurrent with Divestiture, the Company acquired True Silver Limited, a British Virgin Islands company from Honest Plus Investments Limited ("Acquisition") on December 28, 2017. As a result of the Divesture and Acquisition, the Company changed from a textile and apparel clothing business to a microfinance lending business in Hubei Province, China (as reported in the Form 6-Ks submitted with the Securities and Exchange Commission on December 11, 2017 and December 29, 2017).  We believe that the name "Dunxin Financial Holdings Limited" better describes the Company's new business in the microfinancing lending industry.

As a result of the Acquisition, all 1,000,000,000 Shares are issued and outstanding. This leave the Company with no ability to grant options or Shares under the Company's 2010 Equity Incentive Plan or the flexibility to raise capital through the issuance of Shares or to acquire other companies in the microfinance lending business (or other businesses). Hence, we propose to increase the authorized share capital from 1 billion Ordinary Shares to 2 billion Ordinary Shares.

The proposed change of the Company's name and the increase to authorized capital will not affect any of the rights of the shareholders. All existing share certificates of the Company in issue, after the change of the Company's name and the increase to authorized capital becoming effective, will continue to be valid for all purposes. There will not be any arrangement for free exchange of the existing share certificate for new share certificate bearing the new name of the Company or to reflect the increase in the authorized capital. Upon the approval and the effectiveness to the change of the Company's name and the increase in authorized capital, future share certificates will be issued under the new name of the Company and reflect the increased to authorized capital.

We are proposing to adopt a new Memorandum and Articles of Association for the Company to reflect the name change, to the increase to authorized shares, and to reflect that the Company is now listed on the NYSE American. All other provisions will remain unchanged.

XIAMEN, China, Dec. 28, 2017 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE: XNY), announced today that it has received approval from NYSE American LLC ("NYSE American") to list its American Depositary Share ("ADS") on the NYSE American. The approval for the listing application was received on December 27, 2017.

The Company expects that its ADS will begin trading on the NYSE American on December 29, 2017 under its current symbol "XNY". In addition, as previously announced the Company announced intends to effect a ratio change of its ADS whereby each ADS will represent forty-eight ordinary shares, par value $0.00005 per share ("Shares") of the Company rather than the current sixteen Shares represented before such amendment (the "Ratio Change"). The effective date of the Ratio Change is expected to be on December 28, 2017.

In connection with Ratio Change, holders of ADSs will be required to surrender their ADSs for exchange into ADSs reflecting the Ratio Change. The Depositary will notify registered holders of ADRs of the process for such exchange. As a result of the Ratio Change, the ADS price will initially automatically increase proportionally. The Company can give no assurance, however, that the post-Ratio Change ADS price (on an underlying Share basis) will be equal to or greater than the pre-Ratio Change ADS price (on an underlying Share basis).

XIAMEN, China, Dec. 26, 2017 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE: XNY), announced today that it intends to transfer the listing of its ADRs from the New York Stock Exchange ("NYSE") to the NYSE American LLC ("NYSE American") in connection with the previously announced transactions (the "Transactions") contemplated by the Securities Purchase Agreement (the "Purchase Agreement") with, among others, True Silver Limited, a British Virgin Islands company ("True Silver") and Honest Plus Investments Limited, a British Virgin Islands company ("Honest Plus"), and the Share Transfer Agreement (the "Divestiture Agreement") with Qiming Investment Limited, a British Virgin Islands company ("Qiming Investment"), on December 10, 2017.  In addition, the Company announced it and Deutsche Bank Trust Company Americas, as depositary (the "Depositary"), have entered into an amendment to the current Deposit Agreement governing outstanding ADRs pursuant to which, each American Depositary Share ("ADS") will represent forty-eight ordinary shares, par value $0.00005 per share ("Shares") of the Company rather than the current sixteen Shares represented before such amendment (the "Ratio Change"). The effective date of the Ratio Change will be announced by the Depositary and is expected to be on December 28, 2017.

In addition to customary closing conditions, the closing of the acquisition of True Silver Limited under the Purchase Agreement and the divesture of Xiniya Holdings Limited, a Hong Kong company directly and wholly owned by the Company under the Divestiture Agreement, are subject to approval from the NYSE. In that regard, the Company, on December 22, 2017, applied to list its ADS on the NYSE American. Subject to the approval of the listing application by NYSE American, the Company expects that its ADS will begin trading on the NYSE American on December 29, 2017 under its current symbol "XNY". The Company is required to meet the original listing requirements of the NYSE American. Subject to the approval by the NYSE American of the Company's listing application, the Company's ADRs will continue to trade under the symbol "XNY" on the NYSE until the transfer is complete. The Company's Board of Directors approved the transfer to the NYSE American on December 10, 2017.

In connection with Ratio Change, holders of ADSs will be required to surrender their ADSs for exchange into ADSs reflecting the Ratio Change.  The Depositary will notify registered holders of ADRs of the process for such exchange.  As a result of the Ratio Change, the ADS price will initially automatically increase proportionally. The Company can give no assurance, however, that the post-Ratio Change ADS price (on an underlying Share basis) will be equal to or greater than the pre-Ratio Change ADS price (on an underlying Share basis).

XIAMEN, China, Aug. 29, 2017 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE: XNY) today reported financial results for the first half of 2017. The unaudited consolidated financial statements and other financial information included in this press release have been prepared in conformity with International Financial Reporting Standards ("IFRS").

First Half 2017 Financial Results

• Revenue during the first half of 2017 was RMB120.3 million, as compared to revenue of RMB15.1 million in the first half of 2016.
• Loss per ADS was $0.53 in the first half of 2017 as compared to loss per ADS of $1.37 in the first half of 2016.

Second Quarter 2015 Financial Results

• Revenue during the second quarter of 2015 decreased by 47.2% to RMB106.4 million, as compared to RMB201.7 million in the second quarter of 2014.
• Loss per ADS amounted $0.08 in the second quarter of 2015 as compared to earnings per ADS of $0.15 per ADS in the second quarter of 2014.

Chairman's statement

"I am pleased to report that orders for our 2015 Winter Collection Sales Fair increased 15% despite the continued challenging economic environment and increased competition in China's menswear industry," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "To further support and stabilize our retail network during this transition period, we implemented the second phase of our inventory buyback. We are beginning to see a definite positive impact on our business from the buyback initiatives and expect this progress to continue for the rest of the year. Confidence from our distributors and existing and prospective authorized retailers has improved, evidenced by the increase in orders from our sales fair and the net increase in number of authorized retail outlets. While we expect the economic environment to remain challenging, we are confident that our strategy to adjust our business will ensure the long-term sustainability of our business and brand."

First Quarter 2015 Financial Results

• Revenue during the first quarter of 2015 decreased by 47.3% to RMB107.9 million, as compared to RMB204.6 million in the first quarter of 2014.
• Earnings per ADS were $0.19 in the first quarter of 2015 as compared to $0.30 per ADS in the first quarter of 2014.

"Sentiment among our distributors and authorized retailers has improved significantly following the completion of the first phase of our inventory buyback in 2014," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "As part of our effort to stabilize our retail network, we are now focusing on the short term challenges of preserving cash, implementing cost cutting initiatives and installing an ERP system to effectively monitor our distribution channels. With these short-term initiatives in place and our substantial capital position, we are well prepared for the consolidation of the menswear industry. We believe that numerous opportunities will present themselves in the mid to long-term as the market increasingly becomes concentrated among a few big brands. At the same time, we are working to reduce the layers of our business model to increase efficiency by converting distributors into city retailers. As we begin the next phase, we will continue to monitor our retail network closely and may initiate appropriate actions as the situation evolves over the year or next. I am confident that the changes we have made to our business model will further strengthen the position of our brand during the next round of industry consolidation."

Fourth Quarter 2014 Financial Results

• Revenue during the fourth quarter of 2014 decreased 58.6% to RMB201.6 million, from RMB486.9 million in the fourth quarter of 2013.
• Loss per ADS (including the impact of the ADS-to-share ratio change on December 18, 2014) were $0.05 in the fourth quarter of 2014 as compared to earnings per ADS of $0.56 in the fourth quarter of 2013.

"We continued to focus on stabilizing our retail network during the quarter as China's economy enters a period of slowing growth and the menswear industry faces a crisis of excess capacity and intense competition," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "We completed the first phase of our inventory buyback from our distributors during the quarter. Remaining flexible and adaptable is key to the future success of our strategy. We will continue to monitor our distributors and authorized retailers closely during the next phase, and may implement appropriate initiatives accordingly. We are making every effort to sell the remaining inventory, which is mostly composed of more recent products, through our retail network by offering discounts and promotions over 2015. We also implemented a number of cost cutting initiatives such as reducing advertising and promotional expenses during this transition stage. I am confident that these initiatives and changes to our business model will further strengthen our brand's popularity and allow us to weather these difficult and unpredictable times."

• Revenue during the third quarter of 2014 was RMB205.2 million, as compared to RMB389.8 million in the third quarter of 2013.
• Loss per ADS were $0.59 in the third quarter of 2014 as compared to earnings per ADS of $0.02 per ADS in the third quarter of 2013.

Chairman's statement

"We moved rapidly to execute our inventory buy back initiative during the third quarter as the ongoing downturn in China's menswear industry continued," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "We made substantial progress by buying back inventory during the quarter and have already made arrangements to sell them overseas so that the buy back will not affect the China market. In order to ensure that our retail network continues to attract customers and display new and innovative products, our buy back focused on removing the most outdated fashion products. According to our estimates, the inventory bought back during the quarter represents approximately one-third of the inventory currently in our sales channels. By working in close cooperation with our distributors and authorized retailers, we plan on selling another one-third through our retail network by offering discounts and promotions over the next year. While we believe that the remaining one-third is more than ample to maintain a healthy and flexible retail network, we may buy back more inventory as the situation evolves over the next years."

"Total value of purchase orders from our Spring/Summer Sales Fair in September 2014 declined in-line with our expectations as we work on two fronts to clear inventory channels. I am confident that the rapid execution of our inventory buy back during the quarter and the efficient deployment of our cash into specific areas of our business will allow Xiniya to develop in a more healthy, long-term manner. While the implementation of a new compressed business model will take time to bear fruit, I am pleased to see positive initial results as we work diligently towards generating increase value for our shareholders." 

XIAMEN, China, November 28, 2014 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE: XNY), a leading provider of men's business casual apparel in China,, today announced that it will change the ratio of its American depositary shares ("ADSs") to ordinary shares, par value $0.00005 per share ("Shares") from 1:4 to 1:16 (the "Ratio Change"). The effective date of the Ratio Change is expected to be on December 17, 2014.

Pursuant to the Ratio Change, the record holders of the Company's ADS as of the effective date will be entitled to receive one (1) new ADS, each representing sixteen (16) Shares, in exchange for every four (4) current ADSs held by them. No new Shares will be issued in connection with the Ratio Change. Deutsche Bank Trust Company Americas will contact ADS holders and arrange for the exchange of their current ADSs for new ADSs. As a result of this Ratio Change, the ADS price is expected to automatically increase proportionally. The Company can give no assurance, however, that the post-change ADS price will be equal to or greater than the pre-change ADS price multiplied by the ratio

XIAMEN, China, November 18, 2014 /PRNewswire/-- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE: XNY), a leading provider of men's business casual apparel in China, today announced that the total value of purchase orders for its 2015 Spring/Summer Collection showcased during its biannual sales fair held from September 15 through September 17, 2014 in Xiamen, China decreased by approximately 40% compared to the total value of purchase orders placed in the previous year.

Xiniya exhibited over 1,000 new products during the week-long sales fair, including apparel, shoes, bags and accessories, to the approximately 1,000 authorized retailers and 26 distributors to select from based upon each store's location, climate and local consumer taste. Delivery of the orders is expected to take place during the first half of 2015.

"We continue to adjust our business model to the new market environment in order to ensure the long-term sustainability of our business and brand," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "Our program to repurchase excess inventory from our distributors and authorized retailers is moving ahead smoothly. This program supports our authorized retailers and distributors in the short-term so that they develop in a more healthy long-term manner as we gradually implement a new compressed business model that shifts Xiniya away from wholesale towards retail. By maintaining our flexibility during the market downturn, I am confident that we can deploy our cash into specific areas of our business that will generate the greatest return for shareholders over the long-term.

• Revenue during the second quarter of 2014 decreased by 9.5% to RMB201.7 million, as compared to RMB222.9 million in the second quarter of 2013, which is slightly above the prior guidance range of a decrease of 10% to 15%.
• Earnings per ADS were $0.04 in the second quarter of 2014 as compared to $0.03 per ADS in the second quarter of 2013, which exceeded the prior guidance range of $(0.04) to $0.01 per ADS.

Chairman's statement

"The ongoing downturn in China's menswear industry and intense competition continued to impact our financial results during the quarter," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "Despite these challenges, we were able to slightly beat guidance and increase net profit by 47.8% year-over-year while generating positive cash flow from operations. While we don't expect to see the market improve in the short-run, we are actively working on implementing a strategy to adjust our business model to this new market environment in order to ensure the long-term sustainability of our business and brand."

"I believe that companies with strong cash positions and a compressed business models will be the only ones able to survive in such a competitive environment. As such, we have devised a number of long-term and short-term initiatives to deploy our substantial cash position in a prudent and focused manner which I am confident will result in improved growth levels. In the short-term, we continue to implement a shop rack subsidy, place new billboard advertisements across 22 of China's provinces and have extended additional credit terms first given to our selected five distributors during 2013 to all our distributors. Over the long-term, we plan to deploy our cash into specific areas of our business as we gradually implement a new compressed business model that takes into account the changing nature of the menswear market in China and shifts Xiniya from wholesale to retail. This new business model will not only increase the price competitiveness of our products, but will allow us to rapidly adapt to changing market conditions by directly managing retail outlets and leveraging the flow of information through shortened supply chains. As we move into the second half of the year, we will continue to invest our cash prudently and leverage our strategy to seize market opportunities and drive future growth."

XIAMEN, China, July 22, 2014 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE: XNY), a leading provider of men's business casual apparel in China, announced today that on June 20, 2014, the Company received notice from the New York Stock Exchange, Inc. ("NYSE") that Xiniya is no longer in compliance with the NYSE's continued listing standards because the average per share closing price of Xiniya's American Depositary Shares ("ADSs") for the consecutive 30 trading-day period ending on June 13, 2014 has fallen below the NYSE's share price requirements. The NYSE requires the average closing share price of a listed company's ADSs to be at least $1.00 per share over any consecutive 30 trading-day period.

Subject to the NYSE's rules, the Company has six months from the date of its receipt of the NYSE notice to regain compliance with the minimum share price rule. The Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the six-month cure period the Company's ADSs have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the consecutive 30 trading-day period ending on the last trading day of that month. The Company can also regain compliance if at the expiration of the six-month cure period both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the consecutive 30 trading-day period ending on the last trading day of the cure period are attained.

The Company expects to notify the NYSE that it will take steps to cure this deficiency within the prescribed timeframe. Until then, the Company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. The Company is currently in compliance with all other NYSE continued listing standards. The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.

First Quarter2014  Financial Results

• Revenue during the first quarter of 2014 decreased by 7.5% to RMB204.6 million, as compared to RMB221.2 million in the first quarter of 2013, which is within the prior guidance of a decrease of 7%-11%.
• Earnings per ADS were $0.08 in the first quarter of 2014 as compared to $0.09 per ADS in the first quarter of 2013, which is above the prior guidance of $0.03-$0.07 per ADS.

Guidance

• Revenue in RMB for the second quarter of 2014 is expected to decline in the range of 15% to 10%.
• Earnings per ADS in the second quarter of 2014 are expected to be in the range of -$0.04 to +$0.01.

"Despite the continued negative effects of China's economic softening and the aggressive discounting done by other menswear brands in order to clear inventory, I am pleased to see revenue during the first quarter come in at the higher-end of our guidance with our gross margins remaining stable," commented Mr. Qiming Xu, Chairman and Chief Executive Officer of Xiniya. "While we are disappointed with our sales fair results, we have always encouraged our partners to remain cautious when placing orders in order to ensure their profitability and low inventory levels. This cautious approach has impacted our financial and operational results in the short-term but we believe that it is a good investment that will yield longer term value. By implementing our focused strategy now, we are providing support to our distributors and authorized retailers when they are most in need, giving them the support needed to navigate a market that is facing increasing downwards pressure."

"Our recommended retail prices during the sales fair remained stable however, demonstrating the continued fashion appeal of our products as we increase the breadth and depth of our collection in order to drive future sales. Using our strong cash position, we have increased our sales rebates and continue to extend longer credit periods for all our distributors. I am confident that these measures along with our shop rack and refurbishing initiatives will provide our partners with the support they need and ensure the future long-term sustainability of our business."

Fourth Quarter 2013 Financial Results

• Revenue during the fourth quarter of 2013 decreased 8.6% to RMB486.9 million, from RMB532.5 million in the fourth quarter of 2012; within the prior guidance range of (12)% to (8)%.
• Earnings per ADS were $0.14 in the fourth quarter of 2013 as compared to $0.16 per ADS in the fourth quarter of 2012; exceeded the prior guidance range of $0.05 to $0.09 per ADS.

"The softening of China's economy, menswear industry and the resulting increase in competition directly impacted our operational and financial performance throughout the year," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "The situation gradually worsened during the year reaching what I believe the market may be the bottoming soon in 2014. While the industry overall remains depressed, sentiment among our staff, distributors and authorized retailers continues to improve due in part to the confidence they place in our strategy and initiatives."

"As the market has shifted and evolved, we have focused on the core strengths that give us an advantage by implementing a number of initiatives that will allow us to weather these difficult times and will ensure our future sustainable growth. These initiatives have been segmented into two different strategies targeting our distributors and retailers. At the distributor level, we have continued to extend additional credit lines to a selected group to provide them with a safety net and encourage them to open more self-owned stores and we increased our sales rebates to all distributors. With over RMB930 million in cash as of December 31, 2013, we have a substantial capital base to support our loyal partners and provide them with the flexibility they need to adapt to a constantly changing market. On the retailer level, we continued to implement our shop rack subsidy initiative to retain our existing retailers as well as attract prospective retailers to join us. This is further supported by an extensive billboard advertisement campaign in 22 provinces, continuous training to the retailers and reduce recommended retail prices for 2013 collections to further improve price competitiveness of your products."

"In summary, we are confident that we have made the necessary changes to our business model to sustain momentum during these difficult times. We look forward to a market recovery and are well positioned to seize future market opportunities to drive growth over the long term."

Management Discussion and Analysis

Year ended December 31, 2013 compared to year ended December 31, 2012

Revenues

Our revenues decreased by RMB62.9 million ($10.4 million) or 4.5% from RMB1,383.7 million in 2012 to RMB1,320.8 million ($218.2 million) in 2013. This decrease was primarily attributable to a decrease of 8.4% in sales volume from approximately 6,464,000 units in 2012 to approximately 5,922,000 units in 2013, which resulted in a RMB115.9 million ($19.1 million) decrease in revenue, offset in part by an increase in average unit selling price from RMB214.1 in 2012 to RMB223.0 ($36.8), which resulted in a RMB53.0 million ($8.8 million) increase in revenues. The decrease in the sales volume was mainly attributable to a decrease in the number of our authorized retail outlets from 1,708 as of December 31, 2012 to 1,583 as of December 31, 2013. The decrease in revenues was also affected by reduced recommended retail prices of our 2013 collections as well as increased sales rebates to distributors to enhance their ability to compete in an increasingly challenging retail environment.

Revenues generated from the sales of our business casual apparel products decreased by RMB59.3 million ($9.8 million) or 4.6% from RMB1,281.9 million in 2012 to RMB1,222.6 million ($202.0 million) in 2013. This decrease was primarily due to a decrease of 7.5% in sales volume from approximately 5,691,000 units in 2012 to approximately 5,265,000 units in 2013, which resulted in a RMB95.7 million ($15.8 million) decrease in revenues, offset in part by an increase of 3.1% in average unit selling price from RMB225.3 in 2012 to RMB232.2 ($38.4) in 2013, which resulted in a RMB36.4 million ($6.0 million) increase in revenues.

Revenues generated from the sales of our business formal apparel products decreased by RMB2.8 million ($0.5 million) or 3.5% from RMB80.3 million in 2012 to RMB77.5 million ($12.8 million) in 2013. The decrease was primarily due to a decrease of 15.0% in sales volume from approximately 493,000 units in 2012 to approximately 419,000 units in 2013, which resulted in a RMB12.0 million ($2.0 million) decrease in revenues, offset in part by an increase of 13.5% in average unit selling price from RMB162.9 in 2012 to RMB184.9 ($30.5) in 2013, which resulted in a RMB9.2 million ($1.5 million) increase in revenues.

Revenues generated from the sales of our accessory products decreased by RMB0.8 million ($0.1 million) or 3.7% from RMB21.6 million in 2012 to RMB20.8 million ($3.4 million) in 2013. The decrease was primarily due to a decrease of 15% in sales volume from approximately 280,000 units in 2012 to approximately 238,000 units in 2013, which resulted in a RMB3.2 million ($0.5 million) decrease in revenues, offset in part by an increase of 13.7% in average unit selling price from RMB76.9 in 2012 to RMB87.4 ($14.4) in 2013, which resulted in a RMB2.4 million ($0.4 million) increase in revenues.

Profit for the Year and Net Margin

As a result of the foregoing factors, our net profit decreased by RMB78.3 million ($12.9 million) or 44.6% from RMB175.5 million in 2012 to RMB97.2 million ($16.1 million) in 2013. Our net margin decreased from 12.7% in 2012 to 7.4% in 2013.

Third Quarter 2013 Financial Results

• Revenue during the third quarter of 2013 decreased 6.7% to RMB389.8 million, from RMB417.9 million in the third quarter of 2012; within the prior guidance range of (7)% to (2)%.
• Earnings per ADS were $0.02 in the third quarter of 2013 as compared to $0.16 per ADS in the third quarter of 2012; within the prior guidance range of $0.01 to $0.06 per ADS.

"Our business continued to face significant challenges during the third quarter due to the continued softness of the Chinese economy and the aggressive discounting done by other menswear brands which has reduced the overall profitability of the industry as a whole," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "Sentiment among our distributors and authorized retailers has improved over the quarter, thanks in part to a new credit initiative that we have implemented that compliments and further supports long and short-term initiatives already in place. The new initiative, which extends additional credit terms, provides an extra incentive to a select group of five distributors to ensure their steady development and encourage the opening of more self-owned retail outlets. With a solid capital position, I'm confident that this initiative will provide the incentive, flexibility and working capital needed to extend our retail network and offer further support to our partners."

"The expected slowdown has allowed us to focus on our core strengths as we take the opportunity to revamp our retail outlets and further adjust our business to ensure sustainable growth. Our long-term efforts to retain existing retailers as well as attract prospective retailers to join us continues to be implemented through shop rack subsidies and efforts to increase the amount of retail space to improve the quality of current stores. With the support of our new credit initiative and the exciting collection we exhibited in September 2013, I am certain that our efforts will pay off. The billboard advertisements we placed in 22 of China'sprovinces last quarter along with the sales rebates have provided the short-term support needed to maintain momentum. Although the prospects for China's menswear industry remain depressed, we are optimistic about our future development based on our strategy and solid network of distributors and authorized retailers that believe in the Xiniya brand. We will continue to manage our business prudently and leverage our strategy to seize market opportunities and drive future growth."

Guidance

• Revenue in RMB for the fourth quarter of 2013 is expected to decrease by (12)% to (8)% compared to the fourth quarter of 2012.
• Earnings per ADS in the fourth quarter of 2013 are expected to be in the range of $0.05 to $0.09.

Second Quarter 2013 Financial Results

• Revenue during the second quarter of 2013 increased by 0.9% to RMB222.9 million, as compared to RMB220.9 million in the second quarter of 2012, which is within the prior guidance range of (4)% to 1%.
• Gross margin was 28.5% in the second quarter of 2013 as compared to 33.0% in the second quarter of 2012.
• Profit before taxation during the second quarter of 2013 declined by 46.3% to RMB15.2 million as compared to RMB28.3 million in the second quarter of 2012.
• Net profit in the second quarter of 2013 declined by 55.5% to RMB9.0 million as compared to RMB20.2 million in the second quarter of 2012.
• Earnings per ADS were $0.03 in the second quarter of 2013 as compared to $0.06 per ADS in the second quarter of 2012, which exceeded the prior guidance range of $(0.03) to $0.01 per ADS.

Guidance

• Revenue in RMB for the third quarter of 2013 is expected to be in the range of (7)% to (2)%.
• Earnings per ADS in the third quarter of 2013 are expected to be in the range of $0.01 to $0.06.

"I am pleased to report another quarter of healthy top line revenue growth as we continue to implement our strategy in the midst of intense competition," commented Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "The Chinese menswear industry has begun to consolidate itself as weaker brands are acquired or eliminated. Aggressive discounting by other menswear brands has exacerbated the situation and reduced the profitability of the industry as a whole, putting enormous financial pressure on many of our competitors. While the slowing economy has dampened the sentiment of our distributors and authorized retailers, I am confident that the strategy we have implemented will aid us as we adapt our business to the rapidly changing environment, bide our time, and effectively deploy our solid capital position as we seek out future opportunities. The current industry lull has provided us with a golden opportunity to revamp our retail outlets and make the necessary changes to ensure the long-term sustainability of our business and brand."

"I am confident that our revenue and profitability will continue to recover as we begin to see the full impact of the long-term and short-term initiatives we have put in place over the past few quarters. In the long term, we continue our efforts to retain our existing retailers as well as attract prospective retailers to join us. This has been done through a shop rack subsidy initiative, which was further supported by efforts to increase the amount of retail space to improve the quality of our current stores. We expect that these initiatives will yield an increase in orders over the long-term as we work jointly with our distributors to open retail outlets in better, more commercially attractive locations. In the short term, we have placed a number of new billboard advertisements that now span across 22 of China's provinces. We plan on gradually increasing the momentum of this advertising campaign up until December 2013 in order to enhance brand awareness and specifically target travelers and prospective authorized retailers. Furthermore, we will continue to support our distributors by increasing our sales rebates. As evidenced by the positive effect, I am confident that the efforts we have put forth will continue to help our distributors and authorized retailers achieve reasonable returns in such a slow economy. We will continue to work diligently in our pursuit of long-term sustainable growth and enhanced shareholder value."

XIAMEN, China, June 3, 2013 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE: XNY), a leading provider of men's business casual apparel in China, today announced that the total value of purchase orders for its 2013 Fall and Winter Collection showcased during its biannual sales fair held on April 15, 2013 in Xiamen, Chinadecreased by 5.5% compared to the total value of purchase orders placed last spring.

Xiniya exhibited over 2,000 new products during the week-long sales fair, including apparel, shoes, bags and accessories, for distributors and authorized retailers to select from based on each store's location, climate and local consumer taste. Delivery of the orders is expected to take place during the second half of 2013.

While the Company's total order value decreased as compared to last year, the total order volume increased by 8.8%. In its continuing effort to ensure the long-term, sustainable development of its authorized retail outlets, Xiniya reduced the recommended retail price on its 2013 Fall and Winter Collection by an average of 2.3% to improve the price competiveness of its products. As a result, the Company's gross margin will be negatively impacted by approximately 2.3%. This move is expected to improve product turnover for authorized retail outlets and reduce both existing and new inventories in the authorized retail channels.

"I am pleased to see the initiatives we put in place last year begin to show some positive impact as the total order volume increased 8.8% as compared with last year," stated Mr. Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "The increase in volume reflects the support we are providing to our distributors to overcome the short-term difficulties posed by the challenging economic environment in China, such as increasing sales rebates and extending their credit period. We offer a compelling new collection which I believe will help promote our design concept of business travel apparel that is suitable for all occasions and will attract new customers. With the menswear industry inChina continuing to show strong growth potential, we are confident that our strategy to expand our retail network and increase brand recognition will continue to sustain long-term positive sales performance."

First Quarter 2013 Financial Results:

• Revenue in the first quarter of 2013 increased by 4.2% to RMB221.2 million, as compared to RMB212.3 million in the first quarter of 2012, which is within the prior guidance of 1%-5%.
• Gross margin was 30.7% in the first quarter of 2013 as compared to 34.1% in the first quarter of 2012. 
• Profit before taxation in the first quarter of 2013 declined by 19.9% to RMB46.4 million as compared to RMB57.9 million in the first quarter of 2012.
• Net profit in the first quarter of 2013 declined by 23.1% to RMB33.2 million as compared to RMB43.2 million in the first quarter of 2012.
• Earnings per ADS were $0.09 in the first quarter of 2013 as compared to $0.12 per ADS in the first quarter of 2012, which is within the prior guidance of $0.05-$0.09 per ADS.

• In order to improve sales performance in Inner Mongolia and Hebei provinces, the Company is going to reorganize its distribution system in these two provinces and consolidate their management under the distributor in Beijing. The Company and its existing distributors in Inner Mongolia and Hebei provinces mutually agreed to cease their business relationship immediately after these distributors fulfill their obligation to distribute the 2013 spring and summer collections to the authorized retailers. The Company has put in place transitional arrangements for the distributor in Beijing to take over the distribution of Xiniya branded products in Inner Mongolia and Hebei provinces. Its distributor in Beijing will be responsible for the delivery of the 2013 fall and winter collections and beyond. As of March 31, 2013, the Company had 42 and 41 authorized retail outlets in Inner Mongolia and Hebei provinces, respectively.

Guidance

• Revenue in RMB for the second quarter of 2013 is expected to be in the range between -4% to +1%.
• Earnings per ADS in the second quarter of 2013 are expected to be in the range between -$0.03 to +$0.01.

"We expect China's economic softening will continue to affect consumer demand for apparel in China in 2013," commented Mr.Qiming Xu, Xiniya's Chairman and Chief Executive Officer. "The aggressive discounting offered by other menswear brands has exacerbated the situation in the near-term and reduced the profitability of our authorized retailers. The challenges faced by our authorized retailers is affecting the confidence of our distributors and authorized retailers, which may in turn lead to declining orders to be placed with us. The enthusiasm generally exhibited by our partners in opening new retail outlets and the willingness to maintain existing ones has softened. While this sentiment has impacted our bottom line, I believe the impact will be temporary and that we will eventually benefit from our strategy that focuses on adapting our business to an ever changing retail landscape.

"In order to adapt to these challenging conditions, we will continue to implement our shop rack subsidy initiative to retain our existing retailers as well as attract prospective retailers to join us. This has been further supported by initiatives put in place to expand the store size of our existing authorized retail outlets. We also reduced the recommended retail prices of our 2013 Spring and Summer Collections by approximately 2% so that our products are more price competitive with those of our competitors. Furthermore, we will continue to support our distributors by increasing our sales rebates and extending the credit period from 30 to 90 days to 30 to 120 days for all our distributors in 2013. We are confident that we will be able to overcome these short-term challenges and that these initiatives will provide the necessary support that our distributors and authorized retailers need as we continue to pursue long-term sustainable growth."

Second Quarter 2012 Highlights

• Revenue in the second quarter of 2012 increased by 24.9% to RMB220.9 million, as compared to RMB176.9 million in the second quarter of 2011, which exceeded the prior guidance of 19%-21%.
• Gross margin was 33.0% in the second quarter of 2012 as compared to 32.4% in the second quarter of 2011.
• Profit before taxation in the second quarter of 2012 declined by 39.1% to RMB28.3 million as compared to RMB46.5 million in the second quarter of 2011.
• Net profit in the second quarter of 2012 declined by 42.9% to RMB20.2 million as compared to RMB35.4 million in the second quarter of 2011.
• Earnings per ADS were $0.06 in the second quarter of 2012 as compared to $0.09 per ADS in the second quarter of 2011, and exceeded prior guidance of $0.03-$0.04 per ADS.
• Xiniya's network of authorized retailers had a net addition of 43 new retail outlets in the second quarter of 2012, consisting of 60 new retail outlets opened and 17 retail outlets closed, bringing the total number of authorized retail outlets to 1,659 as of June 30, 2012.
• As of June 30, 2012, the Company, Mr. Qiming Xu - Xiniya's Chairman and Chief Executive Officer, and Mr.Chee Jiong Ng - Xiniya's Chief Financial Officer, have purchased, through the public market pursuant to a written plan, an aggregate of $1,080,161, $120,021 and $30,003 worth of ADSs, respectively, or 570,723, 63,435 and 15,870 ADSs, all at an average price of $1.89, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Guidance

• Revenue in RMB for the third quarter of 2012 is expected to increase by 8%-11%.
• Earnings per ADS in the third quarter of 2012 are expected to be in the range of $0.09 -$0.11.
• Net additions of retail outlets for 2012 are expected to be more than 100.

"Driven by our continued revenue and store growth, our second quarter financial and operational performance came in ahead of guidance," said Mr. Qiming Xu, Chairman and Chief Executive Officer. "Throughout the second quarter, we invested heavily in our future growth through a series of initiatives and our licensing transaction. To support future outlet expansion and the implementation of our ERP system, we increased the administrative head count at our headquarters in Xiamen and renewed our successful advertising campaigns on various CCTV channels in support of our brand equity and new collections. We are particularly pleased with the licensing agreement with Guangzhou Shuochen Clothing Development Co., Ltd which will aid in increasing our retail network and brand recognition over the long term. These initiatives will require time to bear fruit, but will provide us with additional avenues of growth as we look forward to the second half of 2012."

XIAMEN, China, August 2, 2012 /PRNewswire-Asia/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company" NYSE:XNY), a leading provider of men's business casual apparel in China, yesterday discussed the Company's outlook for a proposed new production facility that will be constructed in Jinjiang City, Fujian Province.

In an interview with Chinese media yesterday, Mr.Jianeng Pan, Assistant to the Chairman, provided an update to Xiniya's plans for the new manufacturing and logistic facilities. He said that the Company is awaiting approval from the government to acquire land use rights for the facilities. The budget for the facilities, including the land use rights, is expected to be approximately RMB600 million (or approximately US$94 million). He added that the facilities will be built in several phases over the next five years (assuming the Company obtains government approval for the land use rights) and that construction is expected to be funded with the proceeds from the IPO and internally generated cash.

Projected to be built on 74 acres of land, the Mr.Pan said that the Company's goal for the proposed new facilities is to provide the Company with 30 to 40% of its total production needs and act as a logistics distribution center.

XIAMEN, China, July 11, 2012 /PRNewswire-Asia/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company") (NYSE: XNY), a leading provider of men's business casual apparel in China, announced its agreement to grant an exclusive license to Guangzhou Shuochen Clothing Development Co., Ltd. (the "Licensee") to use the registered Xiniya brand for designing, developing, marketing and selling leather shoes, bags and other goods through specialty retail outlets, including department store concessions in China, with effect from August 1, 2012 to November 30, 2018.

The scope of the license is limited to business casual leather products, excluding existing Xiniya menswear products and non-business casual leather products. These licensed products may not be sold by the Licensee over the internet or through Xiniya's existing distribution and retail channels. Xiniya will retain final design approval over products developed by the Licensee.

By the end of the license term, the Licensee is expected to have opened in tier one, two and three cities in China at least 300 retail outlets and/or concessions that exclusively display and sell Xiniya business casual leather products.

"We are very pleased to have signed this agreement with Guangzhou Shuochen Clothing Development Company," said Mr. Qiming Xu, chairman and chief executive officer of China Xiniya Fashion Limited. "With over 10 years of experience in leather goods development and production, Shuochen is an ideal partner. While this will have no immediate impact on our financial results, we believe that this will help to increase our retail network and brand recognition over the long term as we continue to grow our brand."

First Quarter 2012 Highlights

• Revenue in the first quarter of 2012 increased by 33.3% to RMB212.3 million, as compared to RMB159.3 million in the first quarter of 2011, which exceeded the prior guidance of 23%-28%.
• Gross margin was 34.1% in the first quarter of 2012 as compared to 33.6% in the first quarter of 2011.
• Profit before taxation in the first quarter of 2012 increased by 35.0% to RMB57.9 million as compared toRMB42.9 million in the first quarter of 2011.
• Net profit in the first quarter of 2012 increased by 34.6% to RMB43.2 million as compared to RMB32.1 millionin the first quarter of 2011.
• Earnings per ADS were $0.12 in the first quarter of 2012 as compared to $0.08 per ADS in the first quarter of 2011, and exceeded prior guidance of $0.04-$0.09 per ADS.
• Xiniya's network of authorized retailers had a net addition of 9 new retail outlets in the first quarter of 2012, consisting of 23 new retail outlets opened and 14 retail outlets closed, bringing the total number of authorized retail outlets to 1,616 as of March 31, 2012.
• As of March 31, 2012, the Company, Mr. Qiming Xu - Xiniya's Chairman and Chief Executive Officer, and Mr.Chee Jiong Ng - Xiniya's Chief Financial Officer, have purchased, through the public market pursuant to a written plan, an aggregate of $787,500, $87,500 and $21,875 worth of ADSs, respectively, or 389,032, 43,244 and 10,823 ADSs, all at an average price of $2.02, in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

Guidance

• Revenue in RMB for the second quarter of 2012 is expected to increase by 19%-21%.
• Earnings per ADS in the second quarter of 2012 are expected to be in the range of $0.03 -$0.04.

"We are pleased to report solid results for the first quarter of 2012," said Mr. Qiming Xu, Chairman and Chief Executive Officer of China Xiniya Fashion Limited. "Our solid financial and operational performance came in ahead of expectations, and were mainly driven by our strengthening brand equity and retail outlet expansion. We once again delivered ahead of our stated revenue guidance. The results from our sales fair held last month in Chengdu, Sichuan Province recently came in with an 11% increase in total order value over last year. We believe this solid performance is directly related to the strength of our fall and winter collection. We are excited at the growth opportunities such a strong collection will provide over the next six months. Looking ahead, we will continue to execute our strategic objectives to add to our foundation for sustainable growth."

Fourth Quarter 2011 Highlights

• Total revenue in the fourth quarter of 2011 increased by 44.7% to RMB482.8 million, as compared toRMB333.6 million in the fourth quarter of 2010. The increase was significantly above the prior guidance of 25%-30%. Approximately 7%, or RMB23.3 million, of the increase in revenue was attributed to goods-in-transit recorded during the third quarter of 2011 which were delivered and recognized in the fourth quarter of 2011.
• Gross margin was 35.1% in the fourth quarter of 2011-exceeding prior guidance of 34%-35%.
• Profit before taxation in the fourth quarter of 2011 increased by 35.4% to RMB150.0 million as compared toRMB110.8 million in the fourth quarter of 2010.
• Net profit in the fourth quarter of 2011 increased by 16.1% to RMB112.5 million, with an effective tax rate of 25% in the fourth quarter of 2011, as compared to a 12.6% tax rate in the fourth quarter of 2010 due to expiration of China's preferential tax treatment at the end of 2010.
• Earnings per ADS were $0.31 in the fourth quarter of 2011-exceeding prior guidance of $0.21-$0.25 per ADS.
• Xiniya's network of authorized retailers added 40 new retail outlets in the fourth quarter of 2011, bringing the total number of authorized retail outlets to 1,607, as compared to 38 new retail outlets added in the fourth quarter of 2010.

Guidance

• For the first quarter of 2012, revenue in RMB is expected to increase by 23%-28%.
• Earnings per ADS in the first quarter of 2012 are expected to be in the range of $0.04 -$0.09.

Mr. Qiming Xu, Chairman and Chief Executive Officer, commented, "We are pleased to report another strong quarter and solid full-year financial and operational results. We concluded our first year as a public company having achieved many of the accomplishments we set out for ourselves. Most importantly, we delivered on our stated revenue and gross margin guidance while we strengthened our brand equity though investments in marketing and advertising. Our advertising campaigns on CCTV-2, CCTV-5 and CCTV-12 were particularly successful along with the opening of our new flagship store in Quanzhou, Fujian Province in November 2011. I am very optimistic about Xiniya's business momentum as we execute on our strategic objectives in 2012 to build the foundation for a sustainable growth plan during the current year and beyond."

Third Quarter 2011 Results

Second Quarter 2011 Results

• Total revenue in the second quarter of 2011 increased by 30.4% to RMB176.9 million————at the high-end of prior guidance of 27%-30%————as compared to RMB135.6 million in the second quarter of 2010.
• Earnings per ADS were $0.09 in the second quarter of 2011, which was at the high end of the prior guidance of $0.07-$0.09 per ADS but down from $0.10 in 2010 second quarter.

First Quarter 2011 Highlights

• Total revenue in the first quarter of 2011 increased by 30.1% to RMB159.3 million - at the high-end of prior guidance of 29%-30% - as compared to RMB122.4 million in the first quarter of 2010.
• Gross margin was 33.6% in the first quarter of 2011, compared to 32.5% in the first quarter of 2010; a 19.2% increase in average selling price ("ASP") fully offset the increase in materials and labor costs.
• Profit before taxation in the first quarter of 2011 increased by 16.9% to RMB42.9 million as compared to RMB36.7 million in the first quarter of 2010.
• Net profit in the first quarter of 2011 increased by 1.5% to RMB32.1 million. The magnitude of this growth was adversely impacted by the increase in the Company's tax rate to 25% in 2011 from an effective tax rate of 12.6% in 2010, due to the expiration of the Company's preferential PRC tax treatment at the end of 2010.
• Earnings per ADS were $0.08 in the first quarter of 2011, which was within the range of the prior guidance of $0.08-$0.09 per ADS.
• Xiniya's network of authorized retailers added 42 new retail outlets in the first quarter of 2011, as compared to 35 new retail outlets added in the first quarter of 2010. In 2010, 39% of the new stores for the year were opened in the first half of the year, while 61% of the new stores were opened in the second half.

Guidance

• The Company reiterates its guidance for the first half of 2011. Revenue in RMB is expected to increase by 27%-30%, and gross margin is expected to be in the range of 32%-33%, compared with 31.9% in the first half of 2010.
• Following a successful bi-annual sales fair held in April 2011, revenue in RMB in the second half of 2011 is expected to increase by 24%-29%, and gross margin is expected to be in the range of 34%-35%, compared with 35.5% in the second half of 2010.
• For the full year of 2011, revenue in RMB is expected to increase by 24%-29%, and gross margin is expected to be in the range of 34%-35%, compared with 34.5% for the full year of 2010.
• Earnings per ADS in the second quarter of 2011 are expected to be in the range of $0.07-$0.09 compared to $0.10 in the second quarter of 2010, due to the expiration of the Company's preferential PRC tax treatment at the end of 2010. Xiniya's tax rate increased to 25% beginning in 2011 versus an effective tax rate of 12.6% in 2010. If earnings per ADS for the second quarter of 2010 were subject to a 25% tax rate, the earnings per ADS would have been $0.08.
• As previously reported, Xiniya plans to increase the total number of retail outlets managed or authorized by its distributors by approximately 180 to 220 in 2011.

Mr. Qiming Xu, Chairman and Chief Executive Officer, commented, "We are pleased to report solid results for the start of 2011. Our sales momentum is continuing as we dedicated more resources to marketing and advertising to support the Xiniya brand. The promotional efforts of our spokesperson, Jacky Cheung, and our partial sponsorship of his 'Half Century' concert tour, coupled with our first national television campaign as a public company on two of China's leading national channels, helped to propel impressive results during the quarter.  Xiniya's ongoing sales momentum was evidenced by the 29% sales increase at our most recent bi-annual sales fair held in April. Our brand remains vibrant and we expect to continue to deliver solid results for the rest of the year."

JINJIANG, Fujian, China, June 7, 2011 /PRNewswire-Asia/ -- China Xiniya Fashion Limited (NYSE: XNY), (or "Xiniya"), is pleased to announce that the total order value of 2011 April sales fair surged by 29% as compared to last year.  This stellar performance is mainly attributable to the double-digit growth of both average selling price and sales volume.  Orders for suits, jackets, T-shirts, casual shirts, coats, accessories and shoes were particularly strong. These orders are expected to be delivered from July 2011 to December 2011 / January 2012.  

"We are pleased by the strong acceptance of the Xiniya brand at the April sales fair following a very strong sales fair that was held last September. The brand has a great deal of sales momentum thus far in 2011 and we attribute the strength to our talented design team. We have also dedicated more resources to targeted marketing and advertising programs which has well-positioned the Xiniya brand in the market," said Qiming Xu, chairman and chief executive officer.

Fiscal Year 2010 Highlights

• Total revenue in 2010 increased by 33.8% year-over-year to RMB899.3 million ($136.3 million) - at the high-end of prior guidance of RMB880 million to RMB900 million.
• Gross profit margin was 34.5% in 2010 compared to 34.7% in 2009; a 21.6% increase in ASP helped to offset the increase in materials and labor costs.
• Net profit increased 29.8% year-over-year to $38.5 million compared with $29.6 million in 2009.
• Earnings per ADS increased by 27.1% year-over-year to $0.75 per ADS in 2010.
• Non-IFRS earnings per ADS (excluding share-based compensation expenses) increased by 28.8% year-over-year to $0.76 per ADS in 2010.

Xiniya added 223 new retail outlets opened by its network of authorized retailers, which was higher than the original planned increase of 180-200 new outlets.

Guidance

• Following a successful bi-annual sales fair held in September 2010, first quarter 2011 revenue in RMB is expected to increase by 29%-30% compared to the first quarter of 2010. Gross margin in the first quarter of 2011 is expected to range between 33%-34% versus 32.5% in the first quarter of 2010.
• Earnings per ADS are expected to be in the range of $0.08-$0.09 compared to $0.09 in the first quarter of 2010, due to the expiration of the Company’s preferential PRC tax treatment at the end of 2010. Xiniya’s tax rate will increase to 25% from 2011 onwards versus a rate of 12.6% in 2010.
• Revenue in RMB in the first half of 2011 is expected to increase by 27%-30% and gross margin is expected to be in the range of 32-33% compared with 31.9% in the first half of 2010.
• Xiniya plans to increase the number of retail outlets managed or authorized by its distributors by approximately 180 to 220 in 2011.
• Through February 2011, Xiniya’s network of authorized distributors added 28 new retail stores compared to 24 stores added in the first two months of 2010. As of March 28, 2011, a total of 41 new retail stores have been added, compared to 35 new stores added in the first three months of 2010. In 2010, 39% of our new stores for the year were opened in the first half of the year, while 61% of the new stores were opened in the second half.

Mr. Qiming Xu, Chairman and Chief Executive Officer, commented, "After our successful listing on the New York Stock Exchange last November, I am pleased to announce our strong operating performance for the year ended December 31, 2010. Our business casual assortment was well received in the marketplace and was the main driver behind our solid sales growth for the year. Going forward, we expect continued growth in the first half of 2011 and continued momentum during the year as we will be allocating more resources towards our marketing activities. We are strengthening our brand to position ourselves for long-term growth and become one of the leading menswear brands in China."

JINJIANG, Fujian, China, Jan. 3, 2011 /PRNewswire/ -- China Xiniya Fashion Limited today provided an update on its business for the year ended December 31, 2010.

During the year, the Company added 223 new retail outlets opened by Xiniya authorized retailers, up from the original planned increase of 180 to 200 new retail stores for 2010. As a result, Xiniya's total number of authorized retail outlets reached 1,404 authorized retail stores as of December 31, 2010, up from 1,181 at the end of 2009.

With the contribution of these new outlets, Xiniya expects full year 2010

• revenues to range between RMB 880 million to RMB 900 million, or about $131.5 million to $134.5 million
• with a gross profit margin at a similar level to that of 2009, between 34% and 35%.

On November 23, 2010 China Xiniya Fashion Completed its Initial Public Offering

Company Snapshot:

A leading provider of men’s business casual apparel in China.

Industry Snapshot:

With approximately one-fifth of the world’s population and a fast-growing gross domestic product, or GDP, China represents a significant growth opportunity for a wide variety of retail goods, including apparel. The enhanced living standards and increased disposable income that has resulted from the vibrant economic growth has driven the rapid development of the men’s apparel market in China in recent years. China is currently one of the world’s largest men’s apparel markets and it is larger than the U.S. market based on retail sales of men’s apparel products in 2009. As a leading provider of men’s business casual apparel in China, we believe we are well positioned to capitalize on the favorable economic, demographic and industry trends in this sector.

Use Of proceeds: 

• approximately $18.0 million to construct new manufacturing facilities in China that will increase our production capacity and also enhance quality control and process standardization of our products;

• approximately $18.0 million to enhance the scale and frequency of our marketing and promotional campaigns; 

•  approximately $10.0 million to open flagship stores in China;

• approximately $10.0 million to establish dedicated research and development and sales and marketing centers;

• approximately $8.0 million to develop new products, including establishing a sub-brand targeting younger customers between the ages of 20 and 30;

• approximately $7.0 million to upgrade our data management systems, including rolling out an enterprise resource planning system, or ERP system;

•  the remaining amount to fund our working capital and for other general corporate purposes, including product launches and new store launches.
  

Underwriter:

• Cowen and Company
• Samsung Securities (Asia) Limited
• Lazard Capital Markets
• Janney Montgomery Scott

Offering price: $11.00 (Proposed offering range: $9.00 to $11.00) 

Post IPO Share Calculation: (Using a 4 to 1 Ordinary to ADS conversion ratio).

• 48,416,666: Pre IPO fully diluted share count used in EPS calculation.
•   8,000,000: Newly issued ADS shares
• 1,200,000 : Underwriter Over-allotments ADS shares offered by current shareholders

GeoTeam® best effort calculation of total post IPO ADS count to be used in EPS calculations, assuming full conversions and a Ordinary to ADS conversion ratio of 4 to 1:   57,616,666

Financial Snapshot: (December Year)

2009 vs. 2008

• Revenues: $93.0 vs. $61.5 million
• Net income: $29.0 vs. $18.8 million

Nine Months 2010 vs. 2009

• Revenues: $84.6 vs. $62.0 million
• Net income: $23.2 vs. $16.7 million

Pro Forma Valuation: using offering price and new share count

• Trailing EPS (ADS): $0.61
• Trailing P/E: 18.0