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<TITLE>sv8</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="right" style="font-size: 10pt; margin-top: 12pt">As filed with the Securities and Exchange Commission on March&nbsp;16, 2006<BR>
Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><font style="border-bottom: 1px solid #000000">QIAO
XING UNIVERSAL TELEPHONE, INC.</font></B>
</DIV>



<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>British Virgin Islands</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification<BR>
No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Qiao Xing Science Industrial Park<BR>
Tang Quan<BR>
Huizhou City, Guangdong,<BR>
People&#146;s Republic of China 516023</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Address of principal executive offices) (zip code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Qiao Xing Universal Telephone, Inc.<BR>
2005 Stock Compensation Plan</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 30%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Full title of the plan)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Andrew N. Bernstein, Esq.<BR>
Andrew N. Bernstein, P.C.<BR>
5445 DTC Parkway, Suite&nbsp;520<BR>
Greenwood Village, Colorado 80111</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 31%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Name and address of agent for service)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(303)&nbsp;770-7131</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 45%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Telephone number, including area code, of agent for service)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of commencement of proposed sale to the public</B>: From time to time after
the Registration Statement becomes effective.
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 6pt; width: 45%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;Index Begins at Page 16</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>securities to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff"><B>registered (1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff"><B>registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff"><B>fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>price per</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock,
$0.001 par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 2px solid #000000">2,000,000 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 2px solid #000000">(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 2px solid #000000">$14,480,000(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 2px solid #000000">$1,550.00</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416, this Registration Statement covers any additional shares of Common
Stock (&#147;shares&#148;) which become issuable under the Plan set forth herein by reason of any stock
dividend, stock split, recapitalization or any other similar transaction without receipt of
consideration which results in an increase in the number of shares outstanding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;457(c), the offering price per share, the aggregate offering price and
the amount of the filing fee were computed upon the basis of the closing price of the Common Stock
within five business days prior to the date of filing of the Registration Statement ($7.24 per
share on March&nbsp;14, 2006).</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Note to Part&nbsp;I of Form S-8 and Rule&nbsp;428(b)(1) of the Rules
under the Securities Act of 1933, as amended, the information required by Part&nbsp;I of Form S-8 is
incorporated by reference in the Reoffer Prospectus which follows. The Reoffer Prospectus,
together with the documents incorporated by reference pursuant to Item&nbsp;3 of Part&nbsp;II of this
Registration Statement, constitutes the Section 10(a) Prospectus.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REOFFER PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The material which follows, up to but not including the pages beginning Part&nbsp;II of this
Registration Statement, constitutes a prospectus prepared in accordance with the applicable
requirements of Part&nbsp;I of Form F-3 and General Instruction C to Form S-8, to be used in connection
with resales of securities acquired under the Registrant&#146;s 2005 Stock Compensation Plan by
affiliates of the Registrant, as defined in Rule&nbsp;405 under the Securities Act of 1933, as amended.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ii

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>REOFFER PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>2,000,000 SHARES<BR>
COMMON STOCK</B>
</DIV>


<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>QIAO XING UNIVERSAL TELEPHONE, INC.</B>
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>2005 STOCK COMPENSATION PLAN</B>
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are registering on behalf of our employees, officers, directors and consultants up to
2,000,000 shares of our common stock purchasable by them pursuant to common stock options granted
under our 2005 Stock Compensation Plan. As of this date, all 2,000,000 options were issued under
the Plan and are currently outstanding.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus will be used by persons who are our &#147;affiliates&#148; to resell shares purchased by
them under the Plan. We will receive no part of the proceeds of any such sales, although we will
receive the exercise price for the stock options.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No person is authorized to give any information or to make any representation regarding the
securities we are offering and investors should not rely on any such information. The information
provided in the prospectus is as of this date only.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this prospectus is March&nbsp;16, 2006.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AVAILABLE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the informational requirements of the Securities Exchange Act of 1934, as
amended, as they apply to a foreign private issuer, and we file reports and other information with
the Securities and Exchange Commission. Copies of such material can be obtained from the Public
Reference Section of the Commission, 100 F Street, NE, Washington, D.C. 20549 at prescribed rates.
The SEC maintains an Internet site that contains reports, proxy and information statements, and
other information regarding issuers that file electronically with the SEC. The address of that
site is http://www.sec.gov. Our internet address is http://www.cosun-xing.com. Our common stock
is traded on the Nasdaq National Market under the symbol &#147;XING.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We furnish annual reports to our shareholders which include audited financial statements. We
may furnish such other reports as may be authorized, from time to time, by our board of directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCORPORATION BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain documents have been incorporated by reference into this prospectus, either in whole or
in part. We will provide without charge to each person to whom a prospectus is delivered, upon
written or oral request, (i)&nbsp;a copy of the information that has been incorporated by reference (not
including exhibits to the information unless such exhibits are specifically incorporated by
reference into the information), and (ii)&nbsp;a copy of all documents and information required to be
delivered to our employees pursuant to Rule&nbsp;428(b). Requests for such information shall be
addressed to us at Qiao Xing Universal Telephone, Inc., Qiao Xing Science Industrial Park, Tang
Quan, Huizhou City, Guangdong, People&#146;s Republic of China 516023, telephone: (011)&nbsp;86-752-2820-268.
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Introduction</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Selling Stockholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Method of Sale</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">SEC Position Regarding Indemnification</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Description of the Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Applicable Securities Law Restrictions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Tax Consequences</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">Legal Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d34113exv4w1.htm">2005 Stock Compensation Plan</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d34113exv5w1.htm">Opinion/Consent of Andrew N. Bernstein, P.C.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d34113exv23w1.htm">Consent of Grobstein, Horwath & Company, LLP</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTRODUCTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are one of China&#146;s largest manufacturers and distributors of telecommunications products.
We have grown our net sales from approximately $46.4&nbsp;million in 1997 to more than $244&nbsp;million in
2004. Our product portfolio includes telecommunications terminals and related products, including
fixed wireless phones, VoIP telephones, advanced mobile phones, PDAs and consumer electronic
products, including MP3 players, cash registers and set-top-box products. This includes the
world&#146;s first model of dual mode and dual call waiting GSM/CDMA smartphone, the &#145;CECT CoolPAD 728&#146;.
We have established co-operative relationships with leading telecom and software companies for
their China strategy, including Microsoft and Palm, aiding success for our &#145;High End Mobile Phone
Strategy&#146;. We currently distribute over 260 models of corded and cordless telephones and are one
of China&#146;s largest distributors of indoor phones. We have built a strong distribution network
comprised of more than 5,000 retail stores throughout China and have established partnerships with
major retailers in Europe, North America and Latin America, including Bellsouth and Wal-mart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are located at Qiao Xing Science Industrial Park, Tang Quan, Huizhou City, Guangdong,
People&#146;s Republic of China 516023, telephone: 86-752-2820-268.
</DIV>
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELLING STOCKHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus covers possible sales by our executive officers, directors, consultants and
employees of shares they acquire through exercise of options granted under our 2005 Stock
Compensation Plan. The names of our affiliates who may be Selling Stockholders from time to time
are listed below, along with the number of shares of common stock to be offered for sale. The
names of other affiliates who may offer shares for resale in the future, along with the number of
shares which may be sold by each affiliate from time to time, will be updated in supplements to
this prospectus, which will be filed with the Commission in accordance with Rule 424(b) under the
Securities Act. All Selling Stockholders are executive officers and/or directors. The address of
each Selling Stockholder is the same as our address. All shares listed below for sale represent
shares issuable upon exercise of options granted under the Plan.
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum Number of Shares Which May</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Selling Stockholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Be Sold Upon Exercise of Options</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WU Rui Lin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">545,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WU Zhi Yang
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">400,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WU Zhi Zhong
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">400,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WU Zhi Jian
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">400,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SHI Jie
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>METHOD OF SALE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of the shares offered by this prospectus will be made on The Nasdaq National Market,
where our common stock is listed for trading, in other markets where our common stock may be
traded, or in negotiated transactions. Sales will generally involve payment of customary brokers&#146;
commissions by the Selling Stockholders. There is no present plan of distribution.
</DIV>
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SEC POSITION REGARDING INDEMNIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Memorandum of Association and Articles of Association provide for indemnification of
officers and directors, among other things, in instances in which they acted in good faith and in a
manner they reasonably believed to be in, or not opposed to, our best interests and in which, with
respect to criminal proceedings, they had no reasonable cause to believe their conduct was
unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to our directors, officers or persons controlling us under the provisions described above, we have
been informed that, in the opinion of the Commission, indemnification is against public policy as
expressed in that Act and is therefore unenforceable.
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF THE PLAN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors and our shareholders have adopted and approved the Plan. Options
granted pursuant to the Plan constitute either incentive stock options within the meaning of
Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the Code), or options which
constitute nonqualified options at the time of issuance of such options. The Plan provides that
incentive stock options and/or non-qualified stock options may be granted to our officers,
directors, employees and advisors selected by our Compensation Committee. A total of 2,000,000
shares of common stock are authorized and reserved for issuance under the Plan,
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subject to adjustment to reflect changes in our capitalization in the case of a stock split,
stock dividend or similar event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan is administered by our Compensation Committee which has the sole authority to
interpret the Plan and to make all determinations necessary or advisable for administering the
Plan, including but not limited to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>who shall be granted options under the Plan;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the term of each option;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of shares covered by such option;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the option shall constitute an incentive option or a nonqualified option;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exercise price for the purchase of the shares covered by the option;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the period during which the option may be exercised;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the right to purchase the number of shares covered by the option shall be fully vested on issuance of the
option so that such shares may be purchased in full at one time or whether the right to purchase such shares shall
become vested over a period of time so that such shares may only be purchased in installments; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the time or times at which the options shall be granted.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except in the case of disability or death, no option shall be exercisable after an optionee
who is an employee ceases to be employed by the Company; provided, however, the Compensation
Committee has the right to extend the exercise period following the date of termination of such
optionee&#146;s employment. If an optionee&#146;s employment is terminated by reason of death or disability,
the Compensation Committee may extend the option term following the date of termination of the
optionee&#146;s employment. Upon the exercise of the option, the exercise price must be paid in full
either in cash, shares of our common stock or a combination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any option to purchase reserved shares shall not be exercised for any reason or if such
option to purchase shall terminate as provided by the Plan, such shares which have not been so
purchased shall again become available for the purposes of the Plan unless the Plan shall have been
terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the Federal Employee Retirement Income Security Act of 1974 do not apply to
the Plan. Shares issuable upon exercise of options will not be purchased in open market
transactions but will be issued by us from authorized shares. Shares issuable under the Plan may
be sold in the open market, without restrictions, as free trading securities. There are no assets
administered under the Plan and, accordingly, no investment information is furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No options may be assigned, transferred, hypothecated or pledged by the option holder except
by will, the laws of intestate succession or as permitted by the Commission. No person may create
a lien on any securities under the Plan, except by operation of law. However, there are no
restrictions on the resale of the shares underlying the options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan will remain in effect until September&nbsp;19, 2015. Additional information concerning
the Plan may be obtained from us at our address and telephone number.
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>APPLICABLE SECURITIES LAW RESTRICTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the optionee is deemed to be an &#147;affiliate&#148; (as that term is defined under the Securities
Act), the resale of the shares purchased upon exercise of options covered hereby may be subject to
certain restrictions and requirements, including compliance with the provisions of Rule&nbsp;144
promulgated under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the requirements imposed by the Securities Act, the antifraud provisions of the
Exchange Act and the rules thereunder (including Rule&nbsp;10b-5) are applicable to any sale of shares
acquired pursuant to the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up to 2,000,000 shares may be issued under the Plan. We have authorized 50,000,000 shares of
common stock, of which 22,006,676 shares are outstanding as of March&nbsp;7, 2006. Shares of common
stock outstanding are, and those to be issued upon exercise of options will be, fully paid and
nonassessable, and each share of common stock is entitled to one vote at all shareholders&#146;
meetings. All shares are equal to each other with respect to lien rights, liquidation rights and
dividend rights. There are no preemptive rights to purchase additional shares by virtue of the
fact that a person is one of our shareholders. Shareholders do not have the right to cumulate
their votes for the election of directors.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TAX CONSEQUENCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been advised that the United States federal income tax consequences of the Plan to us
and the optionees, and possible exercise of options granted under the Plan, will depend upon future
circumstances and possible changes in the tax laws. <B>The following summary discussion addresses
certain United States federal income tax consequences of the Plan. This discussion does not
address all of the tax consequences that may be applicable to any particular optionee or to us. In
addition, this discussion </B><U><B>does</B></U><B> not address foreign, state, or local taxes, nor does it
address federal taxes other than federal income tax. This discussion is based upon applicable
statutes, regulations, case law, administrative interpretations and judicial decisions in effect as
of the date of this prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The income tax treatment of nonstatutory options is governed by &#167;83 of the Code. This
section basically provides that if an option has a readily ascertainable fair market value when
granted, then the optionee must recognize ordinary income at the time of grant but not at the time
of exercise or disposal; if an option does not have a readily ascertainable fair market value when
granted, the optionee must recognize ordinary income at the time of its exercise or disposal of the
option but not at the time of its grant. We will receive a corresponding compensation deduction
for the amount included by the optionee as income in the same year that the optionee includes such
amount as income. Consequently, whether a nonstatutory option has a readily ascertainable fair
market value at grant will determine whether the grant or the exercise of the nonstatutory option
is the taxable event for the optionee who rendered the services for which the option was granted.
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No tax consequences result from the granting of an incentive stock option or from the exercise
of an incentive stock option by the employee. In addition, the employer generally will not be
allowed a business expense deduction with respect to an incentive stock option unless the employee
disposes of the stock prior to the required holding period. The employee will be taxed at capital
gain rates when he sells stock acquired under an incentive stock option plan, provided he has not
disposed of the stock for at least two years from the date the option was granted to him and he has
held the stock itself at least one year after the stock was transferred to him. If the foregoing
holding period rules are not satisfied, the gain that would have been realized at the time the
option was exercised is included as ordinary income in the year of the disqualifying sale. For
this purpose, the gain is equal to the lesser of (i)&nbsp;the fair market value of the stock on the date
of exercise over the option price of the stock, or (ii)&nbsp;the amount realized on disposition over the
adjusted basis of the stock. The employer is allowed to deduct a corresponding amount as a
business deduction at the same time the employee is required to recognize the ordinary income
arising from the early disposition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the preceding, when calculating income for alternative minimum tax purposes,
the favorable tax treatment of &#167;421(a) is disregarded and the bargain purchase element (that is,
the spread between the option price and the fair market value of the option stock at exercise) of
the incentive stock option will be considered as part of the taxpayer&#146;s alternative minimum taxable
income.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the shares offered hereby will be passed on for us by Andrew N. Bernstein,
P.C., 5445 DTC Parkway, Suite&nbsp;520, Greenwood Village, Colorado 80111.
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our audited consolidated financial statements as of December&nbsp;31, 2004 and for each of the
three years ended December&nbsp;31, 2004, have been incorporated by reference in this prospectus in
reliance upon the report of Grobstein, Horwath and Company, LLP, Sherman Oaks, California,
independent registered public accounting firm, as set forth in their report thereon included
therein and incorporated herein by reference. Such consolidated financial statements are
incorporated herein by reference in reliance upon such report given on the authority of such firm
as experts in accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our future financial statements and reports thereon of Grobstein, Horwath and Company,
LLP also will be incorporated by reference in this prospectus in reliance upon the authority of
that firm as experts in giving those reports to the extent said firm has audited those financial
statements and consented to the use of their reports thereon.
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant hereby incorporates by reference in this Registration Statement the following
documents previously filed with the Commission:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registrant&#146;s Annual Report on Form 20-F for the fiscal year ended December&nbsp;31, 2004
(including its audited financial statements for the years ended December&nbsp;31, 2002, 2003 and 2004)
filed pursuant to the Exchange Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each of the Registrant&#146;s Reports on Form 6-K filed since the date of its Annual Report on
Form 20-F for the fiscal year ended December&nbsp;31, 2004;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Registrant&#146;s definitive Proxy Statement for the Annual Meeting of Shareholders of the
Company held December&nbsp;2, 2005;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The description of the common stock that is contained in the Registrant&#146;s Registration
Statement on Form 8-A under the Exchange Act (File No.&nbsp;0-29946) and its Registration Statement on
Form F-1 under the Securities Act (Registration No.&nbsp;333-9274), including any amendments or reports
filed for the purpose of updating such descriptions; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;All subsequent reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and definitive proxy or information statements filed by the Registrant pursuant to
Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Registration Statement
and prior to the filing of a post-effective amendment which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold at the time of such
amendment will be deemed to be incorporated by reference into this Registration Statement and to be
a part hereof from the date of filing of such documents. Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a statement contained
herein or in any other subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As in most United States jurisdictions, the board of directors of a British Virgin Islands
company is charged with the management and affairs of the company, and subject to any limitations
to the contrary in the Memorandum of Association of the Company, the Board of Directors is
entrusted with the power to manage the business and affairs of the Company. In most United States
jurisdictions, directors owe a fiduciary duty to the company and its shareholders, including a duty
of care, pursuant to which directors must properly apprise themselves of all reasonably available
information, and a duty of loyalty, pursuant to which they must protect the interests of the
company and refrain from conduct that injures the company or its shareholders or that deprives the
company or its shareholders of any profit or advantage. Many United States jurisdictions have
enacted various statutory provisions which permit the monetary liability of directors to be
eliminated or limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under British Virgin Islands law, liability of a director to the company is basically limited
to cases of willful malfeasance in the performance of his duties or to cases where the director has
not acted honestly and in good faith and with a view to the best interests of the company.
However, under its Memorandum of Association, the Company is authorized to indemnify any person who
is made or threatened to be made a party to a legal or administrative proceeding by virtue of being
a director, officer or liquidator of the Company, provided such person acted honestly and in good
faith and with a view to the best interests of the Company and, in the case of a criminal
proceeding, such person had no reasonable cause to believe that his conduct was unlawful. The
Company&#146;s Memorandum of Association also permits the Company to indemnify any director, officer or
liquidator of the Company who was successful in any proceeding against expenses and judgments,
fines and amounts paid in settlement and reasonably incurred in connection with the proceeding,
where such person met the standard of conduct described in the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has provisions in its Memorandum of Association that insure or indemnify, to the
full extent allowed by the laws of the Territory of the British Virgin Islands, directors,
officers, employees, agents or persons serving in similar capacities in other enterprises at the
request of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<P align="center" style="font-size: 10pt">II-2
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are filed as exhibits to this Registration Statement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2005 Stock Compensation Plan of Qiao Xing Universal Telephone, Inc.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Andrew N. Bernstein, P.C.</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Grobstein, Horwath &#038; Company, LLP</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Andrew N. Bernstein, P.C. (included in its opinion filed as Exhibit&nbsp;5.1)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B>Rule&nbsp;415 Offerings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that it will:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;File, during any period in which it offers or sells securities, a post-effective amendment
to this Registration Statement to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Include any material information with respect
to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in
the Registration Statement;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;For the purpose of determining any liability under the Securities Act of 1933, treat each
such post-effective amendment as a new registration statement relating to the securities offered
therein, and the offering of such securities at that time to be the initial bona fide offering
thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>



<P align="center" style="font-size: 10pt">II-3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B>Filings Incorporating Subsequent Exchange Act documents by reference.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to section
13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan&#146;s annual report pursuant to section 15(d) of the Securities Exchange
Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B>Request for acceleration of effective date or filing of registration statement on Form
S-8.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933, as
amended (the &#147;Act&#148;), may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication of such issue.
</DIV>



<P align="center" style="font-size: 10pt">II-4
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement or amendment thereto to be signed on its behalf by the
undersigned, thereunto duly authorized, in Huizhou City, Guangdong, People&#146;s Republic of China on
March&nbsp;15, 2006.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>QIAO XING UNIVERSAL TELEPHONE, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ RUI LIN WU
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Rui Lin Wu&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement or
amendment thereto has been signed by the following persons in the capacities and on the dates
indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Date</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ RUI LIN WU
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Rui Lin Wu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Chairman and Chief Executive Officer&nbsp;(Principal
Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3/15/06</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ ZHI YANG WU
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Zhi Yang Wu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice Chairman and Secretary&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3/15/06</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ ALBERT LEUNG
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Albert Leung
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Chief Financial Officer&nbsp;(Principal
Financial and Accounting
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3/15/06</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ ZE YUN MU
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ze Yun Mu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3/15/06</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ SONNY KWOK WING HUNG
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Sonny Kwok Wing Hung
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3/15/06</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ YI HONG ZHANG
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Yi Hong Zhang
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3/15/06</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ ANDREW N. BERNSTEIN
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Andrew N. Bernstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Authorized Representative in the&nbsp;United
States
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3/15/06</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Page Number</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2005 Stock Compensation Plan of Qiao Xing Universal
Telephone, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Andrew N. Bernstein, P.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Grobstein, Horwath &#038; Company, LLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Andrew N. Bernstein, P.C. (included in its
opinion filed as Exhibit&nbsp;5.1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">x</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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sv8
Table of Contents
As filed with the Securities and Exchange Commission on March 16, 2006
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
QIAO
XING UNIVERSAL TELEPHONE, INC.
(Exact name of Registrant as specified in its charter)
British Virgin Islands
Not Applicable
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification
No.)
Qiao Xing Science Industrial Park
Tang Quan
Huizhou City, Guangdong,
People's Republic of China 516023
(Address of principal executive offices) (zip code)
Qiao Xing Universal Telephone, Inc.
2005 Stock Compensation Plan
(Full title of the plan)
Andrew N. Bernstein, Esq.
Andrew N. Bernstein, P.C.
5445 DTC Parkway, Suite 520
Greenwood Village, Colorado 80111
(Name and address of agent for service)
(303) 770-7131
(Telephone number, including area code, of agent for service)
Approximate date of commencement of proposed sale to the public
: From time to time after
the Registration Statement becomes effective.
Exhibit Index Begins at Page 16
CALCULATION OF REGISTRATION FEE
Title of
Amount to be
Proposed
Proposed
Amount of
securities to be
registered (1)
maximum
maximum
registration
registered
offering
aggregate
fee
price per
offering
share
price
Common Stock,
$0.001 par value
2,000,000 shares
(2)
$14,480,000(2)
$1,550.00
(1)
Pursuant to Rule 416, this Registration Statement covers any additional shares of Common
Stock ("shares") which become issuable under the Plan set forth herein by reason of any stock
dividend, stock split, recapitalization or any other similar transaction without receipt of
consideration which results in an increase in the number of shares outstanding.
(2)
Pursuant to Rule 457(c), the offering price per share, the aggregate offering price and
the amount of the filing fee were computed upon the basis of the closing price of the Common Stock
within five business days prior to the date of filing of the Registration Statement ($7.24 per
share on March 14, 2006).
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Pursuant to the requirements of the Note to Part I of Form S-8 and Rule 428(b)(1) of the Rules
under the Securities Act of 1933, as amended, the information required by Part I of Form S-8 is
incorporated by reference in the Reoffer Prospectus which follows. The Reoffer Prospectus,
together with the documents incorporated by reference pursuant to Item 3 of Part II of this
Registration Statement, constitutes the Section 10(a) Prospectus.
REOFFER PROSPECTUS
The material which follows, up to but not including the pages beginning Part II of this
Registration Statement, constitutes a prospectus prepared in accordance with the applicable
requirements of Part I of Form F-3 and General Instruction C to Form S-8, to be used in connection
with resales of securities acquired under the Registrant's 2005 Stock Compensation Plan by
affiliates of the Registrant, as defined in Rule 405 under the Securities Act of 1933, as amended.
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REOFFER PROSPECTUS
2,000,000 SHARES
COMMON STOCK
QIAO XING UNIVERSAL TELEPHONE, INC.
2005 STOCK COMPENSATION PLAN
We are registering on behalf of our employees, officers, directors and consultants up to
2,000,000 shares of our common stock purchasable by them pursuant to common stock options granted
under our 2005 Stock Compensation Plan. As of this date, all 2,000,000 options were issued under
the Plan and are currently outstanding.
This prospectus will be used by persons who are our "affiliates" to resell shares purchased by
them under the Plan. We will receive no part of the proceeds of any such sales, although we will
receive the exercise price for the stock options.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
No person is authorized to give any information or to make any representation regarding the
securities we are offering and investors should not rely on any such information. The information
provided in the prospectus is as of this date only.
The date of this prospectus is March 16, 2006.
AVAILABLE INFORMATION
We are subject to the informational requirements of the Securities Exchange Act of 1934, as
amended, as they apply to a foreign private issuer, and we file reports and other information with
the Securities and Exchange Commission. Copies of such material can be obtained from the Public
Reference Section of the Commission, 100 F Street, NE, Washington, D.C. 20549 at prescribed rates.
The SEC maintains an Internet site that contains reports, proxy and information statements, and
other information regarding issuers that file electronically with the SEC. The address of that
site is http://www.sec.gov. Our internet address is http://www.cosun-xing.com. Our common stock
is traded on the Nasdaq National Market under the symbol "XING."
We furnish annual reports to our shareholders which include audited financial statements. We
may furnish such other reports as may be authorized, from time to time, by our board of directors.
INCORPORATION BY REFERENCE
Certain documents have been incorporated by reference into this prospectus, either in whole or
in part. We will provide without charge to each person to whom a prospectus is delivered, upon
written or oral request, (i) a copy of the information that has been incorporated by reference (not
including exhibits to the information unless such exhibits are specifically incorporated by
reference into the information), and (ii) a copy of all documents and information required to be
delivered to our employees pursuant to Rule 428(b). Requests for such information shall be
addressed to us at Qiao Xing Universal Telephone, Inc., Qiao Xing Science Industrial Park, Tang
Quan, Huizhou City, Guangdong, People's Republic of China 516023, telephone: (011) 86-752-2820-268.
TABLE OF CONTENTS
Introduction
3
Selling Stockholders
3
Method of Sale
4
SEC Position Regarding Indemnification
4
Description of the Plan
4
Applicable Securities Law Restrictions
6
Tax Consequences
6
Legal Matters
7
Experts
7
2005 Stock Compensation Plan
Opinion/Consent of Andrew N. Bernstein, P.C.
Consent of Grobstein, Horwath & Company, LLP
2
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INTRODUCTION
We are one of China's largest manufacturers and distributors of telecommunications products.
We have grown our net sales from approximately $46.4 million in 1997 to more than $244 million in
2004. Our product portfolio includes telecommunications terminals and related products, including
fixed wireless phones, VoIP telephones, advanced mobile phones, PDAs and consumer electronic
products, including MP3 players, cash registers and set-top-box products. This includes the
world's first model of dual mode and dual call waiting GSM/CDMA smartphone, the 'CECT CoolPAD 728'.
We have established co-operative relationships with leading telecom and software companies for
their China strategy, including Microsoft and Palm, aiding success for our 'High End Mobile Phone
Strategy'. We currently distribute over 260 models of corded and cordless telephones and are one
of China's largest distributors of indoor phones. We have built a strong distribution network
comprised of more than 5,000 retail stores throughout China and have established partnerships with
major retailers in Europe, North America and Latin America, including Bellsouth and Wal-mart.
We are located at Qiao Xing Science Industrial Park, Tang Quan, Huizhou City, Guangdong,
People's Republic of China 516023, telephone: 86-752-2820-268.
SELLING STOCKHOLDERS
This prospectus covers possible sales by our executive officers, directors, consultants and
employees of shares they acquire through exercise of options granted under our 2005 Stock
Compensation Plan. The names of our affiliates who may be Selling Stockholders from time to time
are listed below, along with the number of shares of common stock to be offered for sale. The
names of other affiliates who may offer shares for resale in the future, along with the number of
shares which may be sold by each affiliate from time to time, will be updated in supplements to
this prospectus, which will be filed with the Commission in accordance with Rule 424(b) under the
Securities Act. All Selling Stockholders are executive officers and/or directors. The address of
each Selling Stockholder is the same as our address. All shares listed below for sale represent
shares issuable upon exercise of options granted under the Plan.
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Maximum Number of Shares Which May
Name of Selling Stockholder
Be Sold Upon Exercise of Options
WU Rui Lin
545,000
WU Zhi Yang
400,000
WU Zhi Zhong
400,000
WU Zhi Jian
400,000
SHI Jie
50,000
METHOD OF SALE
Sales of the shares offered by this prospectus will be made on The Nasdaq National Market,
where our common stock is listed for trading, in other markets where our common stock may be
traded, or in negotiated transactions. Sales will generally involve payment of customary brokers'
commissions by the Selling Stockholders. There is no present plan of distribution.
SEC POSITION REGARDING INDEMNIFICATION
Our Memorandum of Association and Articles of Association provide for indemnification of
officers and directors, among other things, in instances in which they acted in good faith and in a
manner they reasonably believed to be in, or not opposed to, our best interests and in which, with
respect to criminal proceedings, they had no reasonable cause to believe their conduct was
unlawful.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to our directors, officers or persons controlling us under the provisions described above, we have
been informed that, in the opinion of the Commission, indemnification is against public policy as
expressed in that Act and is therefore unenforceable.
DESCRIPTION OF THE PLAN
Our board of directors and our shareholders have adopted and approved the Plan. Options
granted pursuant to the Plan constitute either incentive stock options within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended (the Code), or options which
constitute nonqualified options at the time of issuance of such options. The Plan provides that
incentive stock options and/or non-qualified stock options may be granted to our officers,
directors, employees and advisors selected by our Compensation Committee. A total of 2,000,000
shares of common stock are authorized and reserved for issuance under the Plan,
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subject to adjustment to reflect changes in our capitalization in the case of a stock split,
stock dividend or similar event.
The Plan is administered by our Compensation Committee which has the sole authority to
interpret the Plan and to make all determinations necessary or advisable for administering the
Plan, including but not limited to:
•
who shall be granted options under the Plan;
•
the term of each option;
•
the number of shares covered by such option;
•
whether the option shall constitute an incentive option or a nonqualified option;
•
the exercise price for the purchase of the shares covered by the option;
•
the period during which the option may be exercised;
•
whether the right to purchase the number of shares covered by the option shall be fully vested on issuance of the
option so that such shares may be purchased in full at one time or whether the right to purchase such shares shall
become vested over a period of time so that such shares may only be purchased in installments; and
•
the time or times at which the options shall be granted.
Except in the case of disability or death, no option shall be exercisable after an optionee
who is an employee ceases to be employed by the Company; provided, however, the Compensation
Committee has the right to extend the exercise period following the date of termination of such
optionee's employment. If an optionee's employment is terminated by reason of death or disability,
the Compensation Committee may extend the option term following the date of termination of the
optionee's employment. Upon the exercise of the option, the exercise price must be paid in full
either in cash, shares of our common stock or a combination.
If any option to purchase reserved shares shall not be exercised for any reason or if such
option to purchase shall terminate as provided by the Plan, such shares which have not been so
purchased shall again become available for the purposes of the Plan unless the Plan shall have been
terminated.
The provisions of the Federal Employee Retirement Income Security Act of 1974 do not apply to
the Plan. Shares issuable upon exercise of options will not be purchased in open market
transactions but will be issued by us from authorized shares. Shares issuable under the Plan may
be sold in the open market, without restrictions, as free trading securities. There are no assets
administered under the Plan and, accordingly, no investment information is furnished.
No options may be assigned, transferred, hypothecated or pledged by the option holder except
by will, the laws of intestate succession or as permitted by the Commission. No person may create
a lien on any securities under the Plan, except by operation of law. However, there are no
restrictions on the resale of the shares underlying the options.
The Plan will remain in effect until September 19, 2015. Additional information concerning
the Plan may be obtained from us at our address and telephone number.
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APPLICABLE SECURITIES LAW RESTRICTIONS
If the optionee is deemed to be an "affiliate" (as that term is defined under the Securities
Act), the resale of the shares purchased upon exercise of options covered hereby may be subject to
certain restrictions and requirements, including compliance with the provisions of Rule 144
promulgated under the Securities Act.
In addition to the requirements imposed by the Securities Act, the antifraud provisions of the
Exchange Act and the rules thereunder (including Rule 10b-5) are applicable to any sale of shares
acquired pursuant to the Plan.
Up to 2,000,000 shares may be issued under the Plan. We have authorized 50,000,000 shares of
common stock, of which 22,006,676 shares are outstanding as of March 7, 2006. Shares of common
stock outstanding are, and those to be issued upon exercise of options will be, fully paid and
nonassessable, and each share of common stock is entitled to one vote at all shareholders'
meetings. All shares are equal to each other with respect to lien rights, liquidation rights and
dividend rights. There are no preemptive rights to purchase additional shares by virtue of the
fact that a person is one of our shareholders. Shareholders do not have the right to cumulate
their votes for the election of directors.
TAX CONSEQUENCES
We have been advised that the United States federal income tax consequences of the Plan to us
and the optionees, and possible exercise of options granted under the Plan, will depend upon future
circumstances and possible changes in the tax laws.
The following summary discussion addresses
certain United States federal income tax consequences of the Plan. This discussion does not
address all of the tax consequences that may be applicable to any particular optionee or to us. In
addition, this discussion
does
not address foreign, state, or local taxes, nor does it
address federal taxes other than federal income tax. This discussion is based upon applicable
statutes, regulations, case law, administrative interpretations and judicial decisions in effect as
of the date of this prospectus.
The income tax treatment of nonstatutory options is governed by §83 of the Code. This
section basically provides that if an option has a readily ascertainable fair market value when
granted, then the optionee must recognize ordinary income at the time of grant but not at the time
of exercise or disposal; if an option does not have a readily ascertainable fair market value when
granted, the optionee must recognize ordinary income at the time of its exercise or disposal of the
option but not at the time of its grant. We will receive a corresponding compensation deduction
for the amount included by the optionee as income in the same year that the optionee includes such
amount as income. Consequently, whether a nonstatutory option has a readily ascertainable fair
market value at grant will determine whether the grant or the exercise of the nonstatutory option
is the taxable event for the optionee who rendered the services for which the option was granted.
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No tax consequences result from the granting of an incentive stock option or from the exercise
of an incentive stock option by the employee. In addition, the employer generally will not be
allowed a business expense deduction with respect to an incentive stock option unless the employee
disposes of the stock prior to the required holding period. The employee will be taxed at capital
gain rates when he sells stock acquired under an incentive stock option plan, provided he has not
disposed of the stock for at least two years from the date the option was granted to him and he has
held the stock itself at least one year after the stock was transferred to him. If the foregoing
holding period rules are not satisfied, the gain that would have been realized at the time the
option was exercised is included as ordinary income in the year of the disqualifying sale. For
this purpose, the gain is equal to the lesser of (i) the fair market value of the stock on the date
of exercise over the option price of the stock, or (ii) the amount realized on disposition over the
adjusted basis of the stock. The employer is allowed to deduct a corresponding amount as a
business deduction at the same time the employee is required to recognize the ordinary income
arising from the early disposition.
Notwithstanding the preceding, when calculating income for alternative minimum tax purposes,
the favorable tax treatment of §421(a) is disregarded and the bargain purchase element (that is,
the spread between the option price and the fair market value of the option stock at exercise) of
the incentive stock option will be considered as part of the taxpayer's alternative minimum taxable
income.
LEGAL MATTERS
The validity of the shares offered hereby will be passed on for us by Andrew N. Bernstein,
P.C., 5445 DTC Parkway, Suite 520, Greenwood Village, Colorado 80111.
EXPERTS
Our audited consolidated financial statements as of December 31, 2004 and for each of the
three years ended December 31, 2004, have been incorporated by reference in this prospectus in
reliance upon the report of Grobstein, Horwath and Company, LLP, Sherman Oaks, California,
independent registered public accounting firm, as set forth in their report thereon included
therein and incorporated herein by reference. Such consolidated financial statements are
incorporated herein by reference in reliance upon such report given on the authority of such firm
as experts in accounting and auditing.
Our future financial statements and reports thereon of Grobstein, Horwath and Company,
LLP also will be incorporated by reference in this prospectus in reliance upon the authority of
that firm as experts in giving those reports to the extent said firm has audited those financial
statements and consented to the use of their reports thereon.
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PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The Registrant hereby incorporates by reference in this Registration Statement the following
documents previously filed with the Commission:
(a) The Registrant's Annual Report on Form 20-F for the fiscal year ended December 31, 2004
(including its audited financial statements for the years ended December 31, 2002, 2003 and 2004)
filed pursuant to the Exchange Act;
(b) Each of the Registrant's Reports on Form 6-K filed since the date of its Annual Report on
Form 20-F for the fiscal year ended December 31, 2004;
(c) The Registrant's definitive Proxy Statement for the Annual Meeting of Shareholders of the
Company held December 2, 2005;
(d) The description of the common stock that is contained in the Registrant's Registration
Statement on Form 8-A under the Exchange Act (File No. 0-29946) and its Registration Statement on
Form F-1 under the Securities Act (Registration No. 333-9274), including any amendments or reports
filed for the purpose of updating such descriptions; and
(e) All subsequent reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act.
All reports and definitive proxy or information statements filed by the Registrant pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Registration Statement
and prior to the filing of a post-effective amendment which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold at the time of such
amendment will be deemed to be incorporated by reference into this Registration Statement and to be
a part hereof from the date of filing of such documents. Any statement contained in a document
incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a statement contained
herein or in any other subsequently filed document which also is or is deemed to be incorporated by
reference herein modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
Item 4. Description of Securities
Not applicable.
II-1
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Item 5. Interests of Named Experts and Counsel
None.
Item 6. Indemnification of Directors and Officers
As in most United States jurisdictions, the board of directors of a British Virgin Islands
company is charged with the management and affairs of the company, and subject to any limitations
to the contrary in the Memorandum of Association of the Company, the Board of Directors is
entrusted with the power to manage the business and affairs of the Company. In most United States
jurisdictions, directors owe a fiduciary duty to the company and its shareholders, including a duty
of care, pursuant to which directors must properly apprise themselves of all reasonably available
information, and a duty of loyalty, pursuant to which they must protect the interests of the
company and refrain from conduct that injures the company or its shareholders or that deprives the
company or its shareholders of any profit or advantage. Many United States jurisdictions have
enacted various statutory provisions which permit the monetary liability of directors to be
eliminated or limited.
Under British Virgin Islands law, liability of a director to the company is basically limited
to cases of willful malfeasance in the performance of his duties or to cases where the director has
not acted honestly and in good faith and with a view to the best interests of the company.
However, under its Memorandum of Association, the Company is authorized to indemnify any person who
is made or threatened to be made a party to a legal or administrative proceeding by virtue of being
a director, officer or liquidator of the Company, provided such person acted honestly and in good
faith and with a view to the best interests of the Company and, in the case of a criminal
proceeding, such person had no reasonable cause to believe that his conduct was unlawful. The
Company's Memorandum of Association also permits the Company to indemnify any director, officer or
liquidator of the Company who was successful in any proceeding against expenses and judgments,
fines and amounts paid in settlement and reasonably incurred in connection with the proceeding,
where such person met the standard of conduct described in the preceding sentence.
The Company has provisions in its Memorandum of Association that insure or indemnify, to the
full extent allowed by the laws of the Territory of the British Virgin Islands, directors,
officers, employees, agents or persons serving in similar capacities in other enterprises at the
request of the Company.
Item 7. Exemption from Registration Claimed
Not applicable.
II-2
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Item 8. Exhibits
The following documents are filed as exhibits to this Registration Statement.
Exhibit
Number
Description of Exhibit
4.1
—
2005 Stock Compensation Plan of Qiao Xing Universal Telephone, Inc.
5.1
—
Opinion of Andrew N. Bernstein, P.C.
23.1
—
Consent of Grobstein, Horwath & Company, LLP
23.2
—
Consent of Andrew N. Bernstein, P.C. (included in its opinion filed as Exhibit 5.1)
Item 9. Undertakings
(a)
Rule 415 Offerings.
The undersigned registrant hereby undertakes that it will:
(1) File, during any period in which it offers or sells securities, a post-effective amendment
to this Registration Statement to:
(i)
Include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;
(ii)
Reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement; and
(iii)
Include any material information with respect
to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in
the Registration Statement;
(2) For the purpose of determining any liability under the Securities Act of 1933, treat each
such post-effective amendment as a new registration statement relating to the securities offered
therein, and the offering of such securities at that time to be the initial bona fide offering
thereof; and
(3) Remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
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(b)
Filings Incorporating Subsequent Exchange Act documents by reference.
The undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section
13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange
Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)
Request for acceleration of effective date or filing of registration statement on Form
S-8.
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as
amended (the "Act"), may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement or amendment thereto to be signed on its behalf by the
undersigned, thereunto duly authorized, in Huizhou City, Guangdong, People's Republic of China on
March 15, 2006.
QIAO XING UNIVERSAL TELEPHONE, INC.
By:
/s/ RUI LIN WU
Rui Lin Wu
Chairman and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement or
amendment thereto has been signed by the following persons in the capacities and on the dates
indicated.
Signature
Title
Date
/s/ RUI LIN WU
Rui Lin Wu
Chairman and Chief Executive Officer (Principal
Executive Officer)
3/15/06
/s/ ZHI YANG WU
Zhi Yang Wu
Vice Chairman and Secretary
3/15/06
/s/ ALBERT LEUNG
Albert Leung
Chief Financial Officer (Principal
Financial and Accounting
Officer)
3/15/06
/s/ ZE YUN MU
Ze Yun Mu
Non-Executive Director
3/15/06
/s/ SONNY KWOK WING HUNG
Sonny Kwok Wing Hung
Non-Executive Director
3/15/06
/s/ YI HONG ZHANG
Yi Hong Zhang
Non-Executive Director
3/15/06
/s/ ANDREW N. BERNSTEIN
Andrew N. Bernstein
Authorized Representative in the United
States
3/15/06
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EXHIBIT INDEX
Exhibit
Number
Description of Exhibit
Page Number
4.1
2005 Stock Compensation Plan of Qiao Xing Universal
Telephone, Inc.
5.1
Opinion of Andrew N. Bernstein, P.C.
23.1
Consent of Grobstein, Horwath & Company, LLP
23.2
Consent of Andrew N. Bernstein, P.C. (included in its
opinion filed as Exhibit 5.1)
x