XIAMEN, China, Oct. 11, 2017 /PRNewswire/ -- China Xiniya
Fashion Limited ("Xiniya" or the "Company") (NYSE:XNY) today
announced that, on September 11,
2017, the Company received notification from NYSE Regulation
of being below the continued listing standards of the New York
Stock Exchange ("NYSE"). The Company is considered below criteria
established by the NYSE because the Company's average market
capitalization has been less than US$50million over a consecutive 30 trading-day
period and its last reported shareholders' equity was less than
US$50million.
In accordance with NYSE procedures, the Company has 90 days from
the receipt of the notice to submit a plan to the NYSE
demonstrating how it intends to regain compliance with the NYSE's
continued listing standards within18 months (the "plan period").
The Company intends to develop and submit such a business plan
within the required time frame. The NYSE staff will then evaluate
the plan to determine whether the Company has made a reasonable
demonstration of an ability to come into conformity with the
listing standard within 18 months.
In the event the NYSE accepts the plan, the Company will be
subject to quarterly monitoring for compliance with the plan and
the Company's ADSs will continue to trade on the NYSE during the
plan period, subject to the Company's compliance with other NYSE
continued listing requirements. In the event the NYSE does not
accept the plan, the Company will be subject to suspension by the
NYSE and delisting procedures. In the event the Company is
delisted, the stock may continue to be traded in the
Over-The-Counter (or OTC) market.
The Company's business operations, its U.S. Securities and
Exchange Commission reporting requirements, and all other
contractual obligations, including sales and procurement contracts,
are unaffected by the notice from NYSE.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
About China Xiniya Fashion Limited
Xiniya is a leading provider of men's business casual apparel in
China. The Company designs men's
business casual and business formal apparel and accessories, which
are marketed under the Xiniya brand, and sells through its
distributors and retail network. Its products are sold to consumers
at authorized retail outlets owned and managed by third parties
located in 20 provinces, four autonomous regions, and four
municipalities in China. This
retail network focuses on second and lower-tier cities, where
increasing affluence has led to an improvement in living standards
and where most international men's apparel brands do not have a
significant presence. The Company's target consumers are male
working professionals in China
between the ages of 25 and 45 who seek fashionable clothing to suit
their working and lifestyle needs. For more information, please
visit the Company's website at http://www.xiniya.com.
For additional information, please
contact:
China Xiniya Fashion Limited
Mr. Chee Jiong Ng
Chief Financial Officer
Telephone: +86 1365 5939 932
Email: ngcheejiong@xiniya.com
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SOURCE China Xiniya Fashion Limited