WUHAN, China, Dec. 29, 2017 /PRNewswire/ -- China Xiniya
Fashion Limited ("Xiniya" or the "Company" NYSE AMERICAN: XNY),
announced today that it has completed the transactions (the
"Closing") contemplated by the Securities Purchase Agreement (the
"Purchase Agreement") with, among others, True Silver Limited, a
British Virgin Islands company
("True Silver") and Honest Plus Investments Limited, a British Virgin Islands company ("Honest
Plus"), and the Share Transfer Agreement (the "Divestiture
Agreement") with Qiming Investment Limited, a British Virgin Islands company ("Qiming
Investment"), on December 10,
2017.
As a result of the Closing, the
Company's core business has changed from men's fashion to
micro-lending. In addition, all of the current directors and
officers of the Company, with the exception of the current Chief
Financial Officer, has resigned and new directors and officers have
been appointed.
In connection with the closing, on December 28, 2017, the Company effected a ratio
change of its American Depositary Share ("ADS"), whereby each ADS
represents forty-eight ordinary shares, par value $0.00005 per share ("Shares") of the Company
rather than the current sixteen Shares represented before such
ratio change. In addition, on December
27, 2017, the Company obtained approval from NYSE America
LLC ("NYSE American") to list its ADS on NYSE American. As a
result, the Company has completed the transfer of the listing of
its ADS from the New York Stock Exchange ("NYSE") to the NYSE
American, and the Company's ADS trades on the NYSE American under
the symbol "XNY."
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 law.
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
View original
content:http://www.prnewswire.com/news-releases/china-xiniya-fashion-limited-announces-closing-of-securities-purchase-agreement-300575994.html
SOURCE China Xiniya Fashion Limited