Xinyuan Real Estate Co., Ltd. Announces Receipt of NYSE Non-Compliance Letter Regarding ADS Trading Price
Beijing, July 22, 2022 -- Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) (NYSE: XIN), an NYSE-listed real estate developer operating primarily in China and also in other countries, announces that it
received a letter (the “Letter”) from the New York Stock Exchange (the “NYSE”) dated June 24, 2022, notifying the Company that (i) it is below compliance standards due to the trading price of the Company’s American depositary shares (the “ADSs”),
and (ii) the applicable cure period for the Company to regain compliance expires on December 24, 2022.
Pursuant to NYSE rule 802.01C, a company is considered below compliance standards if the average closing price of a security as reported on the consolidated tape is less than US$1.00 over a consecutive 30 trading-day
period. Once notified, the company must bring its ADR price and average ADR price back above US$1.00 within six months following receipt of the notification. The company can regain compliance at any time during the six-month cure period if on the
last trading day of any calendar month during the cure period, the company has a closing ADR price of at least US$1.00 and an average closing ADR price of at least US$1.00 over the 30 trading days preceding the end of that month. In the event that
at the expiration of the six-month cure period, both a US$1.00 closing ADR price on the last trading day of the cure period and a US$1.00 average closing ADR price over the 30 trading-day period ending on the last trading day of the cure period are
not attained, the NYSE will commence suspension and delisting procedures.
The Letter has no immediate impact on the listing of the Company’s ADSs, which will continue to be listed and traded on the NYSE during the cure period subject to continued compliance with the other listing
requirements of the NYSE.
Xinyuan continues to monitor the market conditions of its ADRs and has been working with its depository bank regarding options to bolster its share price in order to bring it into compliance with the NYSE continued
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (“Xinyuan”) is an NYSE-listed real estate developer primarily in China and recently in other countries. In China, Xinyuan develops and manages large scale, high quality real estate
projects in over ten tier one and tier two cities, including Beijing, Shanghai, Tianjin, Zhengzhou, Jinan, Qingdao, Chengdu, Xi’an, Suzhou, Dalian, Zhuhai and Foshan. Xinyuan was one of the first Chinese real estate developers to enter the U.S.
market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements”. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements about future debt and financial position, potential future collaborative efforts, among others, and can generally be identified by terminology such as “will”, “expects”, “anticipates”, “future”,
“intends”, “plans”, “believes”, “estimates” and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to
successfully sell or complete our property projects under construction and planning; our ability to enter successfully into new geographic markets and new business lines and expand our operations; the marketing and sales ability of our third-party
sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and
licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; the impact of pandemics, such as
Covid-19, on the real estate market and the economies in our markets; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange
Commission, including our annual report on Form 20-F for the year ended December 31, 2020. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statement is made.
For more information, please contact:
Xinyuan Real Estate Co., Ltd.
Investor Relations Department
Tel: +86 (10) 8588-9376