Xinyuan Real Estate Co., Ltd. Announces Receipt of Non-Compliance Letter from NYSE Regarding ADS Trading Price
Beijing, January 12, 2022 — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), a NYSE-listed real estate developer operating primarily in China and also in other countries, today announced that it has received a letter (the “Letter”) of the New York Stock Exchange (the “NYSE”) dated December 14, 2021, notifying the Company that it (i) is below compliance standards due to the trading price of the Company’s U.S. Custodial Shares ( the “ADS”), and (ii) the applicable recovery period for the Company to return to compliance expires on June 14, 2022.
In accordance with NYSE Rule 802.01C, a company is considered below compliance standards if the average closing price of a security as shown on the consolidated tape is less than $1.00 over a 30 day period. consecutive trading days. Once notified, the company must bring its share price and average price back above $1.00 within six months of receiving the notification. The company may revert to compliance at any time during the six-month recovery period if, on the last trading day of any calendar month during the recovery period, the company has a closing price of at least 1.00 USD and an average closing price of at least US$1.00 during the 30 trading days preceding the end of that month. In the event that, at the expiration of the six-month recovery period, both a closing share price of US$1.00 on the last trading day of the recovery period and a closing price share price of US$1.00 over the 30 trading days ending on the last trading day of the recovery period are not reached, the NYSE will initiate suspension and delisting proceedings.
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 other NYSE listing requirements.
Xinyuan continues to monitor market conditions for its ADSs and is considering its options.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (“Xinyuan”) is a 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 more than ten Tier 1 and Tier 2 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 US market and in recent years has been active in property development in New York. Xinyuan aims to provide comfortable and convenient real estate products and services to middle-class consumers. For more information, please visit http://www.xyre.com.
Certain statements contained in this press release constitute “forward-looking statements”. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about future debt and financial condition, potential future collaborative efforts, among others, and can generally be identified by terms such as “will”, “expect”, “anticipate”, “future”, “intend”, “plan”, “believe”, “estimate” 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 successfully implement our business model. ; our ability to obtain adequate financing for the development of our project; our ability to successfully sell or complete our real estate projects under construction and in planning; our ability to successfully enter new geographic markets and new industries 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 conduct our business in accordance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate sector in the markets in which we operate; the impact of pandemics, such as Covid-19, on the real estate market and the economies of our markets; fluctuations in general economic and business conditions in the markets in which we operate; and other risks described in our public filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. Except as required by law, we do not We assume no obligation to publicly update or review 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
E-mail: [email protected]