LONDON, UK / ACCESSWIRE / January 02, 2018 / Active-Investors.com has just released a free research report on China Xiniya Fashion Ltd (NYSE: XNY). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=XNY as the Company's latest news hit the wire. On December 28, 2017, the Company, which is a leading designer, manufacturer, and seller of men's business casual and business formal apparel and accessories to retail customers in the People's Republic of China, declared that it has received approval from NYSE American LLC to list its American Depositary Share (ADS) on the NYSE American. The approval for the listing application was received on December 27, 2017. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Entrance into Securities Purchase Agreement and Share Transfer Agreement
China Xiniya Fashion entered into a Securities Purchase Agreement with, among others, True Silver Ltd and Honest Plus Investments Ltd, and a Share Transfer Agreement with Qiming Investment Ltd, on December 10, 2017. All these three Companies are based in the British Virgin Islands. With regard to these transactions, the Company declared that it intends to transfer the listing of its ADRs from the New York Stock Exchange (NYSE) to the NYSE American LLC.
The closing of the acquisition of True Silver Ltd under the Purchase Agreement, and the divesture of Xiniya Holdings Ltd, a Hong Kong Company directly- and wholly-owned by China Xiniya Fashion, is subject to the approval from the NYSE as well as other customary closing conditions.
China Xiniya Fashion's Board of Directors approved the transfer to the NYSE American on December 10, 2017, while the Company applied to list its ADS on the NYSE American on December 22, 2017.
New Listing-Related Changes
- Now that the approval is received, the ADS will start trading on the NYSE American as from December 29, 2017, under the current symbol "XNY".
- Besides, as previously announced, China Xiniya Fashion also plans to change the ratio of its ADS so that each ADS represents forty-eight ordinary shares, at a par value of $0.00005 per share of the Company rather than the current sixteen Shares represented before such amendment. The Ratio Change became effective as from December 28, 2017.
Procedure for Effecting Ratio Change
- In relation to the Ratio Change, ADS' holders would need to surrender their old ADS for exchange into new ADS.
- In this regard, China Xiniya Fashion declared that the Deutsche Bank Trust Co. Americas would be the depositary for the transaction. The Depositary will inform the registered holders of ADR about the process for ADS exchange.
- Consequent to the Ratio Change, initially the ADS price will automatically increase proportionally. However, the Company can give no assurance on whether the post-Ratio Change ADS price (on an underlying share basis) will be equal to, or greater than, the pre-Ratio Change ADS price (on an underlying share basis).
Stock Performance Snapshot
December 29, 2018 - At Friday's closing bell, China Xiniya Fashion's stock advanced 6.13%, ending the trading session at $5.19.
Volume traded for the day: 158.76 thousand shares, which was above the 3-month average volume of 17.77 thousand shares.
Stock performance in the last month – up 20.98%; previous three-month period – up 20.14%; past twelve-month period – up 40.65%; and year-to-date - up 32.06%
After last Friday's close, China Xiniya Fashion's market cap was at $24.62 million.
The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Clothing industry.
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