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:
Active-Investors.com is currently working on the research report for G-III Apparel Group, Ltd (NASDAQ: GIII), which also belongs to the Consumer Goods sector as the Company China Xiniya Fashion. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, China Xiniya Fashion most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email email@example.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.