China Xiniya Fashion Limited (NYSE: XNY), announced today 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.
The Company expects that its ADS will begin trading on the NYSE American on December 29, 2017 under its current symbol “XNY”. In addition, as previously announced the Company announced intends to effect a ratio change of its ADS whereby each ADS will represent forty-eight ordinary shares, par value $0.00005 per share (“Shares”) of the Company rather than the current sixteen Shares represented before such amendment (the “Ratio Change”). The effective date of the Ratio Change is expected to be on December 28, 2017.
In connection with Ratio Change, holders of ADSs will be required to surrender their ADSs for exchange into ADSs reflecting the Ratio Change. The Depositary will notify registered holders of ADRs of the process for such exchange. As a result of the Ratio Change, the ADS price will initially automatically increase proportionally.
The Company can give no assurance, however, that 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).