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The New York Stock Exchange announced that it had begun delisting proceedings against Xinyuan Real Estate's American Depositary Shares, with trading in these securities suspended immediately. The action followed the company's failure to maintain the required global market capitalisation standard over a consecutive 30-day period. Xinyuan retains the option to appeal before the Exchange applies for formal delisting.
The New York Stock Exchange (NYSE) confirmed that it had decided to commence delisting proceedings for the American Depositary Shares (ADSs) of Xinyuan Real Estate Co. Ltd (ticker: XIN). Each ADS corresponds to 20 ordinary shares, and trading in the securities was suspended with immediate effect. Advertisement
The Exchange stated that the company no longer met its continued listing standard, which requires an average global market capitalization of at least USD 15 million measured over a consecutive 30-trading-day span. Falling below this threshold automatically triggered the delisting process under Section 802.01B of the NYSE's rules.
Xinyuan retains its right to seek a review by a committee of the NYSE's board of directors. Once all procedural steps, including any potential appeal, have been concluded, the Exchange will submit an application to the Securities and Exchange Commission for formal delisting of the ADSs.
The NYSE's decision represents a significant development for Xinyuan Real Estate, reflecting its inability to comply with the capitalisation standards required for continued listing. While the company can still exercise its right to appeal, the formal delisting process remains imminent should the review not alter the Exchange's course of action.
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