China Index Holdings Receives Notification from Nasdaq Regarding Minimum Bid Price Requirements

Rhea-AI Summary

China Index Holdings Limited (NASDAQ: CIH) has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company's American depositary shares (ADSs) closed below $1 for 30 consecutive business days from April 18 to May 27, 2022. CIH has a 180-day compliance period, ending November 28, 2022, to regain compliance by maintaining a closing bid price of at least $1 for ten consecutive business days. During this period, CIH's ADSs will continue to be listed and traded on Nasdaq.

Positive

• CIH has until November 28, 2022, to regain compliance with Nasdaq's listing requirements.
• The company's ADSs will remain listed and traded on Nasdaq during the compliance period.

Negative

• CIH's ADSs have been below the minimum bid price of $1 for 30 consecutive business days, indicating potential financial distress.
• Failure to regain compliance could lead to further delisting risk.

BEIJING, June 01, 2022 (GLOBE NEWSWIRE) -- China Index Holdings Limited (NASDAQ: CIH), (“CIH” or the “Company”), a leading real estate information and analytics service platform provider in China, today announced that the Company has received a written notification from Nasdaq Listing Qualifications department of the Nasdaq Stock Market LLC (“Nasdaq”) dated May 31, 2022. The letter states that the Company is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5450(a)(1) (the “Rule”), because the bid price of the Company’s American depositary shares (“ADSs”) closed below US$1 per share for the 30 consecutive business days from April 18 through May 27, 2022.

The Company is granted a compliance period of 180 calendar days, expiring on November 28, 2022, to regain compliance. The Company will regain compliance if, at any time during this 180-day period, the closing bid price of the Company’s ADSs is at least US$1 for a minimum of ten consecutive business days. In the event the Company does not regain compliance with the Rule within 180 calendar days, the Company may be eligible for additional time to cure the delinquency.

The Company will consider available options to cure the deficiency and regain compliance with the Rule’s minimum bid price requirement within the prescribed compliance period. The Company’s ADSs will continue to be listed and traded on the Nasdaq Stock Market during this period, unaffected by the receipt of the written notice from Nasdaq.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a delinquency notification.

About CIH

CIH operates a leading real estate information and analytics service platform in China in terms of geographical coverage and volume of data points. Its services span across database, analytics and promotions services for China’s real estate markets. CIH serves a substantial base of real estate participants in China, including real estate developers, brokers and agents, property management companies, financial institutions and individual professionals, with an authoritative, comprehensive and seasonable collection of real estate data, complemented by a variety of powerful analytical and marketing tools. For more information about CIH, please visit http://ir.chinaindexholdings.com.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding the Company’s future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, without limitation, the impact of the Company’s business development strategies, the Company’s ability to continue as a going concern in the future, the impact of the COVID-19 pandemic, and the impact of current and future government policies affecting China’s real estate market. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

FAQ

What is the stock symbol for China Index Holdings Limited?

The stock symbol for China Index Holdings Limited is CIH.

What was the reason for CIH's notification from Nasdaq?

CIH received a notification for not complying with the minimum bid price requirement, as its ADSs closed below $1 for 30 consecutive business days.

How long does CIH have to regain compliance with Nasdaq?

CIH has a compliance period of 180 days, expiring on November 28, 2022, to regain compliance.

What happens if CIH does not regain compliance with Nasdaq?

If CIH does not regain compliance within 180 days, it may be eligible for additional time to cure the deficiency.