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Dunxin Financial Holdings Limited (NYSE American: DXF) is a licensed microfinance lender operating primarily in Hubei Province, China. The company specializes in providing a variety of loan products to micro, small, and medium-sized enterprises (MSMEs) as well as individual borrowers and family-run businesses. Dunxin offers several types of loans, including Consumer Loans, Commercial Loans, Collateral-Backed Loans, and Enterprise Loans. This diversity ensures that they can meet the financial needs of a broad spectrum of clients, from farmers to sole proprietors.
Despite its broad range of loan products, Dunxin suspended its loan offerings in 2020, and the company is currently exploring new business opportunities, including those based on Metaverse-related technologies. This strategic shift demonstrates Dunxin's adaptability and forward-thinking approach in response to changing market conditions.
In recent developments, Dunxin has made several important announcements:
- On July 11, 2023, the company disclosed that its audited financial statements for the year ended December 31, 2022, contained a going concern emphasis of matter paragraph. This indicates that the company’s independent registered public accounting firm raised concerns about the company’s ability to continue as a going concern.
- On July 15, 2023, Dunxin announced a change in the ratio of its American depositary shares (ADS). The new ratio is one (1) ADS representing four hundred and eighty (480) ordinary shares, compared to the previous ratio of one (1) ADS representing forty-eight (48) ordinary shares. This change aims to strengthen the company's stock performance on the NYSE American.
- On July 25, 2023, Dunxin entered into a securities purchase agreement to sell $1.09 million worth of its ADS in a registered direct offering. The proceeds are expected to bolster the company’s operational funding and explore new business avenues.
Dunxin’s key focus remains on making the world more efficient, reliable, and interesting, underlining its commitment to innovation and service. Investors are advised to stay informed about the company's forward-looking statements, which involve inherent risks and uncertainties. For the latest updates and detailed financial reports, interested parties should refer to the company’s filings with the Securities and Exchange Commission (SEC) available at www.sec.gov.
Dunxin Financial Holdings (OTC Pink: DXFFY) announced a private placement of a $162,500 convertible promissory note with Bucktown Capital, The note bears an 8% annual interest rate and matures in nine months. The investor can convert the note into American Depositary Shares (ADS) after six months at 75% of the lowest 10-day VWAP minus ADS fees. The company can prepay at 120% of the outstanding balance. Weekly ADS sales by the investor are to 15% of trading volume until 30 days after note satisfaction.
Dunxin Financial Holdings (NYSE American: DXF) has announced plans to hold its 2024 Annual General Meeting of Shareholders on November 1, 2024. The meeting agenda includes a proposal to change the company's legal name to "Eason Technology " and its Chinese name to "益生科技集团". Additionally, shareholders will vote on the adoption of the company's 2024 Equity Incentive Plan.
The record date for shareholders entitled to vote is October 2, 2024. The meeting will take place at the company's office in Wuhan, China. Holders of Class A and Class B Ordinary Shares are invited to attend or vote by proxy. ADS holders must instruct Deutsche Bank Trust Company Americas on how to vote their shares.
The company will provide detailed information about the proposals and voting procedures in a proxy statement, which will be available on the SEC's website and the company's website.
Dunxin Financial Holdings (NYSE American: DXF), a company focused on real estate operation management, investment, and digital technology security in Hong Kong, has announced significant management changes. Mr. Longwen (Stanley) He, an existing director, has been appointed as the new Chief Executive Officer and Chairman of the Board. Additionally, Mr. Siyuan Xu has joined the Board of Directors and is leading the company's real estate operation business line.
Mr. Xu brings valuable experience from his role as president of Xinnuohan Investment Holding Shenzhen Co., , where he oversees overall management. His expertise spans real estate investment, operation management, asset mergers and acquisitions, and non-performing asset disposal. CEO Stanley He expressed confidence that Mr. Xu's experience will accelerate the company's real estate business expansion and improve operational goals, particularly in light of the perceived opportune timing for global real estate investment and the potential for digital technology to enhance real estate operations.
Dunxin Financial Holdings (NYSE American: DXF) announced on September 23, 2024, that it received a notice of delisting from NYSE American on September 17, 2024. The Exchange suspended trading of Dunxin's ADS and initiated delisting proceedings due to the low selling price of the company's ADS, citing Section 1003(f)(v) of the NYSE American Company Guide.
Dunxin plans to appeal the decision to the Exchange's Listing Qualifications Panel, although success is not guaranteed. The company's ADS began trading under the symbol DXFFY on the OTC Pink market on September 18, 2024.
CEO Longwen (Stanley) He stated that following a successful business restructuring, the company's operational management and financial health are strong, with new ventures already contributing to revenue. Management remains confident in future growth and is committed to cooperating with the Exchange during the appeal process.
Dunxin Financial Holdings (NYSE American: DXF) has filed its annual report on Form 20-F for the fiscal year ending December 31, 2023, with the SEC. The filing was completed on May 16, 2024. The report contains audited consolidated financial statements with a going concern emphasis of matter paragraph from the independent registered public accounting firm. This announcement is made in compliance with NYSE American Company Guide Section 610(b). The annual report is available on the SEC's website and Dunxin's investor relations website. Shareholders and ADS holders can request a hard copy free of charge from the company's IR department.
Dunxin Financial Holdings Limited (NYSE American: DXF) received a deficiency letter from NYSE American on March 6, 2023, due to low trading prices of its ADSs, which violates listing standards. The company must demonstrate sustained price improvement or consider a reverse stock split by September 6, 2023. While the letter does not lead to immediate delisting or impact business operations, Dunxin is actively developing plans to regain compliance within the cure period. The company has suspended loan offerings since 2020 and is exploring Metaverse-related technologies.
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