NYSE to Suspend Trading Immediately in Jupai Holdings Limited (JP) and Commence Delisting Proceedings

Rhea-AI Summary

NYSE has initiated proceedings to delist the American Depositary Shares (ADSs) of Jupai Holdings Limited (ticker: JP) after its trading was suspended on June 24, 2022. This decision follows the Company's failure to meet the NYSE's continued listing standard, which requires an average global market capitalization of at least $15 million over 30 consecutive trading days. The Company has the right to appeal this determination, and the NYSE will seek approval from the Securities and Exchange Commission to finalize the delisting.

Positive

• None.

Negative

• Company failed to meet NYSE's continued listing standards for market capitalization, falling below $15 million.
• Trading in the ADSs was suspended, indicating potential liquidity issues.

NEW YORK--(BUSINESS WIRE)-- The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the American Depositary Shares, each representing six Ordinary Shares (the “ADSs”) of Jupai Holdings Limited (the “Company”) — ticker symbol JP — from the Exchange. Trading in the Company’s ADSs was suspended after the market close on the NYSE on June 24, 2022.

NYSE Regulation reached its decision to delist the ADSs pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000.

The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220624005483/en/

Company Contact:

Jupai Investor Relations

Email: ir@jpinvestment.cn

Philip Lisio

The Foote Group

Phone: +86 (10) 8429 9544

Email: Jupai-IR@thefootegroup.com

NYSE Contact:

NYSE Communications

PublicRelations-NYSE@ice.com

Source: NYSE Regulation

FAQ

Why is Jupai Holdings Limited being delisted from the NYSE?

Jupai Holdings Limited is being delisted because it failed to maintain an average global market capitalization of at least $15 million.

What happened to the trading of Jupai Holdings Limited's shares?

Trading of Jupai Holdings Limited's American Depositary Shares (ADSs) was suspended after the market closed on June 24, 2022.

What recourse does Jupai Holdings Limited have against the delisting?

The Company has the right to appeal the NYSE Regulation's decision to a Committee of the Board of Directors.

When was the decision to delist Jupai Holdings Limited made?

The decision to delist was announced by NYSE on a date following the suspension of trading on June 24, 2022.