KUKE Music Regains Compliance with NYSE Continued Listing Standards
Kuke Music Holding (NYSE: KUKE), a leading classical music service platform in China, has regained compliance with the New York Stock Exchange's (NYSE) quantitative continued listing standards. The NYSE confirmed on September 10, 2024, that Kuke has met the minimum market capitalization and shareholders' equity requirement over the past two quarters.
This development follows a notification on June 29, 2023, when Kuke fell below compliance standards due to its average global market capitalization dropping below $50 million over a consecutive 30 trading-day period and shareholders' equity being less than $50 million. As of September 11, 2024, the below compliance indicator will be removed from Kuke's American depositary shares, and the company will no longer be listed as below continued listing standards on the NYSE website.
Kuke will now enter a 12-month monitoring period to ensure ongoing compliance with NYSE's continued listing standards.
Kuke Music Holding (NYSE: KUKE), una delle principali piattaforme di servizi musicali classici in Cina, ha recuperato la conformità con gli standard quantitativi di quotazione continuativa della Borsa di New York (NYSE). La NYSE ha confermato il 10 settembre 2024 che Kuke ha soddisfatto il requisito minimo di capitalizzazione di mercato e di patrimonio netto degli azionisti negli ultimi due trimestri.
Questo sviluppo segue una notifica del 29 giugno 2023, quando Kuke era scesa al di sotto degli standard di conformità a causa della sua capitalizzazione di mercato globale media che era scesa al di sotto di $50 milioni per un periodo consecutivo di 30 giorni di trading e il patrimonio netto degli azionisti inferiore a $50 milioni. A partire dall'11 settembre 2024, l'indicatore di non conformità sarà rimosso dalle azioni depositarie americane di Kuke e l'azienda non sarà più classificata come al di sotto degli standard di quotazione continuativa sul sito web della NYSE.
Kuke entrerà ora in un periodo di monitoraggio di 12 mesi per garantire il rispetto continuo degli standard di quotazione della NYSE.
Kuke Music Holding (NYSE: KUKE), una de las principales plataformas de servicios de música clásica en China, ha recuperado la conformidad con los estándares cuantitativos de listado continuo de la Bolsa de Nueva York (NYSE). La NYSE confirmó el 10 de septiembre de 2024 que Kuke ha cumplido con el requisito mínimo de capitalización de mercado y de patrimonio neto de los accionistas durante los últimos dos trimestres.
Este desarrollo sigue a una notificación del 29 de junio de 2023, cuando Kuke cayó por debajo de los estándares de conformidad debido a que su capitalización de mercado global promedio disminuyó por debajo de 50 millones de dólares durante un período consecutivo de 30 días de negociación y el patrimonio neto de los accionistas era inferior a 50 millones de dólares. A partir del 11 de septiembre de 2024, el indicador de no conformidad se eliminará de las acciones depositarias estadounidenses de Kuke y la compañía ya no estará clasificada como por debajo de los estándares de listado continuo en el sitio web de la NYSE.
Kuke entrará ahora en un período de monitoreo de 12 meses para asegurar el cumplimiento continuo con los estándares de listado de la NYSE.
쿠케 뮤직 홀딩(Kuke Music Holding) (NYSE: KUKE), 중국의 주요 클래식 음악 서비스 플랫폼이 상장 요건을 재확인하였습니다. 뉴욕 증권거래소(NYSE)는 2024년 9월 10일 쿠케가 지난 두 분기 동안 최소 시장 자본금 및 주주 지분 요건을 충족했다고 확인했습니다.
이러한 발전은 2023년 6월 29일 쿠케가 30일 연속 거래 기간 동안 평균 글로벌 시장 자본금이 5000만 달러 이하로 떨어지고 주주 지분이 5000만 달러 미만으로 하락하면서 기준 미달 통지를 받은 후에 이루어졌습니다. 2024년 9월 11일부터 쿠케의 미국 예탁 증권에서 기준 미달 지표가 제거되며 NYSE 웹사이트에서 계속 상장 기준 미달로 분류되지 않게 됩니다.
쿠케는 이제 NYSE의 지속적인 상장 기준을 보장하기 위해 12개월 모니터링 기간에 들어갑니다.
Kuke Music Holding (NYSE: KUKE), une plateforme de services de musique classique leader en Chine, a récupéré sa conformité avec les normes quantitatives de liste continue de la Bourse de New York (NYSE). La NYSE a confirmé le 10 septembre 2024 que Kuke a respecté le minimum de capitalisation boursière et les exigences de capitaux propres des actionnaires au cours des deux derniers trimestres.
Ce développement fait suite à une notification du 29 juin 2023, lorsque Kuke est tombée en dessous des normes de conformité en raison de la baisse de sa capitalisation boursière mondiale moyenne en dessous de 50 millions de dollars pendant une période consécutive de 30 jours de négociation et des capitaux propres des actionnaires inférieurs à 50 millions de dollars. À partir du 11 septembre 2024, l'indicateur de non-conformité sera supprimé des actions américaines de Kuke et la société ne sera plus classée comme étant en dessous des normes de liste continue sur le site de la NYSE.
Kuke entrera maintenant dans une période de surveillance de 12 mois pour garantir la conformité continue avec les normes de liste de la NYSE.
Kuke Music Holding (NYSE: KUKE), eine führende klassische Musikdienstplattform in China, hat die Compliance wiedererlangt mit den quantitativen fortlaufenden Listungsstandards der New Yorker Börse (NYSE). Die NYSE bestätigte am 10. September 2024, dass Kuke die Mindestmarktkapitalisierung und Eigenkapitalanforderungen in den letzten zwei Quartalen erfüllt hat.
Diese Entwicklung folgt einer Mitteilung vom 29. Juni 2023, als Kuke aufgrund eines Rückgangs seiner durchschnittlichen globalen Marktkapitalisierung auf unter 50 Millionen Dollar über einen aufeinanderfolgenden Zeitraum von 30 Handelstagen und einem Eigenkapital von weniger als 50 Millionen Dollar unter die Compliance-Standards fiel. Ab dem 11. September 2024 wird der Hinweis auf die Nichterfüllung von Kuke's amerikanischen Depotaktien entfernt, und das Unternehmen wird auf der NYSE-Website nicht mehr als unter den fortlaufenden Listungsstandards geführt.
Kuke wird nun in eine 12-monatige Überwachungsphase eintreten, um die fortwährende Einhaltung der NYSE-Listungsstandards sicherzustellen.
- Regained compliance with NYSE's quantitative continued listing standards
- Achieved minimum market capitalization and shareholders' equity requirement
- Removal of below compliance indicator from American depositary shares
- None.
Insights
Kuke Music's return to compliance with NYSE listing standards is a positive development for the company. This achievement indicates improved financial health and market perception. The company's ability to maintain a market capitalization and shareholders' equity above
However, investors should note that Kuke will be under a 12-month monitoring period. This oversight implies ongoing scrutiny of the company's financial performance and stability. While the immediate threat of delisting has been averted, maintaining compliance will be important for Kuke's long-term standing on the NYSE.
The removal of the below compliance indicator may improve investor confidence and potentially attract new investors who were previously deterred by the compliance issues. However, it's essential to consider the broader context of Kuke's business performance and growth prospects in the competitive Chinese music streaming market before making investment decisions.
Kuke Music's compliance with NYSE standards reflects positively on its market position in China's classical music streaming sector. The company's ability to meet the
However, investors should consider the broader trends in China's digital music market. The classical music niche, while potentially lucrative, faces competition from larger, diversified platforms. Kuke's ability to maintain and grow its market share will be important for long-term success.
The 12-month monitoring period provides an opportunity to closely track Kuke's performance. Investors should watch for key performance indicators such as user growth, revenue per user and content acquisition strategies to gauge the company's trajectory in this competitive landscape.
Kuke Music's compliance with NYSE standards is a significant legal and regulatory milestone. It demonstrates the company's ability to meet stringent financial requirements, which is important for maintaining investor trust and access to U.S. capital markets.
The 12-month monitoring period is a standard procedure but requires careful attention. During this time, Kuke must consistently meet all NYSE requirements to avoid future compliance issues. This includes maintaining financial thresholds and adhering to reporting and corporate governance standards.
Investors should be aware that while immediate delisting concerns are alleviated, ongoing compliance is critical. Any future non-compliance could lead to renewed delisting procedures. It's advisable to monitor Kuke's quarterly reports and any material changes in its business operations or financial structure that could impact its NYSE listing status.
Beijing, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Kuke Music Holding Limited (“Kuke” or the “Company”) (NYSE: KUKE), a leading classical music service platform in China, today announced that it received notification from the New York Stock Exchange (the “NYSE”) on September 10, 2024, confirming that the Company has been back in compliance with the NYSE’s quantitative continued listing standards. This decision came as a result of the Company’s achievement of compliance with the NYSE’s minimum market capitalization and shareholders’ equity requirement over the past two quarters.
As previously reported, on June 29, 2023, Kuke was notified by the NYSE that it was below compliance standards due to the Company’s average global market capitalization falling below
Beginning with the opening of trading on September 11, 2024, the below compliance indicator will no longer be transmitted for the Company’s American depositary shares, and the Company will no longer be noted as being below continued listing standards on the NYSE’s website (www.nyse.com). In accordance with the NYSE’s Listed Company Manual, the Company will be subject to a 12-month monitor period, within which it will be reviewed to ensure its compliance with the NYSE’s continued listing standards.
About Kuke Music Holding Limited (NYSE: KUKE)
Kuke is a leading classical music service platform in China encompassing the entire value chain from content provision to music learning services, with approximately 3 million audio and video music tracks. By collaborating with its strategic global business partner Naxos, the largest independent classical music content provider in the world, the foundation of Kuke’s extensive classical music content library is its unparalleled access to more than 900 top-tier labels and record companies. Leveraging its market leadership in international copyrighted classical music content, Kuke provides highly scalable classical music licensing services to various online music platforms, and classical music subscription services to over 800 universities, libraries and other institutions across China. In addition, it has hosted Beijing Music Festival (“BMF”), the most renowned music festival in China, for 24 consecutive years. Through KUKEY, the Company’s proprietary smart music learning solutions, Kuke aims to democratize music learning via technological innovation, bring fascinating music content and professional music techniques to more students, and continuously improve the efficiency and penetration of music learning in China. For more information about Kuke, please visit https://ir.kuke.com/.
Forward-looking Statements
This announcement contains forward looking statements. These 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,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Statements that are not historical facts, including but not limited to statements about Kuke’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including those in Kuke’s registration statement filed with the Securities and Exchange Commission. Further information regarding these and other risks is included in Kuke’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Kuke undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For further information, please contact:
Kuke Music Holding Limited
Investor Relations
Email: ir@kuke.com
FAQ
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