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TIAN RUIXIANG Holdings Ltd (TIRX) is a prominent insurance brokerage firm offering an extensive array of insurance products to cater to diverse client needs. The company specializes in distributing property and casualty insurance, including commercial property insurance, liability insurance, accidental insurance, and automobile insurance. Additionally, TIAN RUIXIANG provides various other insurances such as health insurance, life insurance, and miscellaneous policies.
As a trusted intermediary, TIAN RUIXIANG acts on behalf of its customers, assisting them in securing comprehensive insurance coverage from reputable insurance companies. The firm’s primary revenue stream is derived from the provision of insurance brokerage services, while a smaller portion comes from its risk management services.
Recently, TIAN RUIXIANG has been focused on enhancing its service offerings and expanding its market presence through strategic partnerships and innovative solutions. The company continues to be a significant player in the insurance brokerage industry, known for its commitment to customer satisfaction and excellence in service delivery.
Stay updated with the latest news and developments from TIAN RUIXIANG Holdings Ltd to gain insights into their performance and strategic initiatives.
Latest News:
- Forward-Looking Statements
- Investor and Media Enquiries
- Collaboration with Wealth Financial Services LLC
TIAN RUIXIANG Holdings (Nasdaq: TIRX), a China-based insurance broker, reported financial results for the half year ended April 30, 2024. The company faced a net loss of $2.6 million, primarily due to a significant revenue decline of 75.4% to $0.2 million. This decrease was mainly attributed to the loss of key insurance company partners. Despite challenges, the company saw an increase in commissions from liability insurance. Total operating expenses rose by 18.4% to $3.1 million. The company is pursuing strategies to mitigate losses, including expanding into the Hong Kong insurance brokerage market and diversifying its client base.
TIAN RUIXIANG Holdings (Nasdaq: TIRX), a China-based insurance broker, has regained compliance with Nasdaq's periodic filing requirement. The company received written notification from Nasdaq on July 18, 2024, confirming its compliance with Listing Rule 5250(c)(1). This follows the company's filing of its annual report on Form 20-F for the period ended October 31, 2023, which was submitted on July 17, 2024. The announcement marks an important step for TIRX in maintaining its listing status on the Nasdaq Stock Market.
TIAN RUIXIANG Holdings (Nasdaq: TIRX) reported financial results for the fiscal year ended October 31, 2023. The company, a China-based insurance broker, experienced an 8.0% decrease in revenue to $1.2 million, primarily due to lower commissions from several insurance products and loss of certain partners. However, they achieved a significant increase of $612,000 in commissions from liability insurance products. Despite the revenue decline, TIRX managed to reduce its net loss by 47.6% to $2.5 million, down from $4.7 million in the previous year. This improvement demonstrates enhanced financial performance and operational efficiency. The company's total operating expenses decreased by 33.6% to $4.3 million, while the loss from operations narrowed by 40.5% to $3.0 million.
TIAN RUIXIANG Holdings (Nasdaq: TIRX), a China-based insurance broker, has regained compliance with Nasdaq's minimum bid price requirement by maintaining a closing bid price of $1.00 per share for ten consecutive business days as of May 28, 2024. The company also received an extension until August 15, 2024, to comply with Nasdaq's filing requirements after a previous delay in filing its Annual Report on Form 20-F for the fiscal year ended October 31, 2023. If not filed by August 15, 2024, the company may face delisting. The extension does not impact TIAN RUIXIANG's business operations, SEC reporting, or contractual obligations.
TIAN RUIXIANG Holdings announced a 1-for-5 reverse share split of its ordinary shares to regain compliance with Nasdaq rules. Shareholders approved the proposal at an extraordinary general meeting held on May 6, 2024. The Company's class A ordinary shares will begin trading on a post-Share Consolidation basis on May 14, 2024, under the symbol 'TIRX'. The Share Consolidation aims to meet the minimum bid price per share requirement set by Nasdaq.
TIAN RUIXIANG Holdings Ltd (TIRX) reported a significant 42.2% decline in revenue for the six months ending April 30, 2022, totaling $0.95 million compared to $1.64 million in the previous year. This decrease was largely due to a $1.03 million drop in commissions from liability insurance. Operating expenses surged 129.6% to $4.83 million, resulting in a net loss of $3.50 million and a loss per share of $0.28. Despite market challenges, the company aims to expand in commercial property insurance to mitigate losses.
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