China HGS Real Estate Inc. Regains Compliance with NASDAQ Minimum Bid Price
HANZHONG, China, Nov. 23, 2012
HANZHONG, China, Nov. 23,2012 /PRNewswire/ --China HGS Real Estate Inc. (
the "Company") (NASDAQ:HGSH), a leading real estate developer for Tier 3 and
Tier 4 cities and counties in China, today announced that the Company has
received a letter dated November 20, 2012 from The NASDAQ Stock Market LLC
("NASDAQ") notifying the Company that it has regained compliance with the
minimum bid price of $1.00 per share requirement for continued listing set
forth in NASDAQ Listing Rule 5450(a)(1), as its common stock has achieved a
closing bid price of $1.00 or more for 14 consecutive business days from
October 31, 2012 to November 19, 2012.
On January 18, 2012, NASDAQ notified the Company that the Company's common
stock did not maintain a minimum closing bid price of $1.00 per share
("Minimum Bid Price Requirement") for 30 consecutive business days as
required by NASDAQ Listing Rule 5550(a)(2). The Company was provided 180
calendar days to regain compliance. In a letter dated July 18, 2012, the
NASDAQ notifiedthe Company that it is eligible for an additional 180-day
period,or until January 14, 2013,to regain compliance with the Minimum Bid
Price Requirement.In connection with the grant of the additional 180-day
period, the listing of the Company's common stock was transferred at the
Company's request to the NASDAQ Capital Market under the existing ticker
symbol (HGSH) at the opening of business on July 20, 2012.
About China HGS Real Estate Inc.
China HGS Real Estate Inc. is a leading real estate developer and has been
focused on property development in China's Tier 3 and Tier 4 cities and
counties. The Company utilizes a standardized and scalable model that
emphasizes rapid asset turnover, efficient capital management and strict cost
control. The Company possesses the national grade I real estate qualification
and was ranked as one of top real estate developer in Shaanxi province, China.
This press release contains forward-looking statements, which are subject to
change. The forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All
"forward-looking statements" relating to the business of China HGS Real Estate
Inc., which can be identified by the use of forward-looking terminology such
as "believes," "expects" or similar expressions, involve known and unknown
risks and uncertainties which could cause actual results to differ. These
factors include but are not limited to: the ability of the Company to meet its
contract obligations; the uncertain market for the Company's business，
macroeconomic, technological, regulatory, or other factors affecting the
profitability of real estate business; and other risks related to the
Company's business and risks related to operating in China. Please refer to
the Company's Annual Report on Form 10-K for the fiscal year ended September
30, 2011, as well as the Company's Quarterly Reports on Form 10-Q that have
been filed since the date of such annual report, for specific details on risk
factors. Given these risks and uncertainties, you are cautioned not to place
undue reliance on forward-looking statements. The Company's actual results
could differ materially from those contained in the forward-looking
statements. The Company undertakes no obligation to revise or update its
forward-looking statements in order to reflect events or circumstances that
may arise after the date of this release.
For further information, please contact:
President of Capital Market
China Phone: (86)091-62622612
SOURCE China HGS Real Estate Inc.
Press spacebar to pause and continue. Press esc to stop.