China Index Holdings Receives Notification From Nasdaq For
BEIJING, May 24, 2021 (GLOBE NEWSWIRE) – China Index Holdings Limited (NASDAQ: CIH), (“CIH” or the “Company”), a leading provider of real estate information and analysis services platforms in China, reports today that as of May 18, 2021, it fails to file its annual report on Form 20-F for the fiscal year ended December 31, 2020 (the “Form 20-F 2020”) with the Securities and United States Exchange Commission (the “SEC”)). The company previously filed Form 12b-25 with the SEC on May 3, 2021 for the late filing of Form 20-F 2020, under which Form 20-F 2020 had to be filed by May 17, 2021. The company expects to file Form 20-F (i) 2020 following negotiation between Fang Holdings Limited (“Fang”) and its convertible bondholders for the repayment schedule of the outstanding amount under the convertible notes, which were initially due in 2022 and became due on demand following the liquidation petition against Fang, (ii) once the Company’s financial statements for the year ended December 31, 2020 are finalized, and (iii) the Company has completed its assessment of the Company’s internal control over financial reporting as at December 31, 2020.
The company also reports that on May 19, 2021, it received a notification letter from Nasdaq Listing Qualifications (“Nasdaq”) indicating that the company was not in compliance with the Nasdaq 5250 (c) (1) listing rule. due to its failure to meet the deadlines to file Form 20-F 2020 with the SEC.
The Nasdaq notification letter gives the Company 60 calendar days from the date of notification, or until July 19, 2021, to submit a plan to Nasdaq to restore compliance with Nasdaq continuous listing requirements. If the plan is accepted, the Nasdaq can grant an exception of up to 180 calendar days, or until November 15, 2021, for the company to regain compliance. The Company can restore compliance at any time during this 180-day period by filing its Form 20-F 2020. If the Nasdaq does not accept the Company’s compliance plan, the Company will have the opportunity to appeal. this decision before a hearing panel under Nasdaq rule 5815 (a) listing. The Company intends to provide a compliance plan to Nasdaq by July 19, 2021.
The Nasdaq notification letter has no immediate effect on the listing of the Company’s US depositary shares on the Nasdaq Stock Market. This announcement is made in accordance with Nasdaq Listing Rule 5810 (b) which requires prompt disclosure of receipt of an anomaly notification.
About the CIH
CIH operates a leading real estate information and analysis services platform in China in terms of geographic coverage and data point volume. Its services cover database, analysis and promotion services for the Chinese real estate markets. CIH serves a substantial base of real estate players in China, including real estate developers, brokers and agents, property management companies, financial institutions and individual professionals, with an authoritative, comprehensive and seasonal real estate data collection. , complemented by a variety of powerful analytical and marketing tools. For more information on CIH, please visit http://ir.chinaindexholdings.com.
Safe Harbor declarations
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terminology such as “will”, “expect”, ” should, “” anticipates “,” aims “,” future “,” intends “,” plans “,” believes “,” is likely to “,” considers “,” may “,” should “and similar expressions , and includes, without limitation, statements regarding the pending liquidation petition against Fang and any related matter, and the future financial performance of the company, revenue forecasts, growth and growth rates, market position and the pursuit of business transformation. These statements are based on current management expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and of which many are beyond the control of the Company, which may cause its actual results, performance or achievements to differ materially from those contained in forward-looking statements. Potential risks and uncertainties include, but are not limited to, the impact of the company’s business development strategies, the company’s ability to continue operating in the future, the impact of the COVID-19 pandemic and the impact of current and future government policies affecting Chinese real estate market. Further information regarding these and other risks, uncertainties or factors is included in the documents filed by the Company with the United States Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required by law.