The transaction was also cancelled following Nasdaq’s recent proposed amendments to its listing rules, which include stricter and additional requirements for companies with businesses mainly administered in China.
Fuxing China Group will not proceed with its secondary listing application on the Nasdaq, the Mainboard-listed company announced on Nov 24.
According to the group, the proposed transaction was aborted as it experienced a prolonged delay in obtaining the requisite approval from the China Securities Regulatory Commission (CSRC) for the American Depositary Shares (ADS) offering. There is also no certainty of the approval being granted, the group adds.
