NYSE Moves to Delist China RTO Duoyuan Printing
"We truly appreciate the continuing patience of our investors and look forward to bringing the market further updates in a timely manner," Chui added.
Duoyuan shares continued to crater Tuesday, falling 25% to $1.28. The stock traded as high as $11 in January 2010 and then crashed after the company's fallout with Deloitte in September.
Duoyuan originally gained a stock listing in the U.S. through a 2006 reverse merger. In 2009, the company's stock began trading on the NYSE after a public offering underwritten by Roth Capital and Piper Jaffray.
Duoyuan is the latest in a raft of delistings and trading halts among Chinese small-cap companies. The sector appears to be unraveling.Trading in shares of China MediaExpress (CCME), once a $1 billion market-cap company, remains frozen amid allegations of massive fraud. Fuqi International (FUQI), a jewelry company long under SEC investigation, was kicked to the Pink Sheets by Nasdaq on Monday. Its stock was trading there at $2.47, down 10% from the previous close and light years from Sept. 2009, when the equity surpassed $30. China Agritech (CAGC), an embattled fertilizer producer, received a listing violation notice from Nasdaq on March 21 after the company failed to file a 2010 annual report with U.S. regulators. Its stock, halted since March 14, last traded at $6.88. In February last year, the stock ramped above $30 and has mostly declined ever since. Meanwhile, the NYSE's Amex saw fit to immediately boot the shares of a company called China Century Media Dragon (CDM) from the exchange, according to an 8-K disclosure filing made by the company late Monday night. China Century has until Thursday to appeal. The delisting decision, along with a formal investigation into the company's affairs launched by the SEC, came after its auditor, MaloneBailey, resigned, saying it had discovered irregularities that "may be an indication that the accounting records have been falsified, which would constitute an illegal act." China Century, which purports to be a television advertising company, sold 1.2 million shares at $5.25 apiece just in February.
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