BEIJING, Nov. 3, 2022
/PRNewswire/ -- Kuke Music Holding Limited ("Kuke" or the
"Company") (NYSE: KUKE), a leading classical music service platform
in China, announced that it has
received a letter from the New York Stock Exchange (the "NYSE")
dated September 29, notifying
Kuke Music that it is not in
compliance with the NYSE's continued listing standard with respect
to minimum average share price due to the fact that the average
closing price of the Company's American Depositary Shares (the
"ADSs") was less than $1.00 for a
consecutive 30 trading-day period. As of November 2, the 30 trading-day average price of
the ADSs was $0.55.
The Company must bring its share price and average share price
back above $1.00 within six months following receipt of
the notification by the NYSE. In the event that at the expiration
of the six-month cure period, both a $1.00 closing share
price on the last trading day of the cure period and
a $1.00 average closing share price over the 30
trading-day period ending on the last trading day of the cure
period are not attained, the NYSE will commence suspension and
delisting procedures. Alternatively, the Company can also
demonstrate an accelerated cure based on a $1.00 share
price on both the last trading day of any calendar month within the
six-month cure period and the average share price over the 30
trading days preceding the end of that month.
The NYSE notification letter does not affect the Company's
business operations, and the Company will take all reasonable
measures to regain compliance within the prescribed grace
period.
About Kuke Music Holding Limited
Kuke is a leading classical music service platform in
China encompassing the entire
value chain from content provision to music learning services. By
collaborating with its strategic global business partner Naxos, the
largest independent classical music content provider in the world,
the foundation of Kuke's extensive classical music content library
is its unparalleled access to more than 900 top-tier labels and
record companies. Leveraging its market leadership in international
copyrighted classical music content, Kuke provides highly scalable
classical music licensing services to various online music
platforms, and classical music subscription services to over 800
universities, libraries and other institutions across China. In
addition, it has hosted Beijing Music Festival ("BMF"), the most
renowned music festival in China, for 24 consecutive years. Through
KUKEY, the Company's proprietary AI music learning system, Kuke
aims to democratize music learning via technological innovation,
bring fascinating music content and professional music techniques
to more students, and continuously improve the efficiency and
penetration of music learning in China.
For more information about Kuke, please
visit https://ir.kuke.com/
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SOURCE Kuke Music Holding Limited
