China HGS Real Estate Inc. Regains Compliance with NASDAQ Minimum
Bid Price Requirement
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 notified the 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.
Safe Harbor Statement
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:
Randy Xiong
President of Capital Market
China Phone: (86)091-62622612
SOURCE China HGS Real Estate Inc.