PR Newswire Asia, 12/23/11
Chinese online and on-site education provider China Education Alliance (NYSE: CEU) has announced that on December 21, 2011, New York Stock Exchange (NYSE) Regulation, Inc. delivered a notice to the company confirming that the exchange will suspend trading of China Education Alliance's common stock on the NYSE prior to the opening of business on Thursday, December 29, 2011. The notice also confirmed that the exchange intends to delist the company's common stock. China Education Alliance expects to commence trading on the over-the-counter market that same day, under a symbol yet to be determined.
Yu Xiqun, CEO of China Education Alliance commented, "We are very disappointed with the NYSE's decision to suspend trading and delist our shares. Since the onset of the unfounded allegations a year ago, we have at all times kept our doors open to all shareholders who have wanted to research our business in China and have made ourselves available to help investors correctly understand our business. We have held two annual general meetings to discuss the future development goals and strategic plans of the company. We have refused to be intimidated by rumors, none of which have proved true in more than one year. Our business performance has been recovering and our future prospects remains strong."
Yu further stated, "As of September 30, 2011 we achieved USD 26.3 mln in revenue and USD 18.4 mln in profit. We strongly believe our stock price and market value do not correctly reflect the performance and future prospects of our company."
For more information on this topic, please see "China Education Alliance Receives NYSE Delist Warning" MD 8/1/11 and "China Education Alliance Acknowledges Unusual Market Activity," MD 7/25/11 issues.