NEW YORK (Sept. 23, 2002)—The New York Stock Exchange has told China Enterprises Ltd. that trading of the company´s common shares will be suspended Friday, Sept. 27, after its per-share price fell below $1 over a period of 30-consecutive trading days. China Enterprises said it will appeal the NYSE´s decision and is exploring its options.
China Enterprises stock (ticker symbol CSH) closed Sept. 23 at 50 cents a share, well below its 52-week high of $2. The company previously submitted a business plan to the NYSE intended to bring its market capitalization into compliance with the exchange's minimal requirement of at least $15 million.
Formerly known as China Tire e-commerce.com Ltd., China Enterprises is a holding company for a number of joint ventures that manufacture and market tires in China and other countries abroad. It also has a substantial interest in an investment holding company whose subsidiaries are principally engaged in providing package tours, travel, transportation and other related services.