Pingtan Marine struggles to remain listed on Nasdaq as foreign investors cool on Chinese companies
Fuzhou, China-based distant-water fishing firm Pingtan Marine Enterprise is struggling to get the price of its share back up above the minimum of USD 1.00 (EUR 0.96) required to remain listed on the Nasdaq Stock Exchange.
Pingtan, which has been repeatedly sanctioned by the Nasdaq Stock Exchange for late publication of its results and inadequate reporting of corporate activity, now has until 24 April, 2023 to comply with Nasdaq's minimum bid price requirement. This could prove a challenge for the company, as foreign investors have turned negative on Chinese corporations recently. Several firms publicly listed in the United States have seen their share prices slide after China President Xi Jinping consolidated power at the recent Chinese Communist Party Congress in October 2022.
Investors have been struggling to assess the impact of Xi’s ...
Photo courtesy of Goran Vrhovac/Shutterstock