BVI-registered China Techfaith Wireless Communication Technology Ltd. announced financial results for the three months period ended December 31, 2015. In the reported period, company’s revenues were US$8.55 million, net earnings were US$-2.40 million.
Gross margin increased from 11.45% to 25.03% as compared to the same period of 2014. Operating margin made -19.62%, compared to -12% in the previous year.
Company’s earnings increased compared to the same period last year, despite decline in operating and pretax margins.
BVI-registered company China Natural Resources, Inc. announced that it has received a Nasdaq Stock Market deficiency notice informing that it is not compliant with the US$35mln market value of listed securities required for continued listing on the Nasdaq Capital Market. China Natural Resources did not meet the requirement, based upon the closing bid price of its common shares for the 30 consecutive business day measurement period.
The BVI corporation will be provided 180 calendar days to regain compliance, and if during the period its market value of listed securities closes at or above US$35mln for a minimum of ten consecutive business days, or it will be compliant with one of the alternative continued listing standards, the matter will be closed. In case China Natural Resources does not regain compliance or satisfy one of the alternative standards, its securities will be subject to be delisted from the Nasdaq Capital Market.
Currently the BVI company is evaluating business transactions that will enable it to achieve compliance with Nasdaq criteria.
China TechFaith Wireless Communication Technology Limited, the developer, owner and operator of commercial real estate properties across China and China-based mobile solutions provider for the global mobile handsets market, announced that it will change the ratio of its American Depositary Shares to ordinary shares, par value US$0.01 per share. The change from 1 ADS to 15 ordinary shares to 1 ADS to 75 ordinary shares will be effective on March 1, 2016.
No new shares will be issued as a result of the ratio change, and company’s ADS will continue to be traded on the NASDAQ stock exchange. After the ratio change, the ADS price is expected to automatically increase proportionally. It will assist TechFaith in regaining compliance with the minimum bid price continued listing requirement of the NASDAQ Stock Market.
RTG Mining Inc., a British Virgin Islands-incorporated mining exploration company listed on the main Board of Toronto Stock Exchange, made the announcement that it has completed Consolidation of its ordinary shares. The consolidation was made on the basis of ten pre-Consolidation shares for one post-Consolidation share, and approved by the Board of Directors of RTG Mining in February 2014.
According to the Consolidation, 326,538,643 RTG shares issued and outstanding are transferred to approximately 32,653,864 shares, and traded on TSX exchange under the same symbol.