KUKE Music Reports Receipt of NYSE Non-Compliance Notices Regarding Continued Listing Standards

Core Viewpoint - Kuke Music Holding Limited is facing non-compliance issues with the NYSE regarding its continued listing standards due to low market capitalization and stockholders' equity [1][2][3] Group 1: NYSE Notifications - On September 24, 2024, Kuke was notified by the NYSE that its total market capitalization was below $50 million, averaging approximately $47 million over a 30 trading-day period, and its stockholders' equity was approximately $3.3 million as of December 31, 2023 [1][2] - The company received a second notice on October 8, 2024, indicating that its average closing price for its American Depositary Shares (ADSs) was approximately $0.98, below the required $1.00 [1][2] Group 2: Compliance Requirements - Kuke must respond to the NYSE within 45 days of the September Notice with a business plan to regain compliance within 9 months; failure to do so may lead to suspension and delisting [2] - The company is required to bring its share price above $1.00 within 6 months following the October Notice, or face similar consequences [2] Group 3: Company Operations and Market Position - Kuke is a leading classical music service platform in China, offering around 3 million audio and video music tracks and collaborating with Naxos, the largest independent classical music content provider [4] - The company provides classical music licensing services and subscription services to over 800 institutions in China and has hosted the Beijing Music Festival for 24 consecutive years [4] - Kuke aims to democratize music learning through its proprietary smart music learning solutions, enhancing access to music education in China [4]