China Digital declares special $1.50 cash dividend
China Digital declared a special cash dividend of $1.50 per ordinary share. Each of the company's ADS represents one ordinary share. Shareholders of record as of the close of business on May 31 will be eligible to receive the dividend. The company will announce the payment date as soon as the completion of currency conversion. The aggregate amount of cash dividends to be paid is approximately $90.4M based on the number of outstanding shares as of December 31, 2016. The payment of the special cash dividend is expected to reduce both the company's market capitalization and shareholder's equity. These will significantly increase the risk of rendering it ineligible for being listing on the NYSE.