China Digital receives delisting notice from NYSE
China Digital has received notice from the NYSE that the NYSE has suspended trading immediately and commenced proceedings to delist the company's ADS from the NYSE. Trading of the ADSs was previously halted on May 16. The NYSE cited the section of the Company Manual which may prompt delisting when a company has sold or otherwise disposed of its principal operating assets or has ceased to be an operating company, alongside an NYSE concern about the timing and certainty of the company's special cash dividend of US$1.50 per ordinary share. The company has a right to a review, by a committee of the Board of Directors of the NYSE, of the NYSE delisting determination. The company presently intends to exercise this right and appeal the NYSE's decision to delist its shares. The company is also now actively seeking other alternative listing arrangements. Current shareholder ownership rights remain in place and all shareholders retain rights of ownership in China Digital TV.