NYSE delists Kuke Music Holding after stock falls below $1
The New York Stock Exchange removed the Chinese classical music company Kuke from trading after its shares fell below one dollar for over 30 days. The Beijing firm saw its stock decline 85 percent this year before the delisting announcement. Trading ceased immediately on Tuesday.
Kuke raised 50 million dollars when it began NYSE trading in January 2021. The company reported 2024 revenue of $ 9.59 million, down 36 percent from the previous year. Financial analysts describe the business as facing severe cash problems with weak overall health.
The streaming service acquired Nashville label Naxos earlier this year after being sued by the same company for 1.8 million in unpaid licensing charges. Naxos’ founders disputed the acquisition terms and stopped providing music to Kuke’s platform in October. The company maintains appeal rights through the exchange’s board committee.
