XI'AN, China, Sept. 1, 2015 /PRNewswire/ -- SkyPeople Fruit Juice, Inc. (NASDAQ: SPU - News) ("SkyPeople" or "the Company"), a producer of fruit juice concentrates, fruit juice beverages and other fruit-related products, is pleased to announce that its Board of Directors has approved and authorized its management to start the preparatory work for the listing of SPU's PRC operating subsidiary, SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)"), on the National Equities Exchange and Quotations (the "NEEQ") in Beijing, China.
The NEEQ is a new-style, over-the-counter stock market which was approved by The State Council of the PRC and established in January, 2013. The main purpose of establishing the NEEQ financing platform was to resolve the needs of a certain small and medium-sized enterprises which cannot meet the listing standards of the Shanghai Stock Exchange (the "SSE") or the Shenzhen Stock Exchange (the "SZSE") and thus, cannot raise capital on those markets. Compared to the SSE and SZSE, the supervision and transaction rules of the NEEQ are less restrictive.
Since the NEEQ was established in 2013, it has developed quickly. As of August 1, 2015, there were almost three thousand listed companies on the NEEQ. The total number of listed enterprises on the SSE and SZSE was only approximately two thousand eight hundred. Because of the open and flexible conditions for listing on the NEEQ, this new market has attracted many high quality companies.
As an example, on April 3, 2015, SynTheAll Pharmaceutical Co. Ltd ("STA"), the wholly owned subsidiary of WuXi PharmaTech (Cayman) Inc. ("WuXi"), listed on the NEEQ successfully. WuXi is listed on the NYSE (stock symbol: WX). STA created a model for overseas-listed Chinese companies to enter the PRC capital markets. SkyPeople believes that it is widely accepted that the method adopted by STA could enable more companies to take advantages of PRC and overseas capital markets, thus opening a new channel for broadening companies' sources of financing.
In addition to STA, other companies listed on NEEQ include: JD Capital, Uwaysoft and Blue Mountains Technology Co., Ltd., to name a few.
The management of SkyPeople is now actively preparing a plan for listing SkyPeople (China) on the NEEQ, but, at the present time, the Board of Directors of SkyPeople has not authorized a capital financing for SkyPeople (China) on the NEEQ. The purpose of the Board of Directors approval and authorization of SkyPeople (China)'s listing on the NEEQ is to take full advantage of the rapid developments in the PRC capital markets which can bring opportunities to enterprises such as SkyPeople (China) and help them realize the realistic valuations in the stock market, and open a potential channel of financing from the public capital markets within China.
Although the Board of Directors has authorized SPU's management to start the preparatory work of the listing of SkyPeople (China) on the NEEQ, the Board of Directors and SPU's management cannot guarantee that SkyPeople (China) will be able to list on the NEEQ successfully. There also cannot be any assurances as to whether SkyPeople (China) can be successful in raising new capital on the NEEQ in the future.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a Vanuatu company, and SkyPeople Juice International Holding (HK) Ltd., a company organized under the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly owned subsidiary of Pacific, holds 99.78% ownership interest in SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)"). SkyPeople (China), together with its operating subsidiaries in China, is engaged in the production and sales of fruit juice concentrates, fruit beverages, and other fruit related products in the PRC and overseas markets. Its fruit juice concentrates are sold to domestic customers and exported directly or via distributors. Fruit juice concentrates are used as a basic ingredient component in the food industry. Its brands, "Hedetang" and "SkyPeople," which are registered trademarks in the PRC, are positioned as high quality, healthy and nutritious end-use juice beverages. For more information, please visit http://www.skypeoplefruitjuice.com.
This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to, the Company's ability to successfully list on the NEEQ and obtain financing through its potential listing on the NEEQ and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE SkyPeople Fruit Juice, Inc.