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Nasdaq said that China Valve will need to submit a plan for re-listing qualification before September 13 of this year. If the plan is approved, the company will receive up to 180 days to complete the plan; if the plan is not approved The company has the opportunity to appeal to the Nasdaq hearing on the ruling.
On July 13, China's valve stock was suspended. The final trading price at the time of suspension was $0.97. The reason for the suspension was "waiting for relevant news." Since then, the relevant SEC documents show that BDO China Shu Lun Pan CPAs LLP informed the China Valve Audit Committee that the firm will leave the company because the Chinese valve management required Dreiser to reduce service fees.
On August 21, Beijing time morning news, China Valve announced that it had received a Nasdaq notification letter. The letter of notification stated that the company did not submit its financial report as of June 30, 2012 as required.