Will there be any avenues for shareholders to trade or convert their ADSs, such as a reverse split, tender offer, or listing on another exchange?

Answer

Since NYSE has suspended trading and begun formal delisting proceedings, the XIN ADSs can no longer be bought or sold on the NYSE while the process is ongoing. In practice, delistings are rarely resolved by a reverse‑split or an immediate relisting on another U.S. exchange; those mechanisms require a clear‑cut corporate action plan that the NYSE would have communicated in advance. At this stage the company has not announced a voluntary tender‑offer, a share‑exchange, or a migration of the ADSs to another venue (e.g., Nasdaq, CBOE). Consequently, existing shareholders are left with essentially no liquid market for the ADSs until the exchange issues a final notice that either (a) the ADSs will be cancelled (the shares are extinguished and shareholders receive a cash‑out, usually after a tender period) or (b) the company completes a cross‑listing of the underlying ordinary shares on a foreign exchange (e.g., Shanghai, Shenzhen, or Hong Kong) where the shares may be tradable but would still require conversion through the depositary bank.

Trading implication: Until the company publishes a formal restructuring or tender‑offer, the only viable short‑term action is to liquidate the position if you have the ability to trade on an over‑the‑counter (OTC) platform that still handles suspended securities, or to hold the ADSs while monitoring for a forthcoming cash‑out tender. The risk of further value erosion is high—price action on both the U.S. and Chinese underlying markets is likely to be driven by the delisting news, and any potential redemption will be priced at a deep discount to recent NYSE levels. From a risk‑managed standpoint, most traders would exit the position or limit exposure to a few % of capital, treating the ADSs as a “dead‑stock” until the company declares a definitive corporate‑action plan.