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BEIJING - Kuke Music Holding Limited (NYSE:KUKE), a classical music service platform in China with a current market capitalization of $65 million, announced Tuesday it has regained compliance with the New York Stock Exchange’s quantitative continued listing standards. The company’s stock has faced significant challenges, declining over 80% in the past year.
The NYSE confirmed on June 30 that Kuke has met the minimum market capitalization and shareholders’ equity requirement under Section 802.01B of the NYSE Listed Company Manual. The below compliance indicator will no longer be displayed alongside the company’s American depositary shares. According to InvestingPro data, the company currently maintains a weak financial health score of 0.86, with short-term obligations exceeding liquid assets.
According to the press release statement, Kuke achieved compliance by the end of its 9-month plan period, which expired on June 24. The company will now undergo a 12-month monitoring period to ensure continued adherence to listing standards.
Separately, Kuke reported it has initiated content partnerships with automotive manufacturers, primarily focused on electric vehicle in-car entertainment systems. The company also stated it has begun exploring opportunities in the artificial intelligence sector, with efforts directed toward research and development of music and AI applications.
Kuke operates a classical music service platform in China with approximately 3 million audio and video music tracks. The company provides classical music licensing services to online music platforms and subscription services to over 800 universities, libraries and other institutions across China. Through its partnership with Naxos, Kuke claims access to content from more than 900 labels and record companies. Financial metrics from InvestingPro reveal a challenging period for the company, with revenue declining 36% and negative EBITDA of $5.9 million in the last twelve months. Unlock 10+ additional ProTips and comprehensive financial analysis with an InvestingPro subscription.
The company has also hosted the Beijing Music Festival for 24 consecutive years and offers smart music learning solutions through its KUKEY platform.
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