August 10, 2010 (FinancialWire) — Xinhua Sports & Entertainment Ltd. (NASDAQ: XSEL) said it was notified on August 5 by the Staff of The NASDAQ Stock Market LLC that it has not regained compliance with the minimum $1.00 bid price requirement set forth in Listing Rule 5450(a) (1). As a result, Xinhua Sports’ ADSs would be subject to delisting from the NASDAQ Global Market unless the company requests a hearing before a NASDAQ listing qualifications panel.

The company said it plans to request a hearing before the panel, and that its securities will remain listed until the panel issues its decision following the hearing.

Under NASDAQ's Listing Rules, the panel may, in its discretion, grant the company a further extension of time to regain compliance up to a maximum of 180 calendar days from the date of the staff's delisting determination with respect to the minimum bid price requirement.

However, there can be no assurance that the panel will grant any such extension.

China-based XSEL is a sports and entertainment media company in China. Through international partnerships, XSEL is able to offer its target audience premium sports and entertainment content. Through its Chinese partnerships, XSEL is able to deliver this content across a range of platforms, including television, the Internet, mobile phones, cinema, university campuses and other multimedia assets in China.

The company has offices and affiliates in cities throughout China including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong.

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