NASDAQ Grants Fuqi Extension

Chinese jewelry manufacturer Fuqi International announced that a NASDAQ Listing
Qualifications Panel has granted the company’s request for a time extension to comply with the annual shareholder meeting and proxy solicitation
The company must solicit proxies and hold its annual meeting on or before May

In late September 2010, Fuqi received a NASDAQ notice of
noncompliance because of the delay in certain filings with the Securities and
Exchange Commission. The company was made aware that its securities were
subject to delisting unless it requested a hearing. The company timely requested a hearing and appeared before the panel
in November. In December, the panel rendered its determination to continue the
company’s listing subject to an extension through March 28. By that date, the
company must file with the SEC all delayed reports and any required restatements.

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