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Tian Ruixiang Holdings Ltd. (TIRX) stock declines during pre-market. Here’s what’s going on?

Tian Ruixiang Holdings Ltd. (NASDAQ: TIRX) stock gained by 1.15% at last close whereas the TIRX stock price plunged by 5.3% in the pre-market trading session. TIAN RUI XIANG Holdings is a Chinese insurance broker with its headquarters in Beijing. It offers an extensive range of insurance products that are divided into two categories:

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What is happening?

Zhongkang Yiyang (Beijing) Health Technology which is a firm that provides technology and health management-based services, has commissioned TIAN RUI XIANG Holdings to design and introduce the “Zhongkang Huimin Cancer Prevention Insurance.” Residents of Mainland China will be able to purchase a specialty health insurance plan that focuses on cancer prevention and treatment. The prominent Chinese insurance business will underwrite the “Zhongkang Huimin Cancer Prevention Insurance.”

The China Anti-Aging Promotion Association which is a non-profit organization affiliated with the Chinese Ministry of Civil Affairs has approved Zhongkang to offer marketing, advertising, and other services for activities related to the “China Cancer Prevention Public Welfare Project.” One of the primary projects under the “China Cancer Prevention Public Welfare Project” is the creation of the Zhongkang Huimin Cancer Prevention Insurance.

Recent Past Development

TIRX said on April 29 that it got confirmation from Nasdaq Stock Market LLC (“Nasdaq”) stating that it had recovered compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely submission of periodic reports with the US Securities and Exchange Commission (“SEC”).

TIRX filed its Annual Report on Form 20-F for the fiscal year ended October 31, 2020, with the Securities and Exchange Commission on April 26, 2021. As a result, on April 27, 2021, TIRX received a close-out notice from NASDAQ, informing it that it had restored compliance with NASDAQ Listing 5250(c) (1).

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