Tuniu Corporation (NASDAQ: TOUR) received approval from the Nasdaq Listing Qualifications Department on November 20, 2025 to move its American Depositary Shares from the Nasdaq Global Market to the Nasdaq Capital Market. The transfer will take effect at the opening of business on November 24, 2025, and the ADSs will continue to trade under the symbol TOUR.
The move grants Tuniu a second 180‑day compliance window that ends on May 18, 2026. During this period the company must maintain a closing bid price of at least US$1.00 for a minimum of ten consecutive business days, as required by Nasdaq’s minimum bid‑price rule. Failure to meet the threshold by the deadline would trigger a delisting process.
Tuniu’s bid‑price deficiency reflects a broader mix of financial pressures. The company’s net margin of 5.75 % and a Piotroski F‑Score that suggests operational strength are offset by an Altman Z‑Score of –4.95, indicating potential financial instability. In Q2 2025, earnings fell to $2.0 million, a sharp decline from the prior quarter, and full‑year 2024 earnings also showed a substantial year‑over‑year drop. These figures point to a combination of weaker demand in core travel segments and rising cost pressures that have pushed the share price below the $1.00 threshold.
Management has stated that it will "actively monitor the bid price and consider available options to regain compliance," including a potential reverse stock split or adjustment of the ADS‑to‑share ratio. Such actions would increase the per‑share price and help the company meet the Nasdaq requirement, but they would also alter shareholder ownership structures and could signal underlying confidence challenges to investors.
The market has responded cautiously. Technical indicators for TOUR lean toward a “Strong Sell,” and the 52‑week trading range as of November 20 was $0.735 to $1.170, with a closing price of $0.735. Investors are closely watching the company’s ability to lift the bid price above $1.00 before the May 18, 2026 deadline, as failure to do so would result in delisting and loss of market access.
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