Management has 2 days to resolve the issue with a well detailed plan that is acceptable to NASDAQ listing. If no rules are violated in the book, Nasdaq cannot just "delist" the stock because they feel like doing it.
Since the 8k seems to be associated with SEC, i believe that the SEC is involved in this matter.
CCME, the company, is complying with regulations and disclosing everything as much as possible to stay compliant.
I have my own speculation based on rumors by talking to a few people in hong kong on why WUYI authorized a special dividend but I will keep it to myself until it is confirmed.