State-owned Chinese companies to delist from the NYSE

On Friday, a host of Chinese state-owned companies, including China Life Insurance and Sinopec, announced plans to delist from the U.S. stock market.

Aluminum Corporation of China and PetroChina also announced in separate statements that they would delist from the NYSE their American Depository Shares but there will be no change in the listings of the four companies in Hong Kong or mainland China.

There have been talks between China and the United States to resolve a long-running audit dispute that could result in Chinese companies being kicked off American exchanges.



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In May, the companies were added to the Holding Foreign Companies Accountable Act (HFCAA) list after being identified as not meeting U.S. regulators' auditing standards. The companies' separate statements on Friday did not mention the auditing disputes.

In comparison with other major listing venues, each of the four said their U.S. traded share volume was small.

A delisting application will be filed by China Life and Chalco on Aug. 22, and the delisting will take effect 10 days later. PetroChina and Sinopec said they would submit their applications on Aug. 29.

12-08-2022

Categories: news


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