Five U.S.-Listed Chinese Companies Seek to Delist From NYSE
August 12 2022 - 5:26AM
Dow Jones News
By Clarence Leong
Five U.S.-listed Chinese companies said Friday that they intend
to delist their American depositary shares from the New York Stock
Exchange, as U.S. and Chinese regulators remain at loggerheads over
audit requirements.
In separate filings to the Hong Kong stock exchange, China Life
Insurance Co. Ltd. (China), PetroChina Co., China Petroleum &
Chemical Corp., Aluminum Corp. of China Ltd. and Sinopec Shanghai
Petrochemical Co. said they would apply for the voluntary delisting
of their ADSs from the NYSE.
PetroChina cited the "considerable administrative burden for
performing the disclosure obligations" necessary for maintaining
its U.S. listing, while many companies noted the limited trading
volume of their ADSs.
PetroChina said that as of Aug. 9, its outstanding ADSs
represented about 3.93% of its total Hong Kong-listed shares and
0.45% of the total share capital of the company.
All five companies said they plan to file with the U.S.
Securities and Exchange Commission to delist their securities
within this month. The delisting of their ADSs from the NYSE is
expected to become effective 10 days thereafter, they said.
More than 250 Chinese companies face mass delistings from the
U.S. if the two countries can't reach a deal for U.S. regulators to
inspect the audit papers of Chinese companies.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
August 12, 2022 06:11 ET (10:11 GMT)
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