Five Chinese state-owned companies to delist from New York Stock Exchange later this month
COMPANY NEWS STOCKS
Five Chinese state-owned companies to delist from New York Stock Exchange later this month
COMPANY NEWS STOCKS

Five Chinese state-owned companies to delist from New York Stock Exchange later this month

 

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Five Chinese state-owned firms including China Life Insurance and oil giant Sinopec said Friday they would delist from the New York Stock Exchange, amid heightened diplomatic and economic tensions with the United States.

The companies, which also include Aluminium Corporation of China (Chalco), PetroChina and Sinopec Shanghai Petrochemical Co, said in separate statements that they would apply for delistings of their American Depository Shares from later this month.

The companies, which have been added to the Holding Foreign Companies Accountable Act (HFCAA) list in May after they were identified as not meeting US regulators’ auditing standards, will keep their listings in Hong Kong and mainland Chinese markets.

China and the US have been in talks to resolve a long-running dispute that could lead to Chinese firms being kicked off US exchanges if they do not comply with US audit rules.

“These companies have strictly complied with the rules and regulatory requirements of the U.S. capital market since their listing in the U.S. and made the delisting choice for their own business considerations,” the China Securities Regulatory Commission (CSRC) said in a statement.