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

Economy

13-08-2022, 20:40

INA - SOURCES

Five state-owned Chinese companies, including the country's leading energy and chemical company, have chosen to delist from the New York Stock Exchange by the end of August.

In separate statements issued Friday, China Life Insurance, PetroChina, Sinopec, Aluminum Corporation of China and Sinopec Shanghai Petrochemical said they had notified the NYSE and applied for "voluntary delisting."

All five companies cited "low turnover in the US" and "high administrative burden and costs" as their reason for the departure.

the news comes after all five were flagged by The US Securities and Exchange Commission in May, according to Reuters, for failing to meet US auditing standards.

China's securities watchdog, the China Securities Regulatory Commission, said on Friday that it is aware of the situation and that "it is normal for companies to list or delist from any market."

"We will keep in touch with foreign regulatory institutions and protect the rights of corporations and investors together," it said.