Five major Chinese state-owned companies, including energy giants PetroChina and Sinopec, as well as Aluminum Corporation of China (Chinalco), China Life Insurance and a Shanghai-based subsidiary of Sinopec, have announced that they will apply for the voluntary delisting of their shares on the Stock Exchange. New York.
The five companies indicated that the decision is due to the additional requirements set forth in the amendment to the regulations of the US stock market, which raises the requirements for periodic information and legal obligations.
Likewise, the companies expressed their intention to present the documentation before the Securities Market Commission (SEC) between the next August 22 and 29 and they anticipate that the exclusion will take effect ten days later, so it is expected that the last day trading of the securities on the New York Stock Exchange is around September 1, 2022. In this sense, the China Securities Market Regulatory Commission has taken note of the announcements by the companies, stressing that the five firms “have strictly observed the relevant US rules and regulations since they have been listed on the US markets.”
