Petrochina, Sinopec, And Other Chinese-owned Companies To Delist From NYSE

On August 12, local time, several Chinese companies, including PetroChina, Sinopec, Shanghai Petrochemical, Chinalco, and China Life, announced that they complied with NYSE securities laws and voluntarily applied to delist their depositary shares from the NYSE because of operational costs burden.

As reported in March this year, the U.S. stock exchange SEC has announced pre-delisting Chinese companies. As of July, the pre-delisting list involves 150 Chinese companies, mainly in the Internet industry, including many well-known companies, such as Tencent Music, Alibaba, Pinduoduo, Weibo, etc. When Chinese concept stocks were listed on the NYSE, citing national security reasons, they refused U.S. regulators to scrutinize relevant documents.

After a long period of negotiations, U.S. regulators have always insisted that they must know the status of Chinese companies listed in the United States, and companies should submit relevant documents within a specified time. There are about 300 Chinese stock companies affected by the rule. At the end of July, Alibaba announced that Hong Kong would be the primary listing place, and most other Chinese concept stocks also plan to list in Hong Kong.