Chinese state-owned company to be delisted from New York Stock Exchange

New York, August 13: Five Chinese state-owned companies, including major Chinese energy and chemical companies, have opted to delist from the New York Stock Exchange (NYSE) by the end of August, media reported.

In separate statements released on Friday, China Life Insurance, PetroChina, Sinopec, Aluminum Corporation of China and Sinopec Shanghai Petrochemical have notified the NYSE and applied for “voluntary delistings,” CNN reported. . The reason for his resignation was “high clerical burden and expenses.”

China’s securities regulator, the China Securities Regulatory Commission, said on Friday that it was aware of the situation and that “it is normal for companies to list or delist on any market.” China sends fighters and bombers to Thailand for joint exercises with Thai forces.

“We will keep in touch with foreign regulatory bodies to jointly protect the rights of companies and investors,” he said. The news comes as the Securities and Exchange Commission ramps up scrutiny of audits by Chinese companies, he reported to CNN.

The commission can kick companies off the stock exchange if they don’t allow U.S. regulators to inspect financial audits three years in a row. For years, China has refused US audits of its companies. Chinese companies trading abroad are required to maintain audit documents in mainland China and cannot be audited by foreign authorities.

But in April, China’s securities regulator proposed changing a decade-old rule that barred Chinese companies from sharing sensitive data and financial information with foreign regulators, CNN reports. .

The amendment could allow U.S. regulators to inspect the audit reports of Chinese companies listed in New York. Nonetheless, companies like Alibaba are gearing up for the potential loss of direct access to US capital markets.

(The above article first appeared on LatestLY on August 13, 2022 at 3:03 PM (IST).For news and updates on politics, world, sports, entertainment and lifestyle, please visit our website Please log on to the site. Chinese state-owned company to be delisted from New York Stock Exchange

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