Chinese firms to apply for voluntary delisting from NYSE
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Five Chinese companies, Sinopec, PetroChina, Aluminum Corporation of China (Chalco), China Life Insurance, and a Shanghai-based Sinopec subsidiary, have announced their delisting from the New York Stock Exchange as tensions between Washington and Beijing mount
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Five Chinese companies to delist from New York Stock Exchange
Five Chinese companies, announced, on Friday, that they will delist from the New York Stock Exchange. The Five companies, Sinopec, PetroChina, Aluminum Corporation of China (Chalco), China Life Insurance, and a Shanghai-based Sinopec subsidiary, have announced the delisting as tensions between Washington and Beijing mount following US House Speaker Nancy Pelosi visiting Taiwan.
In separate statements, Sinopec and PetroChina have confirmed that they will apply for "Voluntary delisting" whereas Chalco, as well as China Life Insurance, and a Shanghai-based Sinopec subsidiary have also revealed they will take similar actions.
According to information published by the US Securities and Exchange Commission, the five companies were given the choice of either complying with Wall Street's new audit requirement or facing delisting by Wall Street.
Various statements issued by the companies entailed that the respective company will end trading with the NYSE as early as September. The companies said that the cost of remaining enlisted has become a burden and that the reporting obligations required by the NYSE became very strenuous after they took effect last year.
China's securities regulator stated on Friday that the five companies made the decision to delist "out of their own business considerations" adding that the decision "will not affect the companies' continued use of domestic and foreign capital markets for financing and development."
On August 6, Qin Gang held the US fully responsible for the increased US-China tensions according to Sputnik.
China announced Friday it will be ending cooperation with the United States on important issues such as climate change, anti-drug efforts, and military talks, as Sino-US relations deteriorate after Washington stubbornly made its way to Taiwan, breaching Chinese sovereignty.
The United States and China, two of the world's largest polluters, put their hands together last year to work together to accelerate climate action.
Furthermore, in response to the visit, China has encircled the island with a series of huge military drills.
Pelosi, after the visit, was sanctioned by Beijing.
Read more: US could exploit tensions around Taiwan: China FM
