Five Chinese state-owned companies, including oil giant Sinopec and China Life Insurance, said on Friday they would delist from the New York Stock Exchange, amid economic and diplomatic tensions with the United States, Reuters reported.
Photo Insert: The companies, which also include Aluminum Corp. of China (Chalco), PetroChina, and a separate Sinopec entity, Sinopec Shanghai Petrochemical Co., each said they would apply to delist their American Depository Shares this month.
The companies, which also include Aluminum Corp. of China (Chalco), PetroChina and a separate Sinopec entity, Sinopec Shanghai Petrochemical Co., each said they would apply to delist their American Depository Shares this month
The five, which in May were flagged by the US securities regulator as failing to meet its auditing standards, will keep their listings in Hong Kong and mainland Chinese markets.
Beijing and Washington are in talks to resolve a long-running audit dispute which could potentially result in Chinese companies being banned from US exchanges if they do not comply with US rules.
Washington has long demanded complete access to the books of US-listed Chinese companies, but Beijing bars foreign inspection of audit documents from local accounting firms, citing national security concerns.
There was no mention of the auditing dispute in separate statements by the Chinese companies outlining their moves, which come amid heightened tensions after last week's visit to Taiwan by US House of Representatives Speaker Nancy Pelosi.