Five Chinese companies announced that they launched their delisting from the United States.

On the evening of August 12, five Chinese companies including Shanghai Petrochemical, China Aluminum, PetroChina, Sinopec, and China Life Insurance successively announced that they planned to delist from the New York Stock Exchange from the New York Stock Exchange, which caused widespread market attention incidents.

In response to the above -mentioned enterprises to announce the start of the delisting from the United States, the person in charge of the relevant departments of the CSRC responded that: listing and delisting are the normal capital market.

Fengkou Finance noticed that the companies that announced this time were large state -owned enterprises, which were disclosed in the announcement that the delisting option was due to its own business considerations.

Five companies issued an announcement: delisting from the US New York Stock Exchange

Fengkou Finance combed and found that the reasons for the delisting of five companies in the announcement were basically the same, mainly two main:

First, the proportion of US deposit stocks accounted for a small proportion of the company's H shares and total shares, and the transaction volume was lower than the company's global transaction volume.

Second, maintaining the listing of US deposit shares on the NYSE, the registered shares and the corresponding H shares register and comply with the regular reports and related obligations stipulated by the US Securities Exchange Law on the US Securities Exchange Law. The administrative burden and costs involved are big.

Specifically, China Life issued an announcement saying that in accordance with the securities trading law, it will apply for voluntarily submit the company's deposit shares from the New York Stock Exchange, and revoke these depository shares and its corresponding H shares under the securities transaction law. Registration.

China Petroleum Announcement, the company notified the New York Stock Exchange on August 12, 2022 (Eastern United States) that the company will apply for voluntarily deposit it in the United States in accordance with relevant regulations such as the US Securities Trading Law (revised) in 1934 in 1934. Torrent shares (referred to as depository shares) delisted from the NYSE. At the same time, the company has never used the secondary financing function of the NYSE, and the Stock Exchange and the Shanghai Stock Exchange have strong alternativeness, which can meet the company's normal operation of financing needs.

China Aluminum announced that the company intends to apply for voluntarily delisting its US deposit securities shares from the New York Stock Exchange, and revokes these depository shares and corresponding foreign shares in accordance with the regulations of the US Securities Trading Law in 1934.

Shanghai Petrochemical Announcement stated that the company had notified the New York Stock Exchange Company on August 12, 2022 to voluntarily withdrawn from the NYSE based on the US Securities Trading Law (revised) in 1934 US Securities Trading Law (revised). After the legal conditions are mature, the registered registration and termination of its report on the US Securities and Exchange Commission.

As for the specific arrangements for delisting, China Aluminum and China Life intends to be around August 22 on August 22. Around August 26, Sinopec and PetroChina intend to submit them to the US Stock Exchange Fair Around August 29, respectively. Related documents, the delisting is expected to take effect 10 days after the file is submitted.

Response of the CSRC: Listing and delisting belong to the normal capital market

In response to the above -mentioned enterprise announced the initiative to delist from the United States, the person in charge of the relevant departments of the Securities Regulatory Commission said when answering the reporter and said that the relevant situation had been noticed.

The person in charge of the relevant departments of the CSRC pointed out that listing and delisting are the normal capital market. According to relevant companies' announcement information, these companies have strictly abide by the US capital market rules and regulatory requirements since the listing of the United States, and make delisting options for their own business considerations. These companies are listed in many places, and the proportion of securities listed in the United States is very small. The current delisting plan does not affect the continued use of domestic and foreign capital market financing and development.

Fengkou Finance noticed that the companies that announced this time were large state -owned enterprises, which explained in the latest announcement of the announcement that they were considered by their own business development.

The person in charge of the relevant departments of the CSRC further stated that it will respect the decision made by the enterprise in accordance with its own actual situation and in accordance with the rules of overseas listing. The CSRC will maintain communication with relevant overseas regulatory agencies to jointly safeguard the legitimate rights and interests of enterprises and investors.

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