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Multiple Chinese state-owned companies to delist from NYSE amid scrutiny

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Posted at 7:39 PM, Aug 12, 2022
and last updated 2022-08-12 19:39:54-04

Five Chinese state-owned companies listed by the U.S. on the New York Stock Exchange (NYSE) have now agreed to all voluntarily delist after an audit by the U.S. Securities and Exchange Commission.

As Reuters reported, the companies came under major scrutiny by the U.S. securities regulator and announced on Friday that they would remove themselves from the stock exchange.

As the Wall Street Journalist reported, the companies included PetroChina, China Petroleum & Chemical, Aluminum Corp. of China, and China Life Insurance Co. who, according to the audit, had very low trading volumes.

The Chinese state-owned companies said they intend to delist their American depositary shared from the NYSE. Regulators in Beijing and Washington are said to be at odds over current U.S. audit requirements.

Statements from the state-owned companies announcing their intention to delist came in quick succession, Bloomberg reported.