Five Chinese companies, including two of the country’s largest oil groups, announced on Friday their withdrawal from the New York Stock Exchange, according to the AFP.
“Sinopec” and “PetroChina”, one of the world’s largest energy groups, said in separate statements that they would apply for a “voluntary withdrawal” from the US stock market.
Similar announcements and moves were made by “China Life” insurance, the Chinese aluminum giant “Chalco” and a Shanghai-based subsidiary of Sinopec.
All cite the costs of maintaining US listings, as well as the burden of complying with audit requirements, as reasons for the decision.
The five companies are on a “put on” notice list by the US market regulator to comply with accounting requirements.
Their decision is based on “commercial considerations” according to the Chinese financial market regulator statement.
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