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5 Chinese companies leaving New York Stock Exchange

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Five state-owned Chinese companies announced that they would delist from the New York Stock Exchange (NYSE) Friday, as tensions between China and the U.S. remain high and a dispute over regulatory issues remains unresolved, Reuters reported.
Oil conglomerate Sinopec, China Life Insurance, Aluminum Corporation of China, PetroChina and the Sinopec subsidiary Sinopec Shanghai Petrochemical Co. all announced they would delist from the NYSE at the end of August, Reuters reported. Companies listed on the NYSE are required by U.S. law to submit to U.S. auditing, which China has refused to do, leading to the possibility that Chinese companies remaining listed may be forcibly removed by the U.S., according to The Wall Street Journal.
“These companies have strictly complied with the rules and regulatory requirements of the U.S. capital market since their listing in the U.S. and made the delisting choice for their own business considerations,” the China Securities Regulatory Commission (CSRC) said in a press release. “The CSRC respects these companies’ business-driven decision in compliance with rules of the listing venue.

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