Five companies owned by the Chinese Government have decided to delist themselves from the New York Exchange. This includes the country’s top chemical and energy company.
The Chinese Companies Delist From New York Exchange
include, China Life Insurance, PetroChina, Sinopec, Sinopec Shanghai Petrochemical and Aluminum Corporation of China. The said the delisting was voluntary and have notified the NYSE.
They outlined the reasons of delisting include “low turnover in the US” and “high administrative burden and costs”. But according to Reuters, the companies failed to reach auditing standards as required by the US.
These Chinese claimed the Security and Exchange Commission kick companies off the exchange if they decline to allow US watchdogs to inspect their financial audits.
The Chinese companies on the other hand rejected audit by the US. There is a rule that was formulated by China ten years ago not to allow its firms to be audited by overseas regulators.
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