Multiple central enterprises and officials of China Enterprises announced their voluntary delisting from the New York Stock Exchange

After the market on August 12, China Petroleum Gas Co., Ltd. (referred to as "PetroChina") announced that the company had notified the New York Stock Exchange (referred to as the NYSE) on August 12, 2022 (Eastern United States). According to relevant provisions such as the 1934 US Securities Trading Law (revised), the application voluntarily submitted its US deposit shares from the New York Stock Exchange. On the same day, many central enterprises such as Sinopec, China Aluminum, China Life, and other central enterprises also announced that they applied for voluntarily to delist their US deposit shares from the New York Stock Exchange.

China Petroleum completed the issuance of H -shares of 17.582418 billion companies in 2000, and was listed in the Hong Kong United Exchange Co., Ltd. and the NYSE. Among them, the NYSE listing deposit stocks accounted for 23.5%of the total H -shares issuance. In 2005, the company completed more than 3 billion H -shares. In 2007, the company completed the issuance of A -shares of 4 billion shares and was listed on the Shanghai Stock Exchange. As of August 9, 2022, the number of petroleum depository stocks accounted for about 3.93%of the company's total H shares, accounting for about 0.45%of the company's total shares.

Regarding the reasons for delisting, PetroChina said that considering but not limited to the following factors: At present, deposit stocks account for a small proportion of the company's H shares and total shares, and the transaction volume is lower than the company's global transaction volume. The differences in regulatory rules for listing areas have led to the disclosure obligation of continuing to maintain deposit shares on the NYSE listing. The replacement can meet the company's normal operation of the financing needs of the company. In order to better safeguard the interests of investors, after comprehensive evaluation, the company's board of directors approves the deposit shares to delist from the New York Stock Exchange, and according to the actual situation of the future Under the premise of the relevant provisions of the law, apply for the registration of these depository shares and the corresponding H shares at the US Securities and Exchange Commission (SEC).

According to the announcement, PetroChina plans to submit Table 25 to SEC on August 29, 2022 or before and after, in order to delist it from the New York Stock Exchange. The delisting of the depository stock is expected to take effect after the ten -day submission of Table 25. The last trading date of the deposit stock on the NYSE is September 8, 2022 or around. After this date and the date, the company's depository shares are no longer listed on the New York Stock Exchange. After the deposit shares delist from the NYSE, the company continues to retain the trading market of the Stock Exchange and the Shanghai Stock Exchange as the company's stock. The holders of the depository shares can replace the deposit shares back to H shares to trade on the Stock Exchange.

On the same day, Sinopec's announcement stated that it was notified of the New York Stock Exchange on August 12, 2022 (Eastern Time in the United States) that the company will apply for a voluntary US deposit shares from the US Securities Exchange Law (revised) in 1934 The New York Stock Exchange is delisted.

Sinopec said that after comprehensive consideration, the number of H shares corresponding to the deposit stocks issued by the company is compared with the total number of H shares from the company. Compared with relatively limited, and long -term maintenance stocks are listed on the NYSE, and those depositable shares and corresponding H shares register and comply with regular reports stipulated by the Securities Exchange Act and a large administrative burden involved in the relevant volunteers The company's board of directors approved the delisting of deposit shares from the New York Stock Exchange, and in accordance with the relevant actual situation in the future, the company applied for revocation of these depository shares and corresponding H shares to register with the relevant provisions of the securities trading law.

Sinopec said that the company plans to submit a form 25 form 25 forms to the US Stock Exchange on August 29, 2022 to delist its depository shares from the New York Stock Exchange. These delisting is expected to take effect ten days after the submission of form 25. After the effective date and the date of effectiveness, the company's deposit stocks are no longer listed on the NYSE.

(Source: Beijing Daily)

【Edit: Shang Pei】

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