Sudden!China Life, Sinopec, PetroChina, CNOOC, and Shanghai Petrochemical announced that they will delist from the New York Stock Exchange, and the CSRC responded

On the evening of August 12, some Chinese enterprises have issued announcements one after another to apply for voluntarily delisting US deposits from the NYSE. As of press time, five companies in China Life, Sinopec, China Petroleum, China Aluminum, and Shanghai Petrochemical Co., Ltd. have issued an announcement to delist US deposit shares from the New York Stock Exchange.

China Life took the lead in issuing an announcement saying that the application for voluntary company deposit shares from the New York Stock Exchange, and revoked the registration of these depository shares and its corresponding H shares under the securities trading law. The last date of deposit shares in the New York Stock Exchange is expected to be September 1, 2022. Since this date, the company's deposit shares will no longer be listed and traded on the New York Stock Exchange. The company also announced that from January 1st to July 31st, 2022, the cumulative original insurance premium revenue was approximately 469.6 billion yuan (unaudited).

Subsequently, Sinopec, China Petroleum, China Aluminum, and Shanghai Petrochemical Industry Co., Ltd. successively issued an announcement that it was planned to delist from the New York Stock Exchange from the New York Stock Exchange.

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. The final trading date of PetroChina Stock Stocks in the New York Stock Exchange is September 8, 2022 or around.

According to the Petroleum Announcement, the company will instruct the deposit bank in New York Meilong Bank in accordance with the requirements of the depository agreement to issue a notice to the depositable stock holder. Time or back and forth (ending date). During the period from the New York Stock Exchange to the end of the deposit plan to terminate, the deposit shares under the company's deposit plan are expected to trading the market (OTC) transaction on the off -site trading market (OTC).

China Aluminum claims that it plans to delist from the New York Stock Exchange from the New York Stock Exchange and revoke the responsibility of registering and termination of information disclosure of the US securities trading law.

Shanghai Petrochemical Co., Ltd. stated that the delisting decision was made based on certain considerations, including the number of H shares corresponding to the deposit stocks issued by the company than the total number of H shares in the company, and the transaction volume of the company's deposit shares is. The H -shares global transaction volume is relatively limited compared to, as well as maintaining the listing of U.S. deposit stocks on the NYSE, and those depository shares and corresponding H shares registered and complied with regular reports and other related obligations stipulated by the Securities Exchange Law on the US Securities and Exchange Commission The larger administrative burden and costs involved. The company's board of directors approves the delisting of deposit shares, and in accordance with the actual situation in the future, the application for shall be applied to the company's registration and the registration of the corresponding H -shares on the premise of meeting the relevant laws and regulations of the securities trading law.

In this regard, some reporters asked: Recently, some Chinese companies have announced the initiative to delist from the United States. What does the CSRC think?

The person in charge of the relevant departments of the CSRC answered the reporter and asked: We noticed the situation. Listing and delisting belong to the normal capital market. According to relevant companies' announcement information, these companies have strictly abide by the US capital market rules and regulatory requirements since the listing of the United States, and make delisting options for their own business considerations. These companies are listed in many places, and the proportion of securities listed in the United States is very small. The current delisting plan does not affect the continued use of domestic and foreign capital market financing and development.

The China Securities Regulatory Commission respects the decision made by enterprises in accordance with its actual situation and in accordance with the rules of overseas listing. We will maintain communication with relevant overseas regulatory agencies to jointly safeguard the legitimate rights and interests of enterprises and investors. (Organ: Fang Fengjiao)

Edit: Li Yunpeng

- END -