Five Chinese enterprises have announced that they will delist from the New York Stock Exchange

On the evening of the 12th, China Life, Sinopec, China Petroleum, China Aluminum, and Shanghai Petrochemical issued an announcement, which plans to deliver US deposit shares from the NYSE. Subsequently, the China Securities Regulatory Commission responded to this that these companies accounted for a small proportion of listing securities in the United States. Choosing the delisting was due to its own business considerations, and the delisting from the United States would not affect continuing overseas financing.

"Global Times" reporter from the five companies found that the reasons for the delisting of the five companies were basically the same, that is, the overall proportion and transaction volume in the US -deposit shares were very small, but because it was maintained in the United States, it was listed in the United States, but it was maintained in the United States. To pay a large administrative burden and cost. Under the comprehensive evaluation, it was decided to delist from the NYSE.

PetroChina conducted the most detailed explanation of the reasons for delisting in the announcement. The announcement shows that China Petroleum was listed on the Hong Kong Stock Exchange and the New York Stock Exchange in 2000. Among them, the NYSE shares listed on the NYSE account for 23.5%of the total H -shares issuance. In the addition of the Stock Exchange and the Shanghai Stock Exchange, as of August 9 this year, the proportion of its shares in the US depository shares has dropped sharply to about 3.93%, and the total shares account for only 0.45%. China Petroleum also said that due to the differences in regulatory rules, it will pay a larger administrative burden on continuing to continue to be listed on the NYSE, and the company has not made secondary financing since it was listed in the United States in 2000. At the same time, the company in A shares and H and H. Stocks can meet the company's normal financing needs. After a comprehensive assessment, the company's board of directors approved the withdrawal shares from the New York Stock Exchange.

The China Securities Regulatory Commission responded after the five Chinese enterprises issued an announcement saying that listing and delisting belong to the normal capital market. Since the listing of the United States, these companies strictly abide by the US capital market rules and regulatory requirements, and make delisting options for their own business considerations. These companies have been 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.

According to the announcement, the five companies will subsequently carry out the delisting process in accordance with the relevant regulations of the US securities market. The background of the five Chinese companies with the background of the five state -owned assets from the United States is the increasingly severe suppression of Chinese companies in the financial market. According to the "Accountability Law of Foreign Companies", the US Securities Regulatory Commission has included China Life, Sinopec, PetroChina, and China Aluminum in May this year. Stocks were retired in 2024. At present, dozens of companies in the United States and China have been realized or are seeking to go public in Hong Kong's second and double major listing. Some Chinese stocks listed in many places have also been withdrawn from the New York Stock Exchange.

On May 24, 2019, SMIC notifications will start the delisting procedure. The reasons explained in the announcement are basically similar to the reasons of the five Chinese enterprises from the New York Stock Exchange on the 12th. After the delisting of SMIC from the New York Stock Exchange, it landed on the A -share science board in 2020 to achieve the listing of AH shares. As China's largest chip manufacturing company, SMIC International was included in the list of China's military -related companies in December 2020, and US investors were restricted to trade in their stocks. In the same year, China Mobile, China Telecom, and China Unicom's three major China Telecom operators were also included in this blacklist. Then the New York Stock Exchange launched a delisting operation to the three major operators, which led to the three major operators decided to decide from the New York Stock Exchange. Delist. As China Mobile landed on the Shanghai Stock Exchange on January 5, 2022, all three major operators all landed on A shares.

Yu Shilin, manager of Huasheng Securities Research Department in Hong Kong, said in an interview with the Global Times reporter on the 12th that, as the company announced and responded to the CSRC, the trading volume of these listed companies in the New York Stock Exchange was relatively small, and the financing function was not outstanding. In order to maintain more work or costs to maintain it in the United States, it will be worthless. From this perspective, this is indeed a voluntary delisting behavior, which has nothing to do with the United States' suppression of Chinese stocks in the financial market. However, Yu Shilin said that in the context of the United States' increase in Chinese stocks, the actions of the five companies can avoid some risks in advance. He believes that as the United States has stricter the regulatory policy of China stocks, the audit risks facing Chinese companies will increase, and the audit costs that enterprises need to pay and the risks of data security cannot be ignored. Yu Shilin said: "If the United States increases the accounting review of Chinese companies, or it must be implemented by a US company or an accounting firm in the United States, then the listed company will generate a very expensive expenditure. Weighing the advantages and disadvantages. It is necessary to maintain listing on the NYSE. "

Gao Lingyun, a researcher at the Institute of Economics and Political Sciences of the Chinese Academy of Social Sciences, told the Global Times reporter that the delisting options of five companies are rational, and in the future may make the same choice in other Chinese companies. He believes that the United States' acts of suppressing Chinese stocks for political purposes will affect the credit of the US securities market, because a financial market mixed with political purposes will also make other foreign companies scruple, which will eventually affect the United States in the global financial market in the world. Influence. ▲

Reporter Ni Hao Xie Xie

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