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Five Chinese companies quit the New York Stock Exchange, here’s why more might follow

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Five Chinese state-owned companies announced on Friday that they would withdraw from the New York Stock Exchange (NYSE), as tensions between China and the United States remain high and a dispute over regulatory issues n is still unresolved, Reuters reported.

Oil conglomerate Sinopec, China Life Insurance, Aluminum Corporation of China, PetroChina and Sinopec subsidiary Sinopec Shanghai Petrochemical Co. all announced their delisting from the NYSE in late August, Reuters reported. Companies listed on the NYSE are required by US law to submit to a US audit, which China has refused to do, leading to the possibility that Chinese companies that remain listed will be forcibly removed by the US. according to The the wall street journal. (RELATED: Here’s How Markets Reacted to Pelosi’s Taiwan Trip)

“These companies have strictly complied with the rules and regulatory requirements of the US capital market since their listing in the United States and made the delisting election for their own business considerations,” the China Securities Regulatory Commission (CSRC) said. in a press release. Release. “The CSRC respects the business decision of these companies in accordance with the rules of the listing venue. We will continue to communicate and cooperate with relevant overseas regulators to jointly safeguard the legitimate rights and interests of issuers and investors. »

In December 2021, the U.S. Securities and Exchange Commission (SEC) notified 273 Chinese companies that they risked delisting if they continued to fail to comply with hearing regulations, Reuters reported. Some of China’s biggest companies such as e-commerce firm Alibaba and artificial intelligence firm Baidu are among them, Reuters reported.

Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City.  (Photo by Spencer Platt/Getty Images)

Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City. (Photo by Spencer Platt/Getty Images)

The market value of Chinese companies listed in the United States was around $2 trillion, according to the WSJ.

Although the companies have been delisted from the NYSE, they will remain listed on stock exchanges in Hong Kong and mainland China, according to Reuters. Global fund managers holding shares in U.S.-listed Chinese companies have instead started holding shares on Hong Kong listings, Reuters reported.

“These companies are very thinly traded with a very small U.S. market capitalization, so it’s not a loss for U.S. capital markets,” Brendan Ahern, CIO of Krane Funds Advisors, a New York-based fund, told Reuters. on Chinese technology.

Some experts interviewed by Reuters said the write-offs could be a sign that China is not interested in further talks with the United States on the issue. “China is sending the message that its patience is running out in the audit talks,” Kai Zhan, senior lawyer at Chinese law firm Yuanda, told Reuters.

Ahern noted that delisting the five companies involved could actually ease tensions between the United States and China over the audit issue, as they are most likely to have information that the Chinese would not want the Chinese to have. foreign listeners are seeing, Reuters reported.

China Telecom, China Mobile and China Unicom were delisted from the NYSE following a Trump-era regulatory rule that restricted investment in Chinese technology, which President Joe Biden has not retracted, Reuters reported. .

The NYSE declined a request for comment from the Daily Caller News Foundation.

The SEC, PetroChina, Sinopec, Sinopec Shanghai Petrochemical, Aluminum Corporation of China and China Life did not immediately respond to a DCNF request for comment.

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