Five of China’s biggest state-owned companies, representing hundreds of billions of dollars in market value, will delist from the New York Stock Exchange in coming weeks, the firms said in a flurry of filings Friday.
Three of the world’s biggest energy companies, including Sinopec, said they would apply to delist their American shares.The companies’ share prices fell in trading in New York on Friday, most by around 1 per cent. Together, the companies have a combined market valuation of more than $US300 billion., and greater scrutiny of Chinese companies listed in the United States since Congress passed legislation introducing stricter oversight of these firms in 2020.as other companies on US stock exchanges.
China’s market regulator said the moves would not “jeopardise” fundraising activities by the five firms, adding that they can choose from multiple markets. The companies will keep their listings in Hong Kong and mainland China. All five companies were added to a list of Chinese firms that did not meet the auditing standards of US regulators, outlined in the Holding Foreign Companies Accountable Act that was passed in 2020.
Who cares! We need to decouple from China ASAP
utterance or proposition or false.
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