Chinese oil giants to delist from US exchange

China

BEIJING, August 15, 2022 – Sinopec and PetroChina plan to voluntarily delist themselves from the New York stock exchange following scrutiny to comply with new audit requirements, Reuters reported on Friday.

Both companies said they will apply to delist their American depositary shares on August 29, 2022.

The two oil and gas giants are joined in leaving the exchange by China Life Insurance, Aluminium Corporation of China and Sinopec’s subsidiary Sinopec Shanghai Petroleum. All companies will retain their listings within China.

In May 2022, the US Securities and Exchange Commission identified the five entities as failing to meet audit standards and complying with giving complete access to their books.

The move follows China National Offshore Oil Corporation delisting from the New York and Toronto stock exchanges in October 2021 and December 2021 respectively.