Several Chinese state-owned corporations declared plans to delist from the New York Stock Exchange amid a protracted audit dispute between China and the US.
China Life Insurance (601628. SS) and Aluminum Corporation of China (601600. SS) are two of the state-owned Chinese businesses that on Friday declared their intentions to voluntarily delist from the New York Stock Exchange.
In separate releases, the businesses, which also include oil tycoons Sinopec (600028. SS) and PetroChina (601857. SS), announced that they will seek to have their American Depository Shares delisted from the New York Stock Exchange.
A long-running audit issue between China and the US has been the subject of negotiations between the two countries. If the disagreement is not resolved, Chinese companies risk being delisted from American stock exchanges.