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Five Chinese state-owned companies graduate from the New York Stock Exchange

Five Chinese state-owned companies graduate from the New York Stock Exchange

Five Chinese state-owned companies on Friday announced plans to delist them from the New York Stock Exchange, illustrating the growing separation between the world’s two largest economies, in the face of scrutiny of the company’s scrutiny.

China Aluminum Corporation (Chalco), PetroChina Limited, China Life Insurance Limited. and China Petroleum and Chemical Corporation. (Sinopec) did not mention the dispute over audit rules or the tensions between the United States and China. In the case of Sinopec, another entity, Sinopec Shanghai Petrochemical Co., will give up. , the main stock exchange in the world.

In separate but similarly worded statements, released 30 minutes apart, companies cited the small volume of trading in their New York shares.

The two companies said the shares would continue to trade on the Hong Kong Stock Exchange, which is open to non-Chinese investors.

Washington has warned that Chinese companies, including the world’s largest e-commerce company Alibaba Group, could be forced out of US capital markets if Beijing refuses to allow US regulators to audit the companies.

US officials claim that other foreign governments agree to this measure, which is required by US law.

China says negotiations are progressing, but US officials say there are important unresolved issues.

US citizens are also barred, by order from former President Donald Trump, from investing in stocks of dozens of companies the Pentagon has said support China’s military development.

The five companies that announced their exit from the US market are not on the blacklist.

Didi Chuxing, China’s largest ride-sharing service, left the New York Stock Exchange on June 10 and joined the Hong Kong Stock Exchange.

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The four companies said the affected securities are US Depository Shares, or ADSs, which represent shares traded in Hong Kong.

China’s securities regulator said the companies’ decision was based on “their own business considerations”.

In a brief statement, the regulator promised to “maintain contact” with foreign regulators, in order to “jointly protect the legitimate rights and interests of companies and investors.”