Caixin
Aug 12, 2022 05:58 PM
BUSINESS

China State-Owned Giants Plan to Delist From U.S. Amid Audit Spat

Gas pumps stand at a Sinopec filling station in Hong Kong in March 2019. Photo: Bloomberg
Gas pumps stand at a Sinopec filling station in Hong Kong in March 2019. Photo: Bloomberg

(Bloomberg) — Three of China’s largest state-owned companies announced plans to delist from U.S. exchanges as the two countries struggle to come to an agreement allowing American regulators to inspect audits of Chinese businesses.

China Life Insurance Co. Ltd., PetroChina Co. Ltd. and China Petroleum & Chemical Corp. — better known as Sinopec — all disclosed their intentions to delist in statements published in quick succession on Friday.

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