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: Leading Chinese companies announce delisting plans from the NYSE

Several Chinese companies on Friday announced they would voluntarily delist from the New York Stock Exchange, a move that comes as they faced the prospect of being forcibly removed.

China Life Insurance

and China Petroleum & Chemical Corp and Aluminum Corp. of China

were among the companies to have separately announced their intention to delist from the New York Stock Exchange, a unit of the Intercontinental Exchange

More actively traded Chinese companies, including Alibaba
have made no announcement as to their U.S. status.

Their delisting comes as the Securities and Exchange Commission had warned that hundreds of Chinese companies were at risk of delisting by 2024 if they did not comply with rules including allowing audit inspections.

An official at China’s Securities Regulatory Commission portrayed the moves as business decisions. “Listings and delistings are both common in capital markets. According to these companies’ announcements, they have strictly observed relevant U.S. rules and regulations since listed on the U.S. markets, and the delisting decisions are made out of their business considerations. These companies are listed on multiple markets, and only a small portion of their securities are traded in the U.S. markets,” said a comment posted on its website.

There was no indication of the state of U.S. and Chinese talks on audit oversight cooperation.

Tensions between the U.S. and China have run high over a number of issues, including the recent visit of House Speaker Nancy Pelosi to Taiwan, which China claims as its own.

The dates vary but the last trading days for the companies are scheduled for late August and early September.

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