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Five Chinese US-Listed Giants Announce Delisting Plans Over Audits, May Spark $2.4 Trillion Exodus

Five U.S.-listed Chinese state-owned companies unexpectedly announced plans to delist from US exchanges over SEC audit requirements. In separate filings on the Hong Kong Stock Exchange, PetroChina $Petrochina (PTR.US)$ , China Petroleum & Chemical $China Petroleum & Chemical (SNP.US)$ , China Life Insurance $China Life Insurance (LFC.US)$ , Sinopec Shanghai Petrochemical $Sinopec Shangai Petrochemical (SHI.US)$ , and Aluminum Corp. of China $Aluminum Corporation Of China (ACH.US)$ , some of the largest state-owned companies, said they would voluntarily delist their American depositary share (ADRs) from the New York Stock Exchange.

All five companies said to expect an SEC filing to delist the securities by the end of the month, adding that delisting their ADSs would occur ten days after that.

According to the PetroChina filing, continued US listing meant "considerable administrative burden for performing the disclosure obligations," plus the companies complained about low trading volumes on the NYSE.

About 300 businesses based in China and Hong Kong, with over $2.4 trillion in market value, risk being kicked off US Exchanges as the SEC increases scrutiny of the firms. Among the biggest are China Life, PetroChina, China Petroleum & Chemical, Alibaba Group Holding Ltd. $Alibaba (BABA.US)$ and Baidu Inc $Baidu (BIDU.US)$ .

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