Several state-owned Chinese companies have announced their intention to delist their stocks from the New York Stock Exchange (NYSE).
Petrochina, Aluminium Corp of China, China Petroleum & Chemical Corp, China Life Insurance, and Sinopec Shanghai Petrochemical have all stated they would submit delisting applications later this month.
The decades-long dispute of auditing US-listed Chinese companies is finally coming to a head. As the US intensifies its crackdowns and refuses to compromise, the threat of hundreds of Chinese companies delisting from NYSE will grow larger and will be a blow to the US's global influence in the finance sector.
Chinese companies want to take advantage of the trading privileges that come with the US stock exchange, but without respecting US listing regulations. The voluntary delisting of companies that won't comply and that would otherwise be forcibly delisted beginning in 2024, could actually prove to be beneficial.