New York Stock Exchange: Five Chinese state companies to be delisted from New York Stock Exchange

Amid investigations on the accounts of five Chinese state-owned companies, it is now reported that these companies may delist themselves from the New York Stock Exchange (NYSE). In fact, the US government has said that companies listed in the US will have to share all their records with the government. Whereas China does not want to give the audit documents of its companies to foreign entities for investigation, saying the matter of national security.

Companies will apply for delisting

Oil sector giants Sinopec, China Life Insurance, Aluminum Corporation of India, PetroChina and Sinopec Shanghai Petrochemical have said they will apply for delisting of US depository shares this month. The companies will continue to be listed in the markets of Hong Kong and China.

Many companies fail in the set standard

In May, the US Securities and Exchange Commission (SEC) found these five companies, including several others, to have failed to meet US auditing standards. The company made no mention of disputes with the US in the announcement. It is known that US House of Representatives Speaker Nancy Pelosi recently visited Taiwan.

China and America are resolving the dispute through talks

Negotiations are underway between Beijing and Washington to resolve the audit dispute. If China does not fulfill the demands of America, then due to this long-running dispute, Chinese companies can be banned from America. Beijing has withheld audit documents for outside inspection, citing national security concerns. The Chinese Security Regulatory Commission said in its statement that all five companies listed in the US market have strictly complied with the rules. The commission said that communication is open to foreign regulatory agencies.