Five state-owned Chinese companies announced that they would delist from the New York Stock Exchange (NYSE) Friday, as tensions between China and the U.S. remain high and a dispute over regulatory issues remains unresolved, Reuters reported.
Oil conglomerate Sinopec, China Life Insurance, Aluminum Corporation of China, PetroChina and the Sinopec subsidiary Sinopec Shanghai Petrochemical Co. all annouced they would delist from the NYSE at the end of August, Reuters reported. Companies listed on the NYSE are required by U.S. law to submit to U.S. auditing, which China has refused to do, leading to the possibility that Chinese companies remaining listed may be forcibly removed by the U.S., according to The Wall Street Journal.
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