A visit by US House Speaker Nancy Pelosi to Taiwan last week further exacerbated tensions between the US and China. Five Chinese state-owned companies are now withdrawing from the New York Stock Exchange.
(Photo: AP)
Shanghai, Hong Kong Five Chinese state-owned companies want to withdraw from the New York Stock Exchange. Life insurer China Life, oil giants Sinopec and Petro China, aluminum group Chalco and chemical group Sinopec Shanghai Petrochemical announced on Friday that they would delist their US Depositary Receipts (ADS) before the end of August.
They are among the almost 270 Chinese companies that the United States threatened to exclude from the New York Stock Exchange in a law in May because they did not meet the accounting standards of the American auditors. The governments in Beijing and Washington are negotiating a solution to the dispute.
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