Yahoo Finance Live looks at several Chinese stocks reportedly scheduled to de-list from the NYSE.
(Bloomberg) -- Five of China’s largest state-owned companies announced plans to delist from US exchanges as the two countries struggle to come to an agreement allowing American regulators to inspect audits of Chinese businesses.Most Read from BloombergAuthor Salman Rushdie Stabbed on Lecture Stage in New YorkTrump Calls for Release of Warrant Documents Used in SearchThe Fed’s Damage to the Housing Market May Last YearsExtreme Heat Uncovers Lost Villages, Ancient Ruins and ShipwrecksChina State-O
Five Chinese state-owned companies have announced plans to delist voluntarily from Wall Street before the US forces them out in 2024 over an audit dispute, marking an escalation in the financial decoupling of the world’s two largest economies. The announcements by state-owned groups including PetroChina, Asia’s largest oil and gas producer, and China Life Insurance Company, one of the country’s biggest state insurers, come as Beijing and Washington struggle to reach a deal that would halt the delisting of about 200 US-listed Chinese companies worth more than $1tn. Other state-run companies that announced plans to delist from the New York Stock Exchange on Friday included Aluminium Corporation of China, the country’s largest aluminium producer, China Petroleum & Chemical Corp, or Sinopec, and Sinopec’s petrochemicals subsidiary.