Five U.S.-listed Chinese state-owned companies said on Friday they would voluntarily delist from the New York Stock Exchange (NYSE). These companies’ audits are under scrutiny by U.S. securities regulators.
The five state-owned companies include China Life Insurance, Sinopec, Aluminum Corporation of China, PetroChina, and Sinopec Shanghai Petrochemical Company Limited. In May, the U.S. Securities and Exchange Commission (SEC) flagged these five companies and many others as not meeting U.S. auditing standards for inclusion in the Foreign Corporate Accountability Act (HFCAA) list.
Washington has long requested audits of U.S.-listed Chinese companies, but the Communist China government has banned foreign inspections of audit documents from local accounting firms on national security grounds. Previously, China Telecom, China Mobile, and China Unicom were delisted from the US in 2021.
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