China Life delists from US stock exchange
The insurer said they would apply for ‘voluntary delisting’.
China's state-owned insurer China Life said it would ‘voluntarily delist’ its American depositary shares (ADS) and the deregistration of such ADSs and underlying overseas listed shares (H shares), under the U.S. Securities Exchange Act of 1934 from the New York Stock Exchange (NYSE).
The insurer said that after taking into account a number of considerations, including the limited trading volume of its ADSs relative to the worldwide trading volume of its H Shares, and the considerable administrative costs of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs and the underlying H Shares under the Exchange Act and complying with the periodic reporting requirements and related obligations of the Exchange Act.
China Life said that it plans to file for delisting on or after 22 August. The delisting will then take effect ten days after filing, which is on or after 1 September.
China Life in five Chinese state-owned companies who have announced their voluntary delisting from the NYSE. The companies departure comes amidst escalating tension between the two countries.