On October 3, China Petrochemical Corporation issued an important announcement: it plans to delist American Depositary Shares on Long-End Exchange on Network .
China Petroleum and Chemical Corporation announced that it has applied to revoke its American depositary shares in the form of Global Depositary Receipt in the standard sector of the official list of UK Financial Market Conduct Authority and trading on the London Stock Exchange main board market . Depositary shares represent the company's 100 H shares, with a face value of RMB 1.00 per H share.
China Petrochemical Co., Ltd.'s board of directors approved the delisting of its depositary shares from the London Stock Exchange to take into account some factors, including the number of H shares corresponding to the company's issuance of depositary shares compared with the total number of H shares of the company, the trading volume of the company's depositary shares on the London Stock Exchange is extremely small compared with the global trading volume of the company's H shares, and the administrative burden involved in maintaining the listing of depositary shares in the standard sector and the London Stock Exchange.
delisting is expected to take effect at at 8:00 am on November 1, 2022 (London time). Therefore, the last trading day of depositary stocks on the main board of the London Stock Exchange is expected to be on October 31, 2022 (London time).
China Petrochemical Co., Ltd. announced on On August 12, 2022, it intends to delist its depositary shares from New York Stock Exchange (" New York Stock Exchange "), and submitted a Form 25 to US Securities and Exchange Commission on August 29, 2022 to delist its depositary shares from the New York Stock Exchange. These delistings have taken effect. The company may seek to revoke the registration of the company's depositary shares and corresponding H shares under the U.S. Securities Exchange Act (Amendment) ("Securities Exchange Act") in accordance with relevant regulations and procedures, and terminate the relevant disclosure obligations, provided that the relevant standards of the Securities Exchange Act have been met. The company will also consider whether to terminate the depositary stock plan in appropriate circumstances in accordance with the provisions of the depositary agreement.
Starting from September 9, 2022, China Petroleum and Chemical Co., Ltd. has suspended the issuance of any other depositary shares . However, if the depositary agreement is terminated, the current depositary holders will be able to continue holding the depositary shares until the date determined by the depositary agreement; or, the depositary shares holders may choose to return their depositary shares in exchange for the corresponding H shares. Holders of the company's H shares will not be affected. The company's H shares, including H shares converted from depositary shares, will continue to be traded on Hong Kong Stock Exchange Limited .
Source: China Chemical Information Weekly
Editor: Liu Yuhong
