PetroChina to delist from NYSE next month

PetroChina Co Ltd, the listed unit of China National Petroleum Corp, said the company plans to finish the delisting process from New York Stock Exchange on September 8.

PetroChina’s Board of Directors decided to delist the company and is ADR shares from the exchange, as the trading volume is relatively small compared with global trading volume as well as the relatively large administrative burden the regulation differences in the listing places on PetroChina, said Wang Hua, PetroChina’s CFO and board secretary, during the half-year earnings call held on Thursday.

After delisting from the exchange, the company will continue to be traded on the Hong Kong Stock Exchange and Shanghai Stock Exchange, which can meet the demand for both investors and the company, he said.

According to Wang, PetroChina will follow up with the rules, regulations and securities supervision of the United States to fulfill the delisting procedures and the company is expected to submit the delisting applications to the Securities and Exchange Commission on August 29.

The company will continue to fulfill its information disclosure responsibilities and make sure everything will go on smoothly, he said.

Author: Zheng Xin, Chinadaily

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