*FIVE CHINESE STATE-OWNED COMPANIES, UNDER SCRUTINY IN U.S., WILL DELIST FROM NYSE - 🇺🇸 🇨🇳
) are among them. New York-listed Alibaba said last week it would convert its Hong Kong secondary listing into a dual primary listing which analysts said could ease the way for the Chinese e-commerce giant to switch primary listing venues in the future.
Spokespeople for NYSE and the Public Company Accounting Oversight Board , the audit watchdog overseen by the SEC, declined to comment.It was unclear what if any implications the delistings had for the audit deal negotiations. Last month, Reuters reported that de-listing sensitive companies will not bring China into compliance with U.S. rules because the PCAOB must be able to conduct inspections retrospectively.
PetroChina said it had never raised follow-on capital from its U.S. listing and its Hong Kong and Shanghai bases"can satisfy the company’s fundraising requirements." "These companies are very thinly traded with very small US market cap so it is not a loss for US capital markets," Brendan Ahern, CIO of KraneShares, which has a New York-listed fund focused on Chinese tech, wrote in an email.
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