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China State-Owned Giants to Delist From US Amid Audit Spat (2)

Aug. 12, 2022, 2:15 PM

Five of China’s largest state-owned companies announced plans to delist from US exchanges as the two countries struggle to come to an agreement allowing American regulators to inspect audits of Chinese businesses.

China Life Insurance Co., PetroChina Co. and China Petroleum & Chemical Corp. all disclosed their intentions to delist in statements published in quick succession on Friday, along with Aluminum Corp. of China and Sinopec Shanghai Petrochemical Co.

WATCH: Five Chinese state-owned companies plan to delist from American exchanges.
Source: Bloomberg

The US and China have been at odds for two decades over allowing American inspectors access to the audit work papers of Chinese companies. Negotiators have yet to ...