https://www.wsj.com/amp/articles/five-chinese-companies-say-they-plan-to-delist-from-the-new-york-stock-exchange-11660307600

Quote:

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Five Chinese state-owned companies said they intend to delist their American depositary shares from the New York Stock Exchange, as financial regulators in Beijing and Washington remain at loggerheads over U.S. audit requirements.

In separate filings to Hong Kong's stock exchange Friday, PetroChina Co. , China Petroleum & Chemical Corp. , Aluminum Corp. of China Ltd. , China Life Insurance Co. , and Sinopec Shanghai Petrochemical Co. said they have notified the NYSE that they plan to voluntarily delist their American depositary shares.

The companies pointed to limited trading volumes of their U.S. securities, and the administrative burden and costs of maintaining their New York listings. They said they would apply later this month to delist, and the last day of trading of their shares on U.S. exchanges would be in early September.

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Is this a good thing in the long run for the US, in your opinion?

In my very amateur, knee jerk viewpoint:

Bad short term economically
Good long term economically

Good short term politically
Good long term politically

Interesting topic though and looking forward to other more informed responses.

In fairness, all businesses in China are Chinese owned.

They have their own 10% for the big guy.

Honestly, that's the way communism is set up, but there may be a few deviations in China.

They're preparing for what's coming

I'm only half... ok less than half joking... actually it's no joke at all.

What shell companies or foreign brokerages does Hunter have set up that would stand to profit from delisting the US securities and running it all through Beijing?

This is a battle between the Chinese Marxists and our Marxists i.e. Biden, Obama, Rice, Jarrett, Holder, etc.

In the end , we'll all be oppressed, the only question is by whom.

As I clicked on link: "Please be TickTock or the NBA or the DNC!"

Eliminatus said:

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In my very amateur, knee jerk viewpoint:

Bad short term economically
Good long term economically

Good short term politically
Good long term politically

Interesting topic though and looking forward to other more informed responses.

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I think this as well. You can't help but have economic turmoil in the short-term with all of this unwinding going on.

But I like that it's happening and it's good for us long-term assuming we don't start slinging ICBMs at one another.

China has not permitted their audit firms to be subject to PCAOB review or any other review of their audit work papers by independent bodies. This is and has long been a key requirement to list on U.S exchanges and the NASDAQ NML.

The Obama/Biden/Clinton administration gave them a pass with the intent to negotiate a solution. the Trump administration brought the issue up but surprisingly did not take a hard line. I am also surprised that Biden has allowed it to come up but Gensler at the SEC has an endless desire to control everything he can touch. He is even going after private companies but the courts will likely clip his edicts there for lack of jurisdiction.

But I digress.

The CCP is in all businesses in China. They literally require it. It is no different than any communist country now that Xi is in control. They do not hide the fact that it is a requirement, and you can read it in all of their public plans.

Steal IP, acquire resources at any cost, whatever it takes to maintain the state.

For those that do not subscribe to the WSJ
Several Large Chinese-Owned Companies Announce Plans To Delist From NYSE
So if you own shares what happens?

richardag said:

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For those that do not subscribe to the WSJ
Several Large Chinese-Owned Companies Announce Plans To Delist From NYSE
So if you own shares what happens?

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If you are foolish enough to own shares in a Chinese company then I have no sympathy for you.

As to the OP this is definitely a good thing. We need to decouple from China in every way possible.

They are delisted from nyse or Nasdaq, but can still be traded on OTC market.

If they are banned then that's another story.