Five Chinese state-owned companies have announced plans to delist voluntarily from Wall Street before the US forces them out in 2024 over an audit dispute, marking an escalation in the financial decoupling of the world’s two largest economies, reports the Financial Times.
The announcements by state-owned groups including PetroChina, Asia’s largest oil and gas producer, and China Life Insurance Company, one of the country’s biggest state insurers, come as Beijing and Washington struggle to reach a deal that would halt the delisting of about 200 US-listed Chinese companies worth more than $1 trillion.
Other state-run companies that announced plans to delist from the New York Stock Exchange on Friday included Aluminium Corporation of China, the country’s largest aluminium producer, China Petroleum & Chemical Corp, or Sinopec, and Sinopec’s petrochemicals subsidiary. The listings have a combined market capitalisation of more than $318 billion, although analysts said most trading in the companies’ shares already took place in Hong Kong or mainland China.
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