LONDON, UK: China Petroleum & Chemical Corporation has notified the New York Stock Exchange (NYSE) on 12 August 2022 that it will apply for the voluntary delisting of its American depositary shares (“ADSs”) from the NYSE.
The board of directors of the Company approved the delisting of its ADSs from the NYSE as well as the application for the deregistration of such ADSs and the underlying H Shares, where such application is subject to the Company satisfying the relevant requirements of the Exchange Act and depends on the relevant actual circumstances in the future.
The determination was based on several comprehensive considerations, including the small volume of the underlying H Shares of its outstanding ADSs compared to the total volume of its H Shares, the limited trading volume of its ADSs relative to the worldwide trading volume of its H Shares and the considerable administrative burden of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs and the underlying H Shares with the United States Securities and Exchange Commission (the “SEC”) and complying with the periodic reporting and related obligations of the Exchange Act in the long term.
China Petroleum & Chemical Corporation intends to file a Form 25 with the SEC on or about 29 August 2022 to de-list its ADSs from the NYSE. The delisting of the ADSs from the NYSE is expected to become effective ten days thereafter. From and after the effective date, the Company will no longer list its ADSs on the NYSE.
Once the delisting has become effective, depending on the relevant actual circumstances in the future, the Company may seek to deregister the Company’s ADSs and the underlying H Shares under the Exchange Act and terminate the related disclosure obligations in accordance with the relevant regulatory requirements and procedures, provided that the relevant standards of the Exchange Act (such as those set forth in Rule 12h-6 under the Exchange Act) are met. The Company will also consider whether to terminate its ADS program in due course in accordance with the deposit agreement based on the relevant actual circumstances.
China Petroleum & Chemical Corporation reserves its rights in all respects to delay or withdraw the aforementioned filings prior to their effectiveness and will disclose any further announcement if required under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) or other applicable laws.