Sinopec and PetroChina to voluntarily delist from New York Stock Exchange

The Chinese state-owned petrochemical makers Sinopec and PetroChina have begun the process of withdrawing their listings from the New York Stock Exchange amid growing regulatory tensions. Both firms announced the move Aug. 12, along with the Aluminum Corporation of China and China Life Insurance, which are also state owned. Both companies cited low trading volumes on the US exchange as well as a “considerable administrative burden for performing the disclosure obligations as necessary for maintaining the listing.” The US and Chinese governments have been sparring over how much access US regulators should have to financial and environmental statements in order to audit China-based companies.