With Anglo-American warmongers driving to force full “financial decoupling” between China and the West, five huge Chinese state companies announced, separately but one right after the other on Friday afternoon, Aug. 12, that they have advised the New York Stock Exchange that they will be delisting their stocks. Each will file official notice with the U.S. Securities and Exchange Commission to this effect before the end of August, and the delisting will occur within 10 days after that.
“The ‘Writing Is on the Wall’ for ‘Chimerica’ on U.S. Stock Exchanges as $318 Billion of Chinese Equity Flees Wall Street,” Fortune headlined its coverage. The companies involved are very big: PetroChina, the largest oil and gas company in Asia; China Life Insurance, one of China’s largest state insurer companies; Aluminum Corporation of China; China Petroleum & Chemical Corporation (Sinopec): and Sinopec’s petrochemical subsidiary, Sinopec Shanghai Petrochemical.
If all 200 Chinese companies trading on U.S. exchanges were to do similarly, the equity loss would be worth more than $1 trillion, the Financial Times wrote. The two other Chinese state companies still on the exchange are widely mooted to follow suit, with Chinese private companies possibly to follow. More than 20 Chinese companies, while still listing on U.S. exchanges, have already moved to list their stocks on Hong Kong and Chinese mainland exchanges, according to Global Times. (https://www.globaltimes.cn/page/202208/1272859.shtml )
