State-owned enterprises withdraw from New York Stock Exchange

Five Chinese state-owned companies have announced their withdrawal from the New York Stock Exchange. Life insurer China Life, oil giants Sinopec and PetroChina, aluminum group Chalco, and chemical company Sinopec Shanghai Petrochemical on Friday announced requests to delist their American depositary shares (ADS) before the end of August. They are among nearly 270 Chinese companies threatened with expulsion from the New York Stock Exchange by the United States in a law passed in May for failing to meet US auditing standards.