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On October 3, China Petrochemical Corporation issued an important announcement: it plans to delist American Depositary Shares at the London Stock Exchange before and after November 1. Competitive steel fabrication design made in China
China Petroleum and Chemical Corporation announced that it had applied to cancel the listing of its American depositary shares in the standard sector of the official list of the British Financial Conduct Authority in the form of global depositary receipts and the trading on the main board of the London Stock Exchange. Each depositary share represents 100 H shares of the Company, with a par value of 1.00 yuan per H share.
The approval of the board of directors of Sinopec Corporation for delisting its depository shares from the LSE is based on a comprehensive consideration of some factors, including the fact that the number of H shares corresponding to the company’s issued depository shares is relatively small compared with the total number of H shares of the company, the trading volume of the company’s depository shares in the LSE is very small compared with the global trading volume of the company’s H shares, and the administrative burden involved in maintaining the listing of depository shares in the standard sector and the LSE. Competitive steel fabrication design made in China
The delisting is planned to take effect at or around 8:00 a.m. (London time) on November 1, 2022, so the last trading day of the depositary shares on the main board market of the London Stock Exchange is planned to be October 31, 2022 (London time).
China Petrochemical Corporation announced on August 12, 2022 that it intends to delist its depository shares from the New York Stock Exchange (“NYSE”), and submitted a Form 25 to the U.S. Securities and Exchange Commission on August 29, 2022 to delist its depository shares from the NYSE. Such delisting has become effective. The Company may seek to cancel the registration of the Company’s depositary shares and corresponding H shares under the U.S. Securities Exchange Act of 1934 (as amended) (the “Securities Exchange Act”) and terminate the relevant disclosure obligations in accordance with relevant provisions, requirements and procedures, provided that the relevant standards of the Securities Exchange Act have been met. The Company will also consider whether to terminate the depository share plan under appropriate circumstances in accordance with the provisions of the deposit agreement according to relevant actual conditions. Competitive steel fabrication design made in China
From September 9, 2022, Sinopec has suspended the issuance of any other depositary shares. However, if the deposit agreement is terminated, the current holders of depositary shares will be able to continue to hold depositary shares before the date determined in the deposit agreement; Alternatively, holders of ADSs may choose to surrender their ADSs in exchange for the corresponding H shares. The holders of H shares of the Company will not be affected. The Company’s H shares, including H shares converted from depository shares, will continue to be traded on the Stock Exchange of Hong Kong Limited. Competitive steel fabrication design made in China