$2.4 Trillion will leave Wall Street by the end of August. How badly will this hurt the financial markets?
Some of the largest companies in the World said to expect an SEC filing to delist the securities by the end of August adding that delisting their ADSs would occur ten days after that.
Five Chinese US-Listed Giants Announce Delisting Plans Over Audits in a $2.4 Trillion Exodus.
Five U.S.-listed Chinese state-owned companies unexpectedly announced plans to delist from US exchanges over SEC audit requirements, Bloomberg reported. In separate filings on the Hong Kong stock exchange, PetroChina, China Petroleum & Chemical, China Life Insurance, Sinopec Shanghai Petrochemical, and Aluminum Corp. of China, some of the largest state-owned companies, said they would voluntarily delist their American depositary share (ADRs) from the New York Stock Exchange.
