Chinese chipmaker SMIC to leave new York stock exchange
China's largest contract chipmaker Semiconductor Manufacturing International Corp. (SMIC) leaves the new York stock exchange (NYSE) due to the fact that the trade war between the US and Beijing has moved to the technology sector.
SMIC said on Friday evening that it had notified the NYSE of its intention to apply on June 3 for the removal of its American Depositary receipts (ADR) from the list of admitted to trading on the exchange.
SMIC cited "a number of reasons" for this move, including the limited trading volume of its U.S. Depositary shares (ADS) on the exchange compared to trading volume worldwide. SMIC also explained the departure from the new York stock exchange as a significant administrative burden and high listing costs, compliance with periodic reporting requirements and related obligations.
According to the company, the Board of Directors has already approved the move, although SMIC will also need permission from the U.S. securities and exchange Commission (SEC) to implement its plan.
According to the representative of the company, its last trading day at the NYSE will be held on June 13. SMIC debuted on the Hong Kong and new York exchanges in March 2004.
According to the company, trading in SMIC securities after delisting in the US will be mainly focused on the Hong Kong stock exchange.
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