Pubblicato in: Banche Centrali, Cina, Finanza e Sistema Bancario, Stati Uniti

Cina. Cinque colossi chiedono il delisting dalla borsa di New York. 310 miliardi Usd.

Giuseppe Sandro Mela.

2022-08-16.

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I rapporti Usa-Cina si complicano dopo l’invasione dell’Ucraina da parte della Russia e la visita della speaker Usa Pelosi a Taiwan. PetroChina, China Life Insurance, Sinopec e Aluminum Corp. of China annunciano il delisting da Wall Street.

I rapporti Usa-Cina si complicano ulteriormente. Dopo la visita della speaker della Camera Usa, Nancy Pelosi, a Taiwan, l’isola che Pechino rivendica come propria dalla fine della Seconda guerra mondiale, un fatto che ha innescato intere giornate di raid militari attorno a Taipei, giovedì dagli Usa è trapelata la notizia che l’amministrazione Biden sta rivedendo i dazi su 370 miliardi di dollari di beni provenienti dalla Cina. Anche perché la Cina continua a sostenere la Russia dopo l’invasione dell’Ucraina a fine febbraio.

E oggi, venerdì, sono arrivate a Wall Street le richieste, separate, di delisting da parte di diversi colossi cinesi. Si tratta di PetroChina, China Life Insurance, Sinopec e Aluminum Corp. of China, la cui capitalizzazione complessiva si aggira attorno a 310 miliardi di dollari, circa la metà del valore di tutta Piazza Affari.

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Cinque società statali cinesi, tra cui il gigante petrolifero Sinopec e la China Life Insurance, hanno dichiarato venerdì di voler uscire dal listino della Borsa di New York, in mezzo alle tensioni economiche e diplomatiche con gli Stati Uniti.

Le società, che comprendono anche Aluminium Corporation of China (Chalco), PetroChina e Sinopec Shanghai Petrochemical Co, hanno dichiarato di voler richiedere il delisting delle loro American Depository Shares questo mese.

Le cinque società, che a maggio sono state segnalate dall’autorità di vigilanza statunitense per non aver rispettato gli standard di revisione contabile, manterranno le loro quotazioni sui mercati di Hong Kong e della Cina continentale.

Le società cinesi non hanno fatto alcun riferimento alla controversia sulla revisione contabile nelle dichiarazioni separate che illustrano le loro mosse, che arrivano in un momento di maggiore tensione dopo la visita della scorsa settimana a Taiwan del presidente della Camera dei Rappresentanti degli Stati Uniti, Nancy Pelosi.

La disputa sulla supervisione, che si trascina da oltre un decennio, ha raggiunto il culmine a dicembre, quando la Securities and Exchange Commission (SEC) ha finalizzato le regole per vietare potenzialmente il commercio di società cinesi in base alla legge sulla responsabilità delle società estere (Holding Foreign Companies Accountable Act). La Commissione ha dichiarato che 273 società erano a rischio.

La scorsa settimana Alibaba ha dichiarato che avrebbe convertito la sua quotazione secondaria di Hong Kong in una doppia quotazione primaria, il che, secondo gli analisti, potrebbe agevolare il gigante cinese dell’e-commerce a cambiare sede di quotazione primaria in futuro. Gli osservatori del mercato si sono divisi sul significato che le cancellazioni potrebbero avere per l’accordo di revisione, e alcuni hanno detto che si tratta di un cattivo segno.

La Cina sta inviando un messaggio che indica che la sua pazienza si sta esaurendo nelle trattative sulla revisione contabile. I gestori di fondi globali che detengono titoli cinesi quotati negli Stati Uniti si stanno spostando costantemente verso i loro omologhi negoziati a Hong Kong, anche se rimangono fiduciosi che la disputa sulla revisione contabile si risolva alla fine.

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«Five Chinese state-owned companies, including oil giant Sinopec  and China Life Insurance, said on Friday they would delist from the New York Stock Exchange, amid economic and diplomatic tensions with the United States»

«The companies, which also include Aluminium Corporation of China (Chalco), PetroChina  and Sinopec Shanghai Petrochemical Co, each said that they would apply to delist their American Depository Shares this month.»

«The five, which in May were flagged by the U.S. securities regulator as failing to meet its auditing standards, will keep their listings in Hong Kong and mainland Chinese markets.»

«There was no mention of the auditing dispute in separate statements by the Chinese companies outlining their moves, which come amid heightened tensions after last week’s visit to Taiwan by U.S. House of Representatives Speaker Nancy Pelosi»

«The oversight row, which has been simmering for more than a decade, came to a head in December when the Securities and Exchange Commission (SEC) finalized rules to potentially prohibit trading in Chinese companies under the Holding Foreign Companies Accountable Act. It said 273 companies were at risk»

«Alibaba said last week it would convert its Hong Kong secondary listing into a dual primary listing which analysts said could ease the way for the Chinese ecommerce giant to switch primary listing venues in the future.»

«Market-watchers were split over what the delistings might mean for the audit deal, with some saying it was a bad sign»

«China is sending a message that its patience is wearing thin in the audit talks»

«Global fund managers holding U.S.-listed Chinese stocks are steadily shifting towards their Hong Kong-traded peers, even as they remain hopeful the audit dispute will eventually be resolved»

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Five Chinese state-owned companies to delist from NYSE amid U.S. tensions.

Shanghai/Hong Kong, Aug 12 (Reuters) – Five Chinese state-owned companies, including oil giant Sinopec  and China Life Insurance, said on Friday they would delist from the New York Stock Exchange, amid economic and diplomatic tensions with the United States.

The companies, which also include Aluminium Corporation of China (Chalco), PetroChina  and Sinopec Shanghai Petrochemical Co, each said that they would apply to delist their American Depository Shares this month.

The five, which in May were flagged by the U.S. securities regulator as failing to meet its auditing standards, will keep their listings in Hong Kong and mainland Chinese markets.

Beijing and Washington are in talks to resolve a long-running audit dispute that could see Chinese companies banned from U.S. exchanges if they do not comply with U.S. rules.

Washington has long demanded complete access to the books of U.S.-listed Chinese companies, but Beijing bars foreign inspection of audit documents from local accounting firms, citing national security concerns.

There was no mention of the auditing dispute in separate statements by the Chinese companies outlining their moves, which come amid heightened tensions after last week’s visit to Taiwan by U.S. House of Representatives Speaker Nancy Pelosi.

“These companies have strictly complied with the rules and regulatory requirements of the U.S. capital market since their listing in the U.S. and made the delisting choice for their own business considerations,” the China Securities Regulatory Commission (CSRC) said in a statement.

The agency added that it would keep “communication open with relevant overseas regulatory agencies.”

The oversight row, which has been simmering for more than a decade, came to a head in December when the Securities and Exchange Commission (SEC) finalized rules to potentially prohibit trading in Chinese companies under the Holding Foreign Companies Accountable Act. It said 273 companies were at risk.

Some of China’s largest companies including Alibaba Group Holdings , J.D Com Inc and Baidu Inc are among them. Alibaba said last week it would convert its Hong Kong secondary listing into a dual primary listing which analysts said could ease the way for the Chinese ecommerce giant to switch primary listing venues in the future.  In premarket trading Friday, U.S.-listed shares of China Life Insurance and oil giant Sinopec fell 5.7% about 4.3% respectively. Aluminium Corporation of China dropped 1.7%, while PetroChina shed 4.3%. Sinopec Shanghai Petrochemical Co shed 4.1%.

A spokesperson for NYSE declined to comment. A spokesperson for the Public Company Accounting Oversight Board, the audit watchdog overseen by the SEC, did not immediately provide comment.

                         LOSING PATIENCE?

Market-watchers were split over what the delistings might mean for the audit deal, with some saying it was a bad sign.

“China is sending a message that its patience is wearing thin in the audit talks,” said Kai Zhan, senior counsel at Chinese law firm Yuanda, who specializes in U.S. capital markets.

The companies said their U.S. traded share volume was small compared with those on their other major listing venues.

PetroChina said it had never raised follow-on capital from its U.S listing and its Hong Kong and Shanghai bases “can satisfy the company’s fundraising requirements” as well as providing “better protection of the interests of the investors.”

Global fund managers holding U.S.-listed Chinese stocks are steadily shifting towards their Hong Kong-traded peers, even as they remain hopeful the audit dispute will eventually be resolved, Reuters reported this week.

“These companies are very thinly traded with very small US market cap so it is not a loss for US capital markets,” Brendan Ahern, CIO of Krane Funds Advisors, which has a New York-listed fund focused on Chinese tech plays, wrote in an email.

He and analysts said the delistings could pave the way for China to comply with the U.S. requirements, since the five companies concerned likely have sensitive information China would not want exposed in an audit review.

“We see this as a positive sign. This is consistent with our view China will decide what companies would be allowed to be US-listed and thus subject to SEC’s audit investigations,” Jefferies analysts wrote in a note.

China Life and Chalco said they would file for delisting on Aug. 22, with it taking effect 10 days later. Sinopec, whose full name is China Petroleum & Chemical Corporation, and PetroChina said their applications would be made on Aug. 29.

China Telecom, China Mobile and China Unicom were delisted from the United States in 2021 after a Trump-era decision to restrict investment in Chinese technology firms. That ruling has been left unchanged by the Biden administration amid continuing tensions.

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